Just the Facts, Ma'am: A Compendium of Liberal Fiction Message Board

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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction

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To: tejek who wrote (64098)	2/18/2008 7:31:38 PM
From: Lazarus_Long	Read Replies (1) of 90947

I see you've spent no time actually finding out what happened. And I see you are as determined as ever to make this a partisan matter. Who signed the Tax Reform Act? Was that a "tax cut"? While it didn't increase tax rates, it DID eliminate almost all deductions. Effectively it was a tax INCREASE. Do you know what the Gramm-Leach-Bliley Act is? Do you know what it did? Who appointed Alan Granspan? Who re-appointed him for each of his successive terms?? Do you know the history of interest rates while he was Fed Chairman? Who appointed Ben Bernanke? Do you know the history of interest rates while he has been Fed Chairman? Do you understand the effects of low rates- -and effectively negative rates with inflation considered- -has on the housing market? Now: You become President with the economy in mild recession. You want low rates. You get them. The stock market takes off and you're a hero and become its cheerleader-in-chief. Finally your Fed chairman wakes up and says "irrational exuberance". You make it clear that he should SHUT UP; he may rock the boat. Finally the chairman has enough and raises rates. He's a GOD ten and you dare not challenge him. He keeps the rates up. Probably too long. It works; the bubble blows up. The caharman, panicked, quickly lowers rates. This time the housing market takes off; the banks are begging customers to take money, as certain as the customers are that RE values can only go up. Developers go wild new building. Now there's an oversupply and there's too much housing at any reasonable price. The banks, who had been making idiotic loans based on the assumption of rising rates, suddenly find those loans defaulting en masse. They are looking bankruptcy in the face. To avoid it, they sell part of themselves to questionable foreign powers, to put it kindly. Do you know the effect of interest rates on the value of currency? Do you know the effect the value of that currency will ultimately have on inflation? Have you looked at the inflation numbers recently? Is it all the lender's fault though? Do not the borrowers bear a responsibility to see they can actually repay their debts? The subprime mess is as much the left's fault as the right's. There's quite enough blame to go around for everyone. Iraq was a mistake. We all know that. But that's not the question any longer. The question now is, what do we do now? Tax cuts are a far more complicated issue tan you are even faintly capable od understanding. But Bush has made no worse a mistake than that Democrat LBJ. He also has gone for guns AND butter. Officially, we are not in a recession. They are called by NERB. In arrears. Are we actually in one? Probably. But compared to what may be coming, you may pine with longing for these times. Schiavo? Her parents were nuts. Happy? Creationism? The Religious Right is nuts. I wish it would crawl back under the rock it came from and give me back my party. Failure? I guess te USSR and Mao's China and Pol Pot's Cambodia were shining successes of the left, right? Anything else you want to argue about?

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