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Paul Volcker, the man who, under the Regan administration, is widely credited with bringing down double digit inflatation to under 4% is trumpheting his Volcker Rules.
IRT your question, IMO the "modern day right" which we have today are not fiscal conservatives as we had around early in Reagan's first term. Our current "modern day right" is primary interested in abortion, homophobia, racism and theocracy; millions of unknowing rabble who have no clue which end is up. Fiscal conservatives today may be reappearing in the Tea Party, but so far all the Tea Party looks like is a Klan rally minus the sheets.
Obama has reached into the all too small bag of competent folks and pulled out a world-class talent in Paul Volcker but all Obama gets is grief from the GOP buffoonocracy for his efforts to restore our nation's finances.
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IRT your question, IMO the "modern day right" which we have today are not fiscal conservatives as we had around early in Reagan's first term. Our current "modern day right" is primary interested in abortion, homophobia, racism and theocracy; millions of unknowing rabble who have no clue which end is up. Fiscal conservatives today may be reappearing in the Tea Party, but so far all the Tea Party looks like is a Klan rally minus the sheets.
Obama has reached into the all too small bag of competent folks and pulled out a world-class talent in Paul Volcker but all Obama gets is grief from the GOP buffoonocracy for his efforts to restore our nation's finances.
Mike, I'm in agreement that the GOP has strayed far from its roots.
Quote:
Originally Posted by kovert
Some interesting tidbits from one of the advisors to the Gipper himself and George Senior.
"During the George W. Bush years, the welfare state expanded significantly by adding a massive, unfunded drug benefit to the already bankrupt Medicare program."
And this:
"I think the Republican Party is brain-dead. It stands for one thing and one thing only — being against whatever the Democrats are for and regaining political power by whatever means necessary. The idea that the G.O.P. is the party of ideas is laughable.
I still consider myself to be a conservative in the mold of Ronald Reagan, Jack Kemp and William F. Buckley. I do not consider myself part of the “conservative movement” these days because I see almost nothing conservative about it. What now passes for a conservative movement is either pure Republican partisanship or right-wing populism."
He does mention a tax called the value added tax.
Its time to toss ideologues out the room and get cold hard facts from economists whether true conservatives or liberals, and make decisions based on the experience and knowledge of the experts.
The GOP used to have an excellent record (http://www.gop.com/index.php/learn/accomplishment/ - broken link) on social justice, domestic investment/infrastructure and foreign policy & diplomacy. I don't know what happened after 1987 that morphed them into the current party of no.
I hope the old school guys like Barlett and maybe Ron Paul (he is willing to cooperate with the likes of Alan Grayson) can groom a younger generation of right wingers in the tradition of the GOP of old and either bring back the party to its roots or set up a viable 3rd party made up of true fiscal conservatives and Libertarians.
Senators move forward on financial reform, though I must add the article's author wrongly attributes to Barry (something he only gave lip support) what should be credited to our financial elder, V-Man.
"But, once again, Wall Street would be advised not to rejoice. Volcker, after all, is the father of the so-called Volcker Rule, the financial reform provision that would prevent banks from making proprietary trades. Those are the bets banks place for their own account, netting them billions of dollars each year by some estimates. As with the Lincoln’s 106, the industry has lobbied furiously against the Volcker Rule. And while it has made little progress to date, many believed there was a chance to limit the damage by defining a proprietary trade as narrowly as possible.
Alas, by further elevating Volcker as the arbiter of all that is good and just in financial reform, this latest development may have all but closed that window. In fact, Volcker suggests as much in his letter, noting that the reason he feels comfortable opposing the Lincoln provision is that the Volcker Rule already prohibits the most noxious form of derivatives trades. He goes on to praise the specific proprietary trading language proposed by Senators Carl Levin and Jeff Merkley—language that limits regulators’ discretion in applying the rule—which could effectively etch it in stone. It’s like the old saying goes: Live by the pronouncements of an 82-year-old financial deity, die by the pronouncements of an 82-year-old financial deity."
"But, once again, Wall Street would be advised not to rejoice. Volcker, after all, is the father of the so-called Volcker Rule, the financial reform provision that would prevent banks from making proprietary trades. Those are the bets banks place for their own account, netting them billions of dollars each year by some estimates. As with the Lincoln’s 106, the industry has lobbied furiously against the Volcker Rule. And while it has made little progress to date, many believed there was a chance to limit the damage by defining a proprietary trade as narrowly as possible.
Alas, by further elevating Volcker as the arbiter of all that is good and just in financial reform, this latest development may have all but closed that window. In fact, Volcker suggests as much in his letter, noting that the reason he feels comfortable opposing the Lincoln provision is that the Volcker Rule already prohibits the most noxious form of derivatives trades. He goes on to praise the specific proprietary trading language proposed by Senators Carl Levin and Jeff Merkley—language that limits regulators’ discretion in applying the rule—which could effectively etch it in stone. It’s like the old saying goes: Live by the pronouncements of an 82-year-old financial deity, die by the pronouncements of an 82-year-old financial deity."
why are you digging up a posting you started about 3 months ago that has died and should be buried?
The old school Reaganite economic elder, the conservative credited with taming out of control inflation, Paul Volcker, speaks out.
"Like few other policy giants of his generation, Mr. Volcker has been a pivotal figure in the regulatory universe for decades, and as he looks back at his long, storied career he confesses to some regrets, in particular for failing to speak out more forcefully about the dangers of a seismic wave of financial deregulation that began in the 1970s and reached full force in the late 1990s.
He earned that esteem over many years, and is famously credited for making tough-minded choices to tame runaway inflation as Fed chairman from 1979 to 1987, when he served under Presidents Jimmy Carter and Ronald Reagan.
Mr. Volcker says that most of the deregulation came after he left the Fed. His reluctance to deregulate contributed in part to his departure under pressure from the Reagan administration. His replacement, Alan Greenspan, openly campaigned to weaken and finally repeal Glass-Steagall, and President Bill Clinton signed the repeal into law in 1999. "
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