Romney Takes Credit for the Auto Bailout

[BlueStreak]

Originally Posted by whell

What in the world? Deficit spending is good now? Really?

OK, so all those posts that blasted Bush for screwing up the economy - can we please get those removed? Cuz if this post is right, then Obama would never have had a messed up economy to fix with all his deficit spending. If this post is right, then why bother with fiscal restraint at all? And thank you God for all those banks that you guys bashed in earlier posts for kicking their own underwriting rules to the curb and loaning way beyond their reserves and thus creating all those toxic assets.

Sheesh!

So, you are finally admitting that Bush and the GOP majorities of 2001-2007 are what made the horrific mess that will take us the rest of our lives to recover from?

Geez, it's about time.

See, I figured following GOP advice in November of 2008 after what those asshats had done to us in the previous eight years would be kinda like sticking my head under a running lawnmower to see what cut my hand off.

[icenine]

Originally Posted by whell

What in the world? Deficit spending is good now? Really?

OK, so all those posts that blasted Bush for screwing up the economy - can we please get those removed? Cuz if this post is right, then Obama would never have had a messed up economy to fix with all his deficit spending. If this post is right, then why bother with fiscal restraint at all? And thank you God for all those banks that you guys bashed in earlier posts for kicking their own underwriting rules to the curb and loaning way beyond their reserves and thus creating all those toxic assets.

Sheesh!

You should read some history......America has been deficit spending with mostly good results since about 1933. It has been an effective fiscal tool in dealing with both the Great Depression and World War II ...we could not have defeated the Axis and brought out country out of the Depression without Keyesian economic policies.
Both Dems and Republican Presidents have used it. The thing is Bush did not have any revenues in place to offset the deficit he created with his tax cuts and wars. Most Presidents raised revenue in addition to deficit spending. Bush deficit spent on steroids and cut taxes on steroids at the same time. LBJ did sort of the same thing during Vietnam...that was one of the reasons for the inflation in the 70s if you were around then.
Obama inherited this mess....to save this county he had to do the only thing he could and stimulate it and save the banks with more of the same things Bush had done. It is sort of like Bush left the patient in the Emergency Room and then the patient coded and got delivered to Obama in the Operating Room.
Obama had to save the banks.... that is our economic system....he had no choice McCain would have done exactly the same thing.
Think in terms of macro economics Whell.

[BlueStreak]

Originally Posted by icenine

You should read some history......America has been deficit spending with mostly good results since about 1933. It has been an effective fiscal tool in dealing with both the Great Depression and World War II ...we could not have defeated the Axis and brought out country out of the Depression without Keyesian economic policies.
Both Dems and Republican Presidents have used it. The thing is Bush did not have any revenues in place to offset the deficit he created with his tax cuts and wars. Most Presidents raised revenue in addition to deficit spending. Bush deficit spent on steroids and cut taxes on steroids at the same time. LBJ did sort of the same thing during Vietnam...that was one of the reasons for the inflation in the 70s if you were around then.
Obama inherited this mess....to save this county he had to do the only thing he could and stimulate it and save the banks with more of the same things Bush had done. It is sort of like Bush left the patient in the Emergency Room and then the patient coded and got delivered to Obama in the Operating Room.
Obama had to save the banks.... that is our economic system....he had no choice McCain would have done exactly the same thing.
Think in terms of macro economics Whell.

Yep. And long before that really. Study up on Hamilton. The system was designed around debt from the very beginning. But, today the GOP relies on history from Conservapedia and the Texas School Board. And we all know how pristine and unbiased those folks are............

[finnbow]

Originally Posted by icenine

You should read some history......America has been deficit spending with mostly good results since about 1933. It has been an effective fiscal tool in dealing with both the Great Depression and World War II ...we could not have defeated the Axis and brought out country out of the Depression without Keyesian economic policies.
Both Dems and Republican Presidents have used it. The thing is Bush did not have any revenues in place to offset the deficit he created with his tax cuts and wars. Most Presidents raised revenue in addition to deficit spending. Bush deficit spent on steroids and cut taxes on steroids at the same time. LBJ did sort of the same thing during Vietnam...that was one of the reasons for the inflation in the 70s if you were around then.
Obama inherited this mess....to save this county he had to do the only thing he could and stimulate it and save the banks with more of the same things Bush had done. It is sort of like Bush left the patient in the Emergency Room and then the patient coded and got delivered to Obama in the Operating Room.
Obama had to save the banks.... that is our economic system....he had no choice McCain would have done exactly the same thing.
Think in terms of macro economics Whell.

Good and accurate post, Ice.

Hey Whell!!! Do you have a mortgage on your house or have you financed a car or a college education? If so, you engaged in deficit spending.

[icenine]

Thanks Finnbow .......the ability to buy a house on credit is the American Dream. I do not think any American wants that to do disappear....one has to remember this when people complain about bailouts....

[merrylander]

Originally Posted by BlueStreak

Right. We let them get away with far too much when they come here. We coddle foreign business with fat tax breaks and protection from unions, etc., but we howl when anyone even suggests financial assistance (Bailouts, if that's what you want to call it.) to our own domestic industries.

Then we wonder why they are taking over?

Do I have that right, Rob?

Dave

Right on!

[merrylander]

Originally Posted by icenine

Thanks Finnbow .......the ability to buy a house on credit is the American Dream. I do not think any American wants that to do disappear....one has to remember this when people complain about bailouts....

Now if you take the middlemen out of the system and remove that moral hazard we will be all set. Are y'all aware that Canada has no title companies, no mortgage brokers, the bank issues a mortgage and stays with that borrower for the life of the mortgage? No Freddies or Fannies either.

BTW on a population basis home ownership is marginally higher than here and foreclosures are rare.

What will it take to get the system changed here?

[merrylander]

Originally Posted by whell

What in the world? Deficit spending is good now? Really?

OK, so all those posts that blasted Bush for screwing up the economy - can we please get those removed? Cuz if this post is right, then Obama would never have had a messed up economy to fix with all his deficit spending. If this post is right, then why bother with fiscal restraint at all? And thank you God for all those banks that you guys bashed in earlier posts for kicking their own underwriting rules to the curb and loaning way beyond their reserves and thus creating all those toxic assets.

Sheesh!

It was Derivatives and Credit Default Swaps that did the banks in. That and mortgage brokers padding borrowers incomes and banks loaning to them knowing full well that they could bundle those subprime mortgages and sell them that did us in. If ever a system was designed to encourage thievery it is the US mortgage system. That and the ability to create all sorts of financial instruments with no regulation, might just as well sign a blank check.

[piece-itpete]

Originally Posted by icenine

That is my point your Dad God Bless Him paid for your education through taxes enforced by state and local governments.....he also paid for other kids who did not have dads or moms at all. Thank goodness
Pete I do not believe you have ever been hurt by big government ...speak in specifics. Paying taxes does not qualify.
I mean your going to get your Medicare and SS someday just like everyone else....unless Paul Ryan ( and the Tea Baggers) get their way. Then you can rely on your private ripoffs perhaps...and you will wish you had not voted for Ryan and Romney (if that is your intention).

Charles deficit spending is here to stay read some American and 20th Century history....it is not going anywhere. If we did not run deficits and if banks did not create money by loaning way beyond what they hold in reserves none of us would be able to own our own homes. It has to be properly regulated though.

It is sad that there is such anger about government in general....I can tell some people have never been out of the US and fail to appreciate what we have here in this nation. We have problems and big government debt that needs fixing. But destroying government is not the answer.

Yeah I'll get some sort of pittance of SS at 75 or whatever it'll be if I live that long... and I'll have paid for it twice. Nice thing about government power - they can steal the money, turn around, and steal it again. At the point of a gun.

Never been out of the US? You mean to India, Mexico, Somolia, Canada, what? Does California count? lol

Originally Posted by icenine

....we could not have defeated the Axis and brought out country out of the Depression without Keyesian economic policies.
.......

Deficit spending, in wartime, yes. Keyesian policies, no.

Originally Posted by icenine

.... Obama had to save the banks....
.

That would be Bush

There's a forest for the trees thing going on here. Power centers calcify, and move. The more power centers can do to hold on to their calcifying grip the harder the crash, the more damage they do. The Founders understood this and attempted to create a fluid system. However their greatest fear was true - people are not vigilant, and power centers are insidious.

Pete

[noonereal]

Originally Posted by piece-itpete

That would be Bush



Pete

True, Bush saved the wealthy bankers and Obama saved the working man.

I hope everyone remembers this at election time.