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Title: Happy 10th Birthday, Bush Tax Cuts! You've been a failure in every conceivable way
Source:
Slate
URL Source: http://www.slate.com/id/2296578
Published: Jun 10, 2011
Author: Annie Lowery
Post Date: 2011-06-10 10:59:53 by go65
Keywords: None
Views: 42333
Comments: 143
Unfortunately, the tax cuts never translated into robust economic growth, either. Indeed, the aughts saw the worst growth since World War II. From 2001 to 2007, annual GDP growth averaged just 2.4 percent per year, lower than in any other postwar business cycle. The contrast is starker still when judging against the previous decade. In real terms, GDP grew half as much from 2001 to 2010 as from 1991 to 2000.
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#76. To: no gnu taxes (#73)
If I leave the front door wide open and neglect to keep an eye on it, when I find that my TV is gone and my fridge is emptied the blame begins and ends with me.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Thanks for that UNIQUE analysis. Got anything to back it up? Timeline here shows US and worldwide problems starting much earlier and NR being only one minor event among many. http://www.monstersandcritics.com/news/business/features/article_1434735.php/CHRONOLOGY_US_financial_crisis
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
No ramping up of CRA enforcement under Clinton in the 90s, no subprime crisis. Period I personally saw the difference in loan qualifications before and after.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Even authors who support his work because it supports their anti-government, anti-regulation agenda, describe his definitions as "unique".
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Have you looked at the economy? Timeline here shows US and worldwide problems starting much earlier and NR being only one minor event among many. Chuckles...the failure of a major bank a "minor event". Say good night, Gracie. Of course the ripples began prior, doofus. The NR failure wasn't caused by a snap of the fingers. The Fed, BoE and ECB had ALL clamped down on credit. What is the result of that? A credit crunch and a slowing economy. What happens when an economy slows?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Now tap your ruby slippers. When do you stop blaming Clinton AND exonerating Boosh?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Do you have a link to his "definitions" or am I close in my speculation as to what they are?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Your link backs me up, doof.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Timeline here shows US and worldwide problems starting much earlier and NR being only one minor event among many. Nothing at this liberal website to indicate this one event to have the impact you claimed it had.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Typical. Even with you pointing that out, he will just pretend still not to see that obvious fact.
These high risk loans did NOT happen before Clinton ramped up enforcement of the CRA. You damn well know it's true, as much as you want to pretend otherwise.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
You posted a blurb that claimed FN and FM mis-labeled "high risk" loans in 1993 thus understating how many were out there and thus causing the financial crisis. Now you're claiming that enforcing CRA provisions in 1997 caused high risk loans to be made thus causing the financial crisis. Refer back to my comment about you not knowing your thumb from your dick in this discussion.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" The obvious fact is that he's in over his head. So yea, you're correct.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" One event does not preclude another. Both are culpable actions under Democrats.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Read this until it sinks in...1993 was BEFORE 1997. You claimed that HIGH RISK loans were made in 1993. Then you claimed that HIGH RISK loans were not made until after Clinton "enforced CRA" in 1997. You'd better make sure that's your thumb you're sucking on.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Some. Not many. And all I did was post the findings of GSE practices. Then you claimed that HIGH RISK loans were not made until after Clinton "enforced CRA" in 1997. Yes. Over the next years, it increasingly became much more prevalent. I'm still waiting for you to back up your assertion for what caused the crisis.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
This might be what you're looking for It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
It's too bad you didn't warn others about those practices before the bubble burst.
OK Smart fellow. YOU tell me how the point was made. ******crickets******
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
You didn't even read your own goddam article. Typical.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Thanks...the words that leap out are "might" "possibly" "maybe" "may have"... Could he be any more obtuse? NO wonder Paddy loves him.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I read it. I even highlighted the important sections which should make it obvious I read it. I'm still waiting for you to back up your assertion for what caused the crisis.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Or that he excuses the Chief Law Enforcement Officer having totally abdicated any sense of duty...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" You highlighted it alright. But because of Fannie and Freddie's mislabeling, there were millions more high-risk loans outstanding. "Millions more high risk loans" is not "not many".
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Are you claiming that Bear Stearns and Northern Rock and all of those other private labels had credit readily available to them so that they could make margin calls and debt service payments, Paddy? Why did FN and FM lose money? Because people stopped paying their mortgages. Why did Bear Stearns fail? The same reason. That's the last answer you're getting to you being stupid.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" But because of Fannie and Freddie's mislabeling, there were millions more high-risk loans outstanding. "Millions more high risk loans" is not "not many". Did I say that most of them occurred around 1993? (or the article I referenced) I'm still waiting for you to back up your assertion for what caused the crisis.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Stop being an asshole. I know it's hard for you. We're done.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Why did FN and FM lose money? Because people stopped paying their mortgages. Why did Bear Stearns fail? The same reason. That's the last answer you're getting to you being stupid. Conjecture. You made a specific assertion, Should I repeat it? Back it up.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
The Commodity Futures Modernization Act made the whole thing possible. The rest is just details.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
LOL Did you get that from "boofer"?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
GOPturds do anything to spin the blame away. The evidence points to any two term Pubby president having a 100% chance of causing a crash in a financial sector before they leave office. If they have a Pubby congress at their disposal the crash will be much more wide spread and devastating.
Paddy...you screaming for me to back up my assertions in the face of me a) having done so on this thread and on other threads many times over coupled to you being unable to refute my assertions on this thread and others many times over and b) you making several false and contradictory assertions on this thread and others and which have been pointed out and refuted obviates neither by you simply mouthing "Back it up." It has been backed up and the nonsense that you have posted on this and many other threads has been refuted many times over. So fuck you...fuck off...and have a nice day.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Well, that's a first. Signed in 2000? You know, sink boy was still President then.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
He had a Republican Congress.
That should make you happy.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Eventually, this caught up to institutions like Bear Stearns. Bear Stearns had 10's of billions of dollars in liquidity when their Alt-A Trust was "performing" when it began to underperform, those credit lines got yanked. That had a "cascade effect" that first rolled through the housing market and then rolled through Wall Street and the banks. The irony of this is that mnost of the ALM's in the major banks REALIZED that their exposure to a burp in the general economy or the housing market specifically could leave them in a vulnerable position. So, in late 2005 and early 2006, banks started to curtail lending and focused on building a deposit base. The problem, though, was that on the portfolio side, PM's were buying the very same assets that the ALM's feared were going to underperform. You've given very specific principles and consequences. Since you are so sure of yourself, connect the dots SPECIFCALLY. Show me somewhere there is ANY belief in your assumptions other than yourself.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
It doesn't matter at this point. If you can't convince someone of the basic principle that a lack of credit causes those dependent upon borrowing to remain liquid to default and fail and thus cause those who lent the money and will not be paid back to be in financial distress then there is nothing left to be discussed. The Global Credit Crunch started in August of 2007 with the failure of Northern Rock and cascaded from there. If you are incapable of accepting that in the face of google and every other search engine that reveals the above as truth then you are beyond redemption.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" And the Kenyan had a Democratic Congress, and yet those evil Bush tax cuts were extendeded, so what's your point?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
I think you have a fundemental misunderstanding of the Community Reinvestment Act program which is property location specific, and the subprime and Alt-A lending programs which were borrower specific. The CRA program was developed in the 1970s to counter the previous bank practice of 'red-lining', which essentially cordoned off poor neighborhoods from access to capital. The purpose of CRA was to reverse that practice by giving lenders an incentive to lend money into those previous red-lined areas. From its inception until the present day the CRA program has never had any other criteria for eligibility than the location of the property being purchased, with all other lending standards remaining the same. Traditionally, the GSEs (fannie, freddie, ginnie) provided liquidity to the lenders by becoming a secondary market for mortgages. The GSEs maintained standards for which loans they would accept, and these standards became the defacto ones for the industry. In 1999 a deal was struck between the Republicans in Congress and the Clinton Administration that essentially tore down the wall of seperation between the commercial depository banks and Wall St. investment houses. The quid pro quo given to Clinton was agreement to loosen up lending standards to boost minority home ownership. For banks this was an easy trade-off since removing the commerical/investment firewall allowed them to increase in size, while the risk of loosening lending standards was passed along to the GSEs which were becoming increasingly filled with political appointments. The Bush administration carried on and maintained regulatory control over this financial house of cards until it started to collapse in 2007. There is lots of blame to go around on all sides of this issue, including the failure of every market oriented control that we were told would prevent such a meltdown from occurring. If you ask any of the 'players' today what one thing would put a halt to the ongoing problems in the financial industry they will invariably tell you that it would be the reinstatement of the Glass-Seagal act, or its modern day equivalent the Volker Plan . The mere fact that both Democrats, Republicans and Wall St. hate the idea is reason enough to demand it be reenacted.
This has been explained to him many times on this forum. He seems to be more interested in creating Google keyword hits.
Come on, really. Don't you think politics tied the two together?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Comments (117 - 143) not displayed.
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--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#77. To: war (#75)
(Edited)
#78. To: war (#76)
#79. To: war (#74)
I also have no idea how he is coming up with an Alt-A definition ...
#80. To: no gnu taxes (#77)
Thanks for that UNIQUE analysis. Got anything to back it up?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#81. To: no gnu taxes (#78)
No ramping up of CRA enforcement under Clinton in the 90s, no subprime crisis.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#82. To: lucysmom (#79)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#83. To: no gnu taxes (#77)
Thanks for that UNIQUE analysis. Got anything to back it up?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#84. To: war (#80)
Thanks for that UNIQUE analysis. Got anything to back it up?
#85. To: war (#83)
"Your link backs me up, doof."
#86. To: war (#81)
#87. To: no gnu taxes (#86)
These high risk loans did NOT happen before Clinton ramped up enforcement of the CRA
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#88. To: Ferret Mike (#85)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#89. To: war (#87)
#90. To: no gnu taxes (#89)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#91. To: war (#90)
You claimed that HIGH RISK loans were made in 1993.
#92. To: war (#82)
Do you have a link to his "definitions"
#93. To: no gnu taxes (#91)
Yes. Over the next years, it increasingly became much more prevalent.
#94. To: Ferret Mike (#85)
Typical. Even with you pointing that out, he will just pretend still not to see that obvious fact.
#95. To: no gnu taxes (#91)
Some. Not many.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#96. To: lucysmom (#92)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#97. To: war (#95)
#98. To: mininggold (#93)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#99. To: no gnu taxes (#97)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#100. To: no gnu taxes (#97)
I'm still waiting for you to back up your assertion for what caused the crisis.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#101. To: war (#99)
You highlighted it alright.
#102. To: no gnu taxes (#101)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#103. To: war (#100)
Are you claiming that Bear Stearns and Northern Rock and all of those other private labels had credit readily available to them so that they could make margin calls and debt service payments, Paddy?
#104. To: no gnu taxes (#97)
I'm still waiting for you to back up your assertion for what caused the crisis.
#105. To: war (#102)
We're done.
#106. To: war (#98)
Or that he excuses the Chief Law Enforcement Officer having totally abdicated any sense of duty...
#107. To: no gnu taxes (#103)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#108. To: lucysmom (#104)
The Commodity Futures Modernization Act made the whole thing possible. The rest is just details.
#109. To: no gnu taxes (#108)
Signed in 2000? You know, sink boy was still President then.
#110. To: no gnu taxes (#108)
Signed in 2000? You know, sink boy was still President then.
#111. To: war (#107)
The Northern Rock failure - which happened in GB and not in the US - was the first one and caused investors, globally, to re-examine the underlying creditworthiness of the assets. What the investors found was that the assets were grossly overleveraged. This was no more apparent than in Redwood Trust, Thornburg and other private label mortgage originators that lent long and borrowed short. Investors demanded either more margin built into the assets that they used to secure credit lines or they cut back on credit lines or, worse, both.
#112. To: mininggold (#109)
(Edited)
He had a Republican Congress.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#113. To: mininggold (#109)
He had a Republican Congress.
#114. To: no gnu taxes (#55)
Weren’t the majority of the subprime loans made by mortgage service companies not subject to the CRA?
#115. To: Thunderbird, no gnu taxes (#114)
I think you have a fundemental misunderstanding of the Community Reinvestment Act program which is property location specific, and the subprime and Alt-A lending programs which were borrower specific.
#116. To: Thunderbird (#114)
I think you have a fundemental misunderstanding of the Community Reinvestment Act program which is property location specific, and the subprime and Alt-A lending programs which were borrower specific.
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