Aug 042011
http://money.cnn.com/2011/08/04/markets/markets_newyork/index.htm?hpt=hp_c1
Dow tanks 512 point. All the gains made in 2011 have been wiped out.
8 Responses to “So, uh… Bush’s fault, I suppose?”
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Yep, it is. Kick the props out from under the US economy, waste trillions on not one but TWO meaningless and un-winnable wars, cut taxes for billionaires and de-regulate sectors of the economy that really need some oversight and you have one unholy mess to fix, and the party of Lincoln has been noticeably short on ideas other than “cut taxes and de-regulate the economy!” That’s the same song and dance they have been pushing since the reagan days and really reminds me of a drunk thinking “Whiskey got me into this mess, whiskey will get me out…”
> Kick the props out from under the US economy
Bush did that? Or was that FDR and LBJ?
> waste trillions on not one but TWO meaningless and un-winnable wars,
Agreed. Should’ve simply nuked ’em. Cheaper!
> cut taxes for billionaires
And increase tax *revenues.* I’ve already pointed out how the “Bush tax cuts caused the recession” arguement is bullshit: http://up-ship.com/blog/blog/?p=10714
One of the big problems with taxation is that taxes for the *poor* have been cut so far that somethign like 50% of the population doesn’t pay any federal income taxes at all. Ever hear of “no taxation without representation?” How about “no representation without taxation?”
> de-regulate sectors of the economy that really need some oversight
Take that up with Barney Frank & Co. who fought to keep Fannie and Freddie unregulated. Hell, I nremember Republicans being acused of being racists for wanting some oversight of them.
> That’s the same song and dance they have been pushing since the reagan days and really reminds me of a drunk thinking “Whiskey got me into this mess, whiskey will get me out…”
Well, I’m sorry that your education was so poor. Reagan reduced tax *rates* and tax *revenues* increased. Sadly, Reagan trusted the Dems, and *spending* for “entitlements” shot through the roof… and have continued to do so.
How odd that you manage to harangue about Bush’s financial misadventures, but make no mention of the equally egregious financial idiocies committed by Obama and co. Not to mention Obama’s little entanglement in Libya, which contains even less justification for American action than Bush’s invasions of Afghanistan or Iraq.
Looks like the money men are as impressed with the “deal” the pols pulled out of their backsides over the weekend as the average voter is – not at all.
@Andrew: Ease up on the Kool-Aid before you drown yourself.
> Looks like the money men are as impressed
The latest news has the Nikkei tanking as well. In a few hours the European markets will open, and we’ll see if this is a worldwide trend.
And then a few hours later the NY market will open again, and we’ll see if it continues. of cours,e shortly after the NY market opens the FedGuv will release the latest employment numbers, and I’d bet a nickel that the news will be every bit as spectacular as last months.
If Obama had any ideal that he speaks of that he wouldn’t be happy to give up as soon as someone wants to fight over it, he wouldn’t be seen as a complete naive and incompetent weakling by his supporters.
The Republicans saw how he dealt with health care debate, saw that he talked big – but wouldn’t act big, licked their lips, and devoured him.
“Why can’t we be friends?” is a good title for a song, but it’s not how things are done in Washington;
people were expecting FDR II and instead got Jimmy Carter II.
I, for one, do not believe that the morality of a progressive political agenda is in direct proportion to its ineffectual support by its adherents. Time to get a little fight back into the bones and a little fire back into the belly.
You want to see someone tear the Republicans a new asshole, check out FDR’s “Fala Speech”; now he’s not saying that Republicans _are_ Nazis, he’s just saying that don’t seem to have any problem _with_ Nazis and their propaganda techniques:
http://www.youtube.com/watch?v=4gztvtSyTdY
Pat
> and devoured him.
Which Republicans would those be? The ones who knuckled under and passed the useless debt limit bill that cuts spending by, what, 22 *billion*? When we’re several *trillion* in the red?
> I, for one, do not believe that the morality of a progressive political agenda is in direct proportion to its ineffectual support by its adherents.
On that we may agree. The morality of a progressive political agenda is in inverse proportion to how much it’s a “Progressive” political agenda.
> You want to see someone tear the Republicans a new asshole, check out FDR’s “Fala Speech”; now he’s not saying that Republicans _are_ Nazis, he’s just saying that don’t seem to have any problem _with_ Nazis
Would this be the same FDR who locked up a whole ethnic group and tried to pack the Supreme Court when he couldn’t get his way in imposing national socialist programs?
Yeah the Republicans surely got the best of Obama. He doesn’t have to fight this battle again before the 2012 elections, if they can’t find savings it automatically comes out of the defense budget, and Obamacare wasn’t touched. They surely ate him alive. 😕