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Politics : PRESIDENT GEORGE W. BUSH
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To: PartyTime who wrote (46125)10/14/2000 11:30:30 AM
From: Joseph F. Hubel  Read Replies (2) of 769667
 
<I guess only right-wing Republicans are "true Americans" huh? Vietnam was the right thing to do. The S+L debacle was good for "small government".>

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Just to take away a few of your barbs at the Republicans, you seem to have a fact denied outlook.

1. Two Democratic Presidents, JFK and the prize package LBJ escalated the Vietnam war. Sec. of Defense MacNamara blew the entire execution with his remote control policies.

2. The S&L problems were initiated when the tax laws regarding real estate were changed in 1986. The laws that pulled the rug out from under real estate values were the huge increase in capital gains tax (from normal tax rate on 40% of gain to 28% on the entire gain)and the lengthening of the depreciation recovery time table from 19.5 years to 29.5 years. The two changes were anti real estate and caused real estate values to plunge thereby eroding the underlying value of mortgaged property.

I'll concede that many banks were liberal in their value approach prior to the tax change, but two tax changes caused the bank failings. As an example a bank may have held $10 (to use simple #s)in mortgage debt on pre tax change property valued at $12. After the change the the underlying property value dropped to $9 which put their portfolio in a negative position under federal guidelines. Check the records.

JFH
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