Facts to Consider
Pertinent information for understanding the current economic crisis includes:
Billionaire Warren Buffett warned: “The rich people are doing so well in this county, I mean we never had it so good... It’s class warfare, my class is winning, but they shouldn’t be... Corporate taxes as a percentage of total taxes raised are very close to the historical low.”
Buffett cautioned, that Republican Sen. Phil Gramm’s amendment to the Gramm-Leach-Bliley Act enabled the setting up of a shadow banking system, which allowed the creation of financial “weapons of mass destruction.” That amendment directly contributed to the current mortgage foreclosure crisis, because all the protections in the Glass-Steagall Act were stripped away and big banks and insurance companies were allowed to merge. Immediately thereafter, Bush became president and hired regulators who weren’t interested in regulating Wall Street. Republican Congressman Bob Ney, blocked efforts to let the victims of predatory lending sue everybody who profited from it, which left Wall Street executives with virtually nothing to risk.
Economist Jeffrey Sachs wrote in “Fortune” magazine: “America can pull through the current economic crisis with a dose of political maturity and a bit of luck. Success will mean the end of the Reagan era, of an ideology that has brought the country to its knees.” When Reagan became President, we were the largest exporter of manufactured goods, the largest creditor and the largest importer of raw materials on the planet. As a consequence of Reaganomics we’ve become the largest importer of manufactured goods and exporter of raw materials.
Republicans have not produced a president in the past 34 years that has balanced a budget. Of the past 12 presidents the top six in terms of job creation were all Democrats. Clinton led the country in the direction of creating more jobs, significantly reduced unemployment and brought about a budget surplus, which Bush squandered on the way to creating a record deficit.
In “The Three Trillion Dollar War,” Nobel Prize-winning economist Joseph Stiglitz estimated that the true costs of the quagmire in Iraq will eventually be more than three trillion dollars.
Billionaire Warren Buffett warned: “The rich people are doing so well in this county, I mean we never had it so good... It’s class warfare, my class is winning, but they shouldn’t be... Corporate taxes as a percentage of total taxes raised are very close to the historical low.”
Buffett cautioned, that Republican Sen. Phil Gramm’s amendment to the Gramm-Leach-Bliley Act enabled the setting up of a shadow banking system, which allowed the creation of financial “weapons of mass destruction.” That amendment directly contributed to the current mortgage foreclosure crisis, because all the protections in the Glass-Steagall Act were stripped away and big banks and insurance companies were allowed to merge. Immediately thereafter, Bush became president and hired regulators who weren’t interested in regulating Wall Street. Republican Congressman Bob Ney, blocked efforts to let the victims of predatory lending sue everybody who profited from it, which left Wall Street executives with virtually nothing to risk.
Economist Jeffrey Sachs wrote in “Fortune” magazine: “America can pull through the current economic crisis with a dose of political maturity and a bit of luck. Success will mean the end of the Reagan era, of an ideology that has brought the country to its knees.” When Reagan became President, we were the largest exporter of manufactured goods, the largest creditor and the largest importer of raw materials on the planet. As a consequence of Reaganomics we’ve become the largest importer of manufactured goods and exporter of raw materials.
Republicans have not produced a president in the past 34 years that has balanced a budget. Of the past 12 presidents the top six in terms of job creation were all Democrats. Clinton led the country in the direction of creating more jobs, significantly reduced unemployment and brought about a budget surplus, which Bush squandered on the way to creating a record deficit.
In “The Three Trillion Dollar War,” Nobel Prize-winning economist Joseph Stiglitz estimated that the true costs of the quagmire in Iraq will eventually be more than three trillion dollars.
posted by Jim O'Leary | 12:09 AM
1 Comments:
Hey Jim, I think you should run for a seat on the Senate! I like every thing you write.
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