Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Reagan borrowed trillions of dollars to cover the federal deficit brought on by the Savings and Loan Crisis.
I gave you one chance to save honor...now you're fair game:
Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.3 billion. Neil Bush, son of then Vice President of the United StatesGeorge H. W. Bush, was Director of Silverado at the time. Neil Bush was accused of giving himself a loan from Silverado, but he denied all wrongdoing.[14]
The US Office of Thrift Supervision investigated Silverado's failure and determined that Neil Bush had engaged in numerous "breaches of his fiduciary duties involving multiple conflicts of interest." Although Bush was not indicted on criminal charges, a civil action was brought against him and the other Silverado directors by the Federal Deposit Insurance Corporation; it was eventually settled out of court, with Bush paying $50,000 as part of the settlement
Despite all the delusional fantasies courtesy of the Rushie and Fox Show, this video is an oasis of reality in the Beck fabricated alternate reality that pervades way too much of the economic and political debate in this country.
1. BOTH Gipper and Senior had enough sense that the surest way to reduce debt, especially during a recession is,...., TO RAISE TAXES,.., STUPID.
2. It was under a DEMOCRATIC CONGRESS along with Senior as President, that PayGo was established. This meant that all programs that can be implemented MUST BE PAID FOR IN FULL.
3. It was under a DEMOCRATIC PRESIDENT with a GOP congress that we had one of the few SURPLUSES in recent American history.
4. It was under Junior and the GOP Congress that fiscal responsibility was tossed out the window, and irresponsibility was became the name of the game.
5. The revelation WHY President Obama was so focused on health reform, instead of the economy, for much of his freshman year. It was a pretty good reason, even though many, (myself included) did not agree with the way he want about things.
In conclusion, given 2, 3, 4 & 5, one side of the aisle really has as much claim to fiscal responsibility as one media entity has to fair & balanced,.., in short ZERO.
And those yelling about the debt, cannot cry and whine about taxes. Do the math, debt is created by revenues being lower than spending. The way to reduce debt is to either cut spending or raise taxes.
Since most of the spending goes to health care for seniors (the most active voting demographic) plus one entitlement (yes despite their current rants against entitlements) that was created by the administration of fiscal irresponsibility and also defense, spending reduction is not likely to happen since it would politically costly for any party and politician.
The tax cuts under Junior were generally for the rich. Yes that 1% of the population making 250K and over that feels they are middle classers just barely making ends meet.
So either they have to be the class of fiscal responsibility and pay tax rates they did a long, long time ago (wow a decade feels like a century ago) OR they will be the ones dooming generations of Americans, our children, grandchildren, great gran,.., well you get the idea.
Reagan borrowed trillions of dollars to cover the federal deficit brought on by the Savings and Loan Crisis.
When Reagan left office the national debt was only $2.6 trillion, almost all of which was accumulated due to spending and tax cuts throughout the 80s. When Reagan took office the national debt was at $930 billion.. The estimated cost of the S&L crisis was only $159 billion, around $125 billion of which was paid out of pocket by the US government.
You must be confusing the 80s crisis with something else..
This from a guy who thinks he knows more than Alan Greenspan and the CBO?
.
Here's the story. In January 1981 the total national debt was about $980 billion...less than $1 trillion
In January 1993 the total national debt was over $4.4 trillion. Reagan and Bush41 did a number on it.
Bill Clinton not only balanced the annual budget he generated a $450 billion surplus in fy's 1999 and 2000 then when he left office the administration and congress were arguing about how to spend the surpluses.
George Bush immediately cut taxes with half going to the wealthiest 1% of taxpayers and proceeded to double the national debt during his eight years. Just before Bush left office they had to modify the debt clock in Times Square NYC to accomodate an extra digit. The designers never dreamed it would be necessary.
Ronald Reagan, George Herbert Walker Bush and George W. Bush borrowed 80% of all the debt this great republic has accumulated in 232 years. They did it mostly because of their low tax rates for the rich.
I suggest you study the shape Bill Clinton left things in when George W. Bush took over:
Last edited by Melvin.George; 02-16-2010 at 08:40 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
