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Thread: Poll: Debt ceiling deal should include cuts and tax increases

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    Re: Poll: Debt ceiling deal should include cuts and tax increases

    Quote Originally Posted by rocket88 View Post
    That was actually how the Republican legislature "balanced the budget" in Minnesota.
    That is called kicking the can down the road. Some day those SS IOU's have to be repaid and cashed in. Where does the money come from?

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    Re: Poll: Debt ceiling deal should include cuts and tax increases

    3. Bush’s legacy is still hurting economy (10/24/2011)
    Some people say that after three years, Obama can’t blame Bush on economy failure any more. But the housing crisis still hurts economy and looks like will continue to damage the economy for several years. The problem he left for this country is huge and long-lasting.

    The main expense is to bail out the firms too big to fail, especially the mortgage giant Fannie Mae and Freddy Mac. The program to help unemployed, incentive to promote car sale and house sale, program to help the home owners whose house value now are underwater. Here is the real expense, that's the real hole you try to avoid of. Three years after sub-prime loan crisis, the roof is still leaking. Here is the some recent "leaking" result:

    Fannie Mae Posts $8.7 Billion Loss, Requests More Fed Aid

    WASHINGTON -- Mortgage buyer Fannie Mae reported a loss of $8.7 billion for the January-March quarter, and asked for an additional $8.5 billion in federal aid.

    Fannie Mae Posts $8.7 Billion Loss, Requests More Fed Aid
    Fan
    nie Mae, Freddie Mac Seek $3.1 Billion Amid Improved Earnings
    QBy Lorraine Woellert - Feb 24, 2011 9:01 PM PT

    http://www.bloomberg.com/news/2011-0...-earnings.html
    Fannie Mae needs another $5.1 billion in aid as more loans sour
    .Date: Friday, August 5, 2011,

    http://www.bizjournals.com/washingto...1-billion.html
    Bank Of America To Cut 30,000 Jobs As Part Of Restructuring Plan
    9/12/11

    Bank of America stock was up 2 cents at $7 at midday. The stock has lost half its value this year, largely over problems related to poorly-written mortgages it acquired with its 2008 purchase of Countrywide Financial Corp. The bank faces lawsuits from investors and regulators over the sales of mortgage-backed securities that lost value after the housing boom collapsed.

    Bank Of America To Cut 30,000 Jobs As Part Of Restructuring Plan (VIDEO)
    Three years after the break-off of the housing bubble, it still hurts economy and causes unemployment.

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    Re: Poll: Debt ceiling deal should include cuts and tax increases

    Quote Originally Posted by katsung47 View Post
    3. Bush’s legacy is still hurting economy (10/24/2011)
    Some people say that after three years, Obama can’t blame Bush on economy failure any more. But the housing crisis still hurts economy and looks like will continue to damage the economy for several years. The problem he left for this country is huge and long-lasting.

    The main expense is to bail out the firms too big to fail, especially the mortgage giant Fannie Mae and Freddy Mac. The program to help unemployed, incentive to promote car sale and house sale, program to help the home owners whose house value now are underwater. Here is the real expense, that's the real hole you try to avoid of. Three years after sub-prime loan crisis, the roof is still leaking. Here is the some recent "leaking" result:



    Fan





    Three years after the break-off of the housing bubble, it still hurts economy and causes unemployment.
    What exactly were Obama, Biden, Pelois, Reid doing as they controlled the Congress or does it even matter? You continue to buy the rhetoric from this empty suit who is nothing more than a community agitator without any management or leadership experience and it shows. Or you could ask China for our jobs back

    U.S. Bridges, Roads Being Built by Chinese Firms | Video - ABC News

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    Re: Poll: Debt ceiling deal should include cuts and tax increases

    4. How Bush blew up the Housing bubble.

    Here is a Federal bench interest rate in Bush's term.

    [img] 17fed.graph.190.gif[/img]

    you can see how the interest rate dropped to the bottom from 6% to 1% in his first year administration. That low interest rate created a housing bubble. Bush boasted in his administration, America developed an ownership society. The fast growing up bubble without any restriction was finally boken up in 2007, caused the financial crisis in next year. It is still hurting the economy and likely will continue for years.

    End of the ‘Ownership Society’
    Oct 10, 2008

    Bush pushed new policies encouraging homeownership, like the "zero-down-payment initiative," More exotic mortgages followed, including ones with no monthly payments for the first two years. Other mortgages required no documentation other than the say-so of the borrower. Absurd though these all were, they paled in comparison to the financial innovations that grew out of the mortgages—derivatives built on other derivatives, packaged and repackaged until no one could identify what they contained and how much they were, in fact, worth.
    As we know by now, these instruments have brought the global financial system,
    So Much for Bush's 'Ownership Society' - The Daily Beast
    One thing else you can see from that interest rate chart. Clinton left his a nice interest rate tool to control the economy. The interest rate was 6%. With that interest rate tool, Bush did push up a economy. But he didn't regulate the economy, loosen the bridle of housing loan for his homeowners' society, that caused today's foreclosure problem. What did he leave for Obama? The Federal interest rate was below 1% which left little space for obama to operate. Without that tool, Obama had to borrow money, or do QE (quantitative easing) to push the economy.
    Clinton left for Bush a surplus budget and a nice financial tool. What has Obama got from Bush?
    Last edited by katsung47; 11-15-11 at 09:32 PM.

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    Re: Poll: Debt ceiling deal should include cuts and tax increases

    Quote Originally Posted by katsung47 View Post
    4. How Bush blew up the Housing bubble.

    Here is a Federal bench interest rate in Bush's term.

    [img] 17fed.graph.190.gif[/img]

    you can see how the interest rate dropped to the bottom from 6% to 1% in his first year administration. That low interest rate created a housing bubble. Bush boasted in his administration, America developed an ownership society. The fast growing up bubble without any restriction was finally boken up in 2007, caused the financial crisis in next year. It is still hurting the economy and likely will continue for years.



    One thing else you can see from that interest rate chart. Clinton left his a nice interest rate tool to control the economy. The interest rate was 6%. With that interest rate tool, Bush did push up a economy. But he didn't regulate the economy, loosen the bridle of housing loan for his homeowners' society, that caused today's foreclosure problem. What did he leave for Obama? The Federal interest rate was below 1% which left little space for obama to operate. Without that tool, Obama had to borrow money, or do QE (quantitative easing) to push the economy.
    Clinton left for Bush a surplus budget and a nice financial tool. What has Obama got from Bush?
    What Obama did was revert to his "community agitator" mentality and tried to micromanage the economy. He took over GM/Chrysler, Implemented a Union bailout progam at the state level, meddled in state affairs claiming that he saved teacher's jobs, implemented a govt. controlled tax cut program that required certain behavior, and then when the jobs weren't improving he diverted to Obamacare. He has shown absolutely no leadership and the results show it. They are his results and will be on the ballot in Nov 2012.

    Interest rates are controlled by the Federal Reserve, not the President and the so called Bush Ownership society was a program adopted from Carter, Clinton, and now Obama,

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    Re: Poll: Debt ceiling deal should include cuts and tax increases

    It's funny. With your words Bush had nothing to do with that economic mess. It becomes Clinton, Carter and Obama's responsibility. What did Bush do in his eight years?

    The tax cut law was proposed and carried out by former President Bush. It is proved being a failed policy. In Bush's eight years term, the national debt raised from 6 trillian to 12 trillian. His tax cut law contributes big in debt increasing. Yet, when Obama wanted to recover the tax rate on rich people, the law makers resisted. It proves they are now working for a little group of rich people not for the majority of Americans.

    Here is a confession from Greenspan:


    Greenspan admits he got it wrong over Bush's tax cuts
    By Michael Gawenda, Herald Correspondent in Washington
    March 17, 2005

    The chairman of the US Federal Reserve, Alan Greenspan, has admitted he made a mistake in 2001 when he defended President George Bush's tax cuts, which led to the turnaround of a large budget surplus at the end of the Clinton presidency to a budget deficit this year of more than $US400 billion ($506 billion).

    Greenspan admits he got it wrong over Bush's tax cuts - World - www.smh.com.au
    Yet, when Obama proposed to cancel that tax cut law to save US from debt increasing, he is facing the opposition from the Republican.

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    Re: Poll: Debt ceiling deal should include cuts and tax increases

    Quote Originally Posted by katsung47 View Post
    It's funny. With your words Bush had nothing to do with that economic mess. It becomes Clinton, Carter and Obama's responsibility. What did Bush do in his eight years?

    The tax cut law was proposed and carried out by former President Bush. It is proved being a failed policy. In Bush's eight years term, the national debt raised from 6 trillian to 12 trillian. His tax cut law contributes big in debt increasing. Yet, when Obama wanted to recover the tax rate on rich people, the law makers resisted. It proves they are now working for a little group of rich people not for the majority of Americans.

    Here is a confession from Greenspan:




    Yet, when Obama proposed to cancel that tax cut law to save US from debt increasing, he is facing the opposition from the Republican.
    Interesting re-write of history on your part, simply false but right out of the DNC talking points. There is a lot of blame to go around but to totally ignore the Obama involvement is what you are trying to do. Congress was under Democrat control from 2007-2011 and he could have stopped the Bush tax cuts any time from 2009-2010 but couldn't sell the Democrats who knew the American people wouldn't stand for a tax cut during a recession.

    What is it about people like you that continue to focus on tax increases but never spending? Seems you certainly have a different vision as to the role of the govt. than our Founders and most Americans.

    Your knowledge of the debt is flawed. Bush took office with a 5.7 trillion dollar debt and left it at 10.6 trillion which is a 4.9 trillion increase. Obama has added 4.4 trillion in 3 years

    Debt to the Penny (Daily History Search Application)

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    Re: Poll: Debt ceiling deal should include cuts and tax increases

    Quote Originally Posted by Conservative View Post
    Interesting re-write of history on your part, simply false but right out of the DNC talking points. There is a lot of blame to go around but to totally ignore the Obama involvement is what you are trying to do. Congress was under Democrat control from 2007-2011 and he could have stopped the Bush tax cuts any time from 2009-2010 but couldn't sell the Democrats who knew the American people wouldn't stand for a tax cut during a recession.
    Obama did proposed to eliminate the tax cut law or maintain the tax cut for middle class but recover tax rate on rich people. It's the Republican and tea party members who keep on opposing Obama's tax on rich policy.

    Quote Originally Posted by Conservative View Post
    Your knowledge of the debt is flawed. Bush took office with a 5.7 trillion dollar debt and left it at 10.6 trillion which is a 4.9 trillion increase. Obama has added 4.4 trillion in 3 years

    Debt to the Penny (Daily History Search Application)
    Yes, it's true. The huge debt increased in Obam regime was used to save US economy that is damaged by the Bush. I made it very clear that Bush damaged US economy with housing bubble, financial crisis, tax cut bill and two wars in Mid-east. Obama has to repair the damaged house with huge money. Some one broken the glass. You accuse the man spend money to repair the window. Is it a manner of of gentleman? or a villain?

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    Re: Poll: Debt ceiling deal should include cuts and tax increases

    Quote Originally Posted by katsung47 View Post
    Obama did proposed to eliminate the tax cut law or maintain the tax cut for middle class but recover tax rate on rich people. It's the Republican and tea party members who keep on opposing Obama's tax on rich policy.



    Yes, it's true. The huge debt increased in Obam regime was used to save US economy that is damaged by the Bush. I made it very clear that Bush damaged US economy with housing bubble, financial crisis, tax cut bill and two wars in Mid-east. Obama has to repair the damaged house with huge money. Some one broken the glass. You accuse the man spend money to repair the window. Is it a manner of of gentleman? or a villain?
    Why would anyone support raising taxes on another American? For what purpose? You jealous? How much revenue will that generate? Since Obama took office 4.5 TRILLION has been added to the debt. You call that fixing a window?

    http://www.youtube.com/watch_popup?v=JY8LKII_MNA&feature=youtube_gdata_pl ayer


    What did Obama do to save the economy?

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    Re: Poll: Debt ceiling deal should include cuts and tax increases

    Sorry, I think I made it clear in my articles. I have to admit I am not a good teacher to explain everything to a student like you.

    ---------------

    Bush increased the national debt not only with his “Tax cut law”, but also with his two Mid-east wars. The war cost is another heavy burden to the US tax payers.

    U.S. cost of war at least $3.7 trillion and counting
    By Daniel Trotta
    NEW YORK | Wed Jun 29, 2011

    Reuters) - When President Barack Obama cited cost as a reason to bring troops home from Afghanistan, he referred to a $1 trillion (622 billion pounds) price tag for America's wars.
    Staggering as it is, that figure grossly underestimates the total cost of wars in Iraq, Afghanistan and Pakistan to the U.S. Treasury and ignores more imposing costs yet to come, according to a study released on Wednesday.

    The final bill will run at least $3.7 trillion and could reach as high as $4.4 trillion, according to the research project "Costs of War" by Brown University's Watson Institute for International Studies. (Home | Costs of War)

    U.S. cost of war at least $3.7 trillion and counting | Reuters

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