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Old 12-22-2009, 08:33 PM
 
15,065 posts, read 19,710,115 times
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I always hear republicans preaching:
"Lower taxes and the economy will grow"

Why is it that George Bush gave tax cuts and the economy went into recession in December of 2007, 1 year before he was out of office?


For Stocks, the Worst Decade Ever (2000-2009) - WSJ.com

The U.S. stock market is wrapping up what is likely to be its worst decade ever.
In nearly 200 years of recorded stock-market history, no calendar decade has seen such a dismal performance as the 2000s.
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Old 12-22-2009, 08:40 PM
 
Location: Hoboken
19,891 posts, read 16,324,648 times
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The 80s were one of the best decades for the stock market and Reagan slashed tax rates much more dramatically than Bush. I guess the real take away is Bush didn't cut them enough!
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Old 12-22-2009, 08:40 PM
 
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It is much more complicated than the modest tax cuts that W. enacted. Those cuts actually served as short term stimulus (similar to the recent stimulus tax cuts that Obama advocated) back in 2001.

To explain the recession would take more time and energy than I have -- but I couldn't let the blame be placed on a few modest tax cuts. No way.
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Old 12-22-2009, 08:41 PM
 
Location: Hoboken
19,891 posts, read 16,324,648 times
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Quote:
Originally Posted by JeffersG View Post
It is much more complicated than the modest tax cuts that W. enacted. Those cuts actually served as short term stimulus (similar to the recent stimulus tax cuts that Obama advocated) back in 2001.

To explain the recession would take more time and energy than I have -- but I couldn't let the blame be placed on a few modest tax cuts. No way.
Don't take it so seriously, this is a troll thread.
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Old 12-22-2009, 08:45 PM
 
18 posts, read 16,120 times
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Quote:
Originally Posted by shorebaby View Post
Don't take it so seriously, this is a troll thread.
Oh, does that mean it was a joke? It's hard to say what some people believe or not. I don't think most people, who are so busy with their jobs and families, have the time (until they retire) to really figure out what's going on half the time.

But, anyway, tax cuts are part of stimulating the economy, what sinks it is when a few crooked people get away with unethical business practices -- or, like with the year 2000, a bunch of businesses founded on terrible ideas crop up. I can say one thing: I would have never, when I was buying my first house, put my family in the situation so many Americans did by just accepting dumb loans!

Free market actually gives the consumers a choice. If you can't pay that loan, don't get it. The market will correct itself, trust me.
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Old 12-22-2009, 08:48 PM
 
Location: Chicagoland
41,314 posts, read 39,610,381 times
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The bush tax cuts increased revenue to the treasury AND reduced the deficit in 2004-2006, I believe.

Congress has been in the hands of the democrats for 4 years.
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Old 12-22-2009, 08:48 PM
 
Location: Arizona
13,090 posts, read 7,815,903 times
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Because Reagan started the financial deregulation process back in 84 and every president since has continued the process until the financial industry started selling securities that were composed of thin air and they didn't even understand it. It all crashed in 2007. When the varible rate martgages started to reset and the Credit Default Swaps were leveraged at a 70 to 1 ratio. Short answer
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Old 12-22-2009, 08:54 PM
 
Location: Hoboken
19,891 posts, read 16,324,648 times
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Quote:
Originally Posted by mohawkx View Post
Because Reagan started the financial deregulation process back in 84 and every president since has continued the process until the financial industry started selling securities that were composed of thin air and they didn't even understand it. It all crashed in 2007. When the varible rate martgages started to reset and the Credit Default Swaps were leveraged at a 70 to 1 ratio. Short answer
Don't forget CRA and Obama is at it again threatening the banks if they don't make loans while at the same time his regulators are demanding increased reserves.
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Old 12-22-2009, 08:56 PM
 
Location: Arizona
13,090 posts, read 7,815,903 times
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Quote:
Originally Posted by shorebaby View Post
Don't forget CRA and Obama is at it again threatening the banks if they don't make loans while at the same time his regulators are demanding increased reserves.
Sadly, all too true.
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Old 12-22-2009, 08:56 PM
 
Location: Hoboken
19,891 posts, read 16,324,648 times
Reputation: 3123
Quote:
Originally Posted by JeffersG View Post
Oh, does that mean it was a joke? It's hard to say what some people believe or not. I don't think most people, who are so busy with their jobs and families, have the time (until they retire) to really figure out what's going on half the time.

But, anyway, tax cuts are part of stimulating the economy, what sinks it is when a few crooked people get away with unethical business practices -- or, like with the year 2000, a bunch of businesses founded on terrible ideas crop up. I can say one thing: I would have never, when I was buying my first house, put my family in the situation so many Americans did by just accepting dumb loans!

Free market actually gives the consumers a choice. If you can't pay that loan, don't get it. The market will correct itself, trust me.
No, a troll thread is a thread that is based upon a distorted premise designed to get a rise out of the opposition. The original poster understands it is not supportable and rarely participates in the ensuing discussion.
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