GOP, Democrats Restart the Fight Over Bush Tax Cuts

Jul 8, 2012 Full story: The Wall Street Journal 64

Senate Minority Leader Mitch McConnell , accompanied by Sens. John Cornyn and John Thune , speaks to reporters outside the Senate on June 26, 2012.

Full Story
First Prev
of 4
Next Last
Tony

Broken Arrow, OK

#1 Jul 8, 2012
Republicans did crash the economy on purpose for political gain to try to make Obama a one term as Mitch McConnell said the Republicans number one goal was. Republicans the party of only the wealthy do not like the poor and the working middle class. The Republicans are the problem for the unemployed and under employed.
Bush tax cuts to the wealthy gave us the big debts we have. Low Taxes do NOT create any jobs.

“Truth to Power!”

Since: Apr 07

Benton, AR

#2 Jul 8, 2012


CBO 2012: Eliminating Bush Tax Cuts will cause a Recession



'nuff said.




Jackasscrats will do anything to sink the economy.

“JESUS WOULD IMPEACH THE GOP!!!”

Since: May 09

Lake Success, N.Y.

#3 Jul 8, 2012
Tony wrote:
Republicans did crash the economy on purpose for political gain to try to make Obama a one term as Mitch McConnell said the Republicans number one goal was. Republicans the party of only the wealthy do not like the poor and the working middle class. The Republicans are the problem for the unemployed and under employed.
Bush tax cuts to the wealthy gave us the big debts we have. Low Taxes do NOT create any jobs.
Absolutely right tony. 30 years of "Voodoo Economics" have proven disastrous for this nation, but the GOP simply don't care!

“Truth to Power!”

Since: Apr 07

Benton, AR

#4 Jul 8, 2012


Jackasscrats plan to sink the economy is well within their "NEVER LET A CRISIS GO TO WASTE" scheme.



They simply create a crisis then ram some destructive policies through while the barn is burning.


WHAT FILTH!

“Truth to Power!”

Since: Apr 07

Benton, AR

#5 Jul 8, 2012



"I was Against the Tax Cuts before I was for them then against them. Now I don't have a clue again."
- Idiot Obama

“Truth to Power!”

Since: Apr 07

Benton, AR

#6 Jul 8, 2012

The Exasperation of the Democratic Billionaire


Real-estate and newspaper mogul Mortimer Zuckerman voted for Obama but began seeing trouble as soon as the stimulus went into the pockets of municipal unions.


By JAMES FREEMAN
New York

'It's as if he doesn't like people," says real-estate mogul and New York Daily News owner Mortimer Zuckerman of the president of the United States. Barack Obama doesn't seem to care for individuals, elaborates Mr. Zuckerman, though the president enjoys addressing millions of them on television.

The Boston Properties CEO is trying to understand why Mr. Obama has made little effort to build relationships on Capitol Hill or negotiate a bipartisan economic plan. A longtime supporter of the Democratic Party, Mr. Zuckerman wrote in these pages two months ago that the entire business community was "pleading for some kind of adult supervision" in Washington and "desperate for strong leadership." Writing soon after the historic downgrade of U.S. Treasury debt by Standard & Poor's, he wrote, "I long for a triple-A president to run a triple-A country."

His words struck a chord. When I visit Mr. Zuckerman this week in his midtown Manhattan office, he reports that three people approached him at dinner the previous evening to discuss his August op-ed. Among business executives who supported Barack Obama in 2008, he says, "there is enormously widespread anxiety over the political leadership of the country." Mr. Zuckerman reports that among Democrats, "The sense is that the policies of this government have failed.... What they say about [Mr. Obama] when he's not in the room, so to speak, is astonishing."

http://online.wsj.com/article/SB1000142405297...

“JESUS WOULD IMPEACH THE GOP!!!”

Since: May 09

Lake Success, N.Y.

#7 Jul 8, 2012
The laughing liberal wrote:
Jackasscrats plan to sink the economy is well within their "NEVER LET A CRISIS GO TO WASTE" scheme.
They simply create a crisis then ram some destructive policies through while the barn is burning.
WHAT FILTH!
Laughing Lobotomy = 72,000 posts - all bullsh!t!

That's true filth dingleberry!

Getting paid well for all your derogatory posts?

“Truth to Power!”

Since: Apr 07

Benton, AR

#8 Jul 8, 2012
TonyT1961 wrote:
<quoted text>
Absolutely right tony. 30 years of "Voodoo Economics" have proven disastrous for this nation, but the GOP simply don't care!




Year Later, Clinton repeal of Glass-Steagall faulty as seen today


President Bill Clinton repealed the Glass-Steagall Act which had prevented the coupling of investment banking and lending. To be exact, on November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933. One of the effects of the repeal is it allowed commercial and investment banks to consolidate.

Economists have criticized the action leading to the 2008 Financial Meltdown.

http://crisis.lenderwatch.org/news/398







Jackasscrats to blame as usual.

“Truth to Power!”

Since: Apr 07

Benton, AR

#9 Jul 8, 2012


Larry Summers, Tim Geithner and Wall Street’s ownership of government

The individuals Obama chose to be his top economics officials embody exactly the corruption he repeatedly vowed to end.

By Glenn Greenwald
Saturday, Apr 4, 2009

White House officials yesterday released their personal financial disclosure forms, and included in the millions of dollars which top Obama economics adviser Larry Summers made from Wall Street in 2008 is this detail:

Lawrence H. Summers, one of President Obama’s top economic advisers, collected roughly $5.2 million in compensation from hedge fund D.E. Shaw over the past year and was paid more than $2.7 million in speaking fees by several troubled Wall Street firms and other organizations....

Financial institutions including JP Morgan Chase, Citigroup, Goldman Sachs, Lehman Brothers and Merrill Lynch paid Summers for speaking appearances in 2008. Fees ranged from $45,000 for a Nov. 12 Merrill Lynch appearance to $135,000 for an April 16 visit to Goldman Sachs, according to his disclosure form.

That’s $135,000 paid by Goldman Sachs to Summers — for a one-day visit. And the payment was made at a time — in April, 2008 — when everyone assumed that the next President would either be Barack Obama or Hillary Clinton and that Larry Summers would therefore become exactly what he now is: the most influential financial official in the U.S. Government (and the $45,000 Merrill Lynch payment came 8 days after Obama’s election). Goldman would not be able to make a one-day $135,000 payment to Summers now that he is Obama’s top economics adviser, but doing so a few months beforehand was obviously something about which neither parties felt any compunction. It’s basically an advanced bribe. And it’s paying off in spades. And none of it seemed to bother Obama in the slightest when he first strongly considered naming Summers as Treasury Secretary and then named him his top economics adviser instead (thereby avoiding the need for Senate confirmation), knowing that Summers would exert great influence in determining who benefited from the government’s response to the financial crisis.


Read More:
http://www.salon.com/2009/04/04/summers/
Robert

Hollywood, FL

#10 Jul 8, 2012
We need the tax cuts to pay for Obama's tax increases. He just got his Iax increase past the supreme court via Obamacare. There is no need to raise taxes when you can't stop spending if we do he will just use it as an excuse to spend even more.

You have to stop the spending before you address tax policy, kind of reminds me of immigration policy, first you have to secure the border then you can talk about immigration policy.

Obama is always trying to put the cart before the horse.

“Truth to Power!”

Since: Apr 07

Benton, AR

#11 Jul 8, 2012
TonyT1961 wrote:
<quoted text>
Laughing Lobotomy = 72,000 posts - all bullsh!t!
That's true filth dingleberry!
Getting paid well for all your derogatory posts?




My factual Posts contain the verifiable SOURCE Material while your idiotic posts contain nothing but the stench of bitter fact envy! I LOVE IT! You are really such a putz! LMAO!





Read Dipsh*t:



PBS Frontline: The Warning

-- How Greenspan, Summers & Rubin Conspired To Silence Derivatives Whistleblower Brooksley Born (Complete VIDEO)


Frontline did a re-broadcast of this episode last night. I watched it again and was even more angry at Greenspan, Rubin & Summers (and Clinton) than the first time. Still without words that Obama has chosen the architects of regulatory failure to run the show in his administration. Summers should be a night-shift janitor at Wellesley.

-----

Broadcast October 20, 2009...complete 55-minute video is above and two shorter youtube clips are at the bottom of this post.

PBS Frontline: Brooksley Born, Larry Summers, Alan Greenspan and Robert Rubin

*******

"We didn't truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency -- the Commodity Futures Trading Commission [CFTC]-- who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country's key economic powerbrokers to take actions that could have helped avert the crisis. "They were totally opposed to it," Born says. "That puzzled me. What was it that was in this market that had to be hidden?"

In The Warning, veteran FRONTLINE producer Michael Kirk unearths the hidden history of the nation's worst financial crisis since the Great Depression. At the center of it all he finds Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.

Levitt explains how the other principals of the Working Group -- former Fed Chairman Alan Greenspan and former Treasury Secretary Robert Rubin -- convinced him that Born's attempt to regulate the risky derivatives market could lead to financial turmoil, a conclusion he now believes was "clearly a mistake."

Born's battle behind closed doors was epic, Kirk finds. The members of the President's Working Group vehemently opposed regulation -- especially when proposed by a Washington outsider like Born.

"I walk into Brooksley's office one day; the blood has drained from her face," says Michael Greenberger, a former top official at the CFTC who worked closely with Born. "She's hanging up the telephone; she says to me:'That was [former Assistant Treasury Secretary] Larry Summers. He says, "You're going to cause the worst financial crisis since the end of World War II."...[He says he has] 13 bankers in his office who informed him of this. Stop, right away. No more.'"

Greenspan, Rubin and Summers ultimately prevailed on Congress to stop Born and limit future regulation of derivatives. "Born faced a formidable struggle pushing for regulation at a time when the stock market was booming," Kirk says. "Alan Greenspan was the maestro, and both parties in Washington were united in a belief that the markets would take care of themselves."

Now, with many of the same men who shut down Born in key positions in the Obama administration, The Warning reveals the complicated politics that led to this crisis and what it may say about current attempts to prevent the next one.

"It'll happen again if we don't take the appropriate steps," Born warns. "There will be significant financial downturns and disasters attributed to this regulatory gap over and over until we learn from experience."






http://dailybail.com/home/pbs-frontline-the-w...

“Truth to Power!”

Since: Apr 07

Benton, AR

#12 Jul 8, 2012

Debt & Deficits. Bailout News. Federal Reserve Corruption.


http://www.pbs.org/frontline/warning/

In this clip from "The Warning," airing Tues, Oct. 20, FRONTLINE traces back to the Clinton Administration and the pro-business, anti-regulation powerbrokers Robert Rubin, Larry Summers, and the man referred to as "The Wizard," Chairman of the Federal Reserve Alan Greenspan (4:17).

“Truth to Power!”

Since: Apr 07

Benton, AR

#13 Jul 8, 2012


Jackasscrats Conceal Derivative Time Bomb



http://www.pbs.org/frontline/warning/

In this clip from "The Warning," airing Tues, Oct. 20, FRONTLINE examines the long road that led Brooksley Born to her post as the chairperson of the federal regulatory agency Commodities Futures Trading Commission—a position that pit her directly against the president's pro-business, anti-regulation economic powerbrokers, including Chairman of the Federal Reserve Alan Greenspan.

In the devastating aftermath of the economic meltdown, FRONTLINE sifts the ashes for clues about why it happened and examines critical moments when it might have gone much differently. Looking back into the 1990s, veteran FRONTLINE producer/director Michael Kirk ("Inside the Meltdown," "Breaking the Bank") discovers early warnings of the crash, reveals an intense battle among high-ranking members of the Clinton administration and uncovers a concerted effort not to regulate the emerging, highly complex and lucrative derivatives markets that would become the ticking time bomb within the American economy.



- OUCH!-
Tony

Broken Arrow, OK

#14 Jul 8, 2012
TonyT1961 wrote:
<quoted text>
Laughing Lobotomy = 72,000 posts - all bullsh!t!
That's true filth dingleberry!
Getting paid well for all your derogatory posts?
Yes he has posted more lies and spam on here than LeJimbo. They must be having a spaming contest.
Tony

Broken Arrow, OK

#15 Jul 8, 2012
Republicans have screwed tax payers out of more money than welfare, medicare, and medicaid combined.

“Truth to Power!”

Since: Apr 07

Benton, AR

#16 Jul 8, 2012



Brooksley Born: The Woman Greenspan, Rubin & Summers Silenced

By Katrina vanden Heuvel
More than a decade ago, a woman you're likely never to have heard of, Brooksley Born, head of the Commodity Futures Trading Commission-- a federal agency that regulates options and futures trading--was the oracle whose warnings about the dangerous boom in derivatives trading just might have averted the calamitous bust now engulfing the US and global markets.

Instead she was met with scorn, condescension and outright anger by former Federal Reserve Chair Alan Greenspan, former Treasury Secretary Robert Rubin and his deputy Lawrence Summers. In fact, Greenspan, the man some affectionately called "The Oracle," spent his political capital cheerleading these disastrous financial instruments.

What these "three marketeers" --as they were called in a 1999 Time magazine cover story--were adept at was peddling the timebombs at the heart of this complex crisis: exotic and opaque financial instruments known as derivatives--contracts intended to hedge against risk and whose values are derived from underlying assets.

To cut to the quick, Greenspan, Rubin and Summers opposed regulating them. "Proposals to bring even minimalist regulation were basically rebuffed by Greenspan and various people in the Treasury," recalls Alan Blinder, a former Federal Reserve board member and economist at Princeton University, in the Times article.

In 1997, Brooksley Born warned in congressional testimony that unregulated trading in derivatives could "threaten our regulated markets or, indeed, our economy without any federal agency knowing about it." Born called for greater transparency--disclosure of trades and reserves as a buffer against losses.

Instead of heeding this oracle's warnings, Greenspan, Rubin & Summers rushed to silence her. As the Times story reveals, Born's wise warnings "incited fierce opposition" from Greenspan and Rubin who "concluded that merely discussing new rules threatened the derivatives market." Greenspan deployed condescension and told Born she didn't know what she was doing and she'd cause a financial crisis.(A senior Commission director who worked with Born suggests that Greenspan and the guys didn't like her independence. " Brooksley was this woman who was not playing tennis with these guys and not having lunch with these guys. There was a little bit of the feeling that this woman was not of Wall Street.")

In early 1998 one of the guys,(D) Larry Summers, called Born to "chastise her for taking steps he said would lead to a financial crisis. But Born kept at it, unwilling to let arrogant men undermine her good judgment. But it got tougher out there. In June 1998, Greenspan, Rubin and the then head of the SEC, Arthur Levitt, Jr., called on Congress "to prevent Ms. Born from acting until more senior regulators developed their own recommendations." (Levitt now says he regrets that decision.) Months later, the huge hedge fund Long Term Capital Management nearly collapsed--confirming some of Born's warnings.(Bets on derivatives were a key reason.)

"Despite that event," the Times reports, " Congress (apparently as a result of Greenspan & Summer's urging, influence-peddling and pressure) "froze" Born's Commissions' regulatory authority. The next year, Born left as head of the Commission.Born did not talk to the Times for their article.

What emerges is a story of reckless, willful and arrogant action and behaviour designed to undermine a wise woman's good judgment. The three marketeers' disdain for modest regulation of new and risky financial instruments reveals a faith-based fundamentalist approach to the management of markets and risk. If there is any accountability left in our system, Greenspan, Rubin and Summers should not be telling anyone how to run anything. Instead, Barack Obama might do well to bring back Brooksley Born and promote to his team economists who haven't contributed to the ugly mess we're in.

Tony

Broken Arrow, OK

#17 Jul 8, 2012
Will the writer of the Obama health care law please stand up. Romney stands up with hand in the air.

“Truth to Power!”

Since: Apr 07

Benton, AR

#18 Jul 8, 2012
Robert wrote:
We need the tax cuts to pay for Obama's tax increases. He just got his Iax increase past the supreme court via Obamacare. There is no need to raise taxes when you can't stop spending if we do he will just use it as an excuse to spend even more.
You have to stop the spending before you address tax policy, kind of reminds me of immigration policy, first you have to secure the border then you can talk about immigration policy.
Obama is always trying to put the cart before the horse.


BINGO!



ObamaCare unleashes the largest TAX INCREASE in American History and it hits the Middle Class right in the Mouth!



What a PIG!

“Truth to Power!”

Since: Apr 07

Benton, AR

#21 Jul 8, 2012


Why do Democrats HATE this Country so much?


Maybe we should ask Michelle Obama WHY SHE WAS NEVER PROUD OF HER COUNTRY.....?

“JESUS WOULD IMPEACH THE GOP!!!”

Since: May 09

Lake Success, N.Y.

#22 Jul 8, 2012
The laughing liberal wrote:
<quoted text>
Year Later, Clinton repeal of Glass-Steagall faulty as seen today
President Bill Clinton repealed the Glass-Steagall Act which had prevented the coupling of investment banking and lending. To be exact, on November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933. One of the effects of the repeal is it allowed commercial and investment banks to consolidate.
Economists have criticized the action leading to the 2008 Financial Meltdown.
http://crisis.lenderwatch.org/news/398
Jackasscrats to blame as usual.
Yet who proposed the act dipsh!t?

Remember the name?

Grahmn / Leach / Biley Act (all repulsicans jackass)

"
In December 1986, the Federal Reserve Board, which has regulatory jurisdiction over banking, reinterprets Section 20 of the Glass-Steagall Act, which bars commercial banks from being "engaged principally" in securities business, deciding that banks can have up to 5 percent of gross revenues from investment banking business. The Fed Board then permits Bankers Trust, a commercial bank, to engage in certain commercial paper (unsecured, short-term credit) transactions. In the Bankers Trust decision, the Board concludes that the phrase "engaged principally" in Section 20 allows banks to do a small amount of underwriting, so long as it does not become a large portion of revenue. This is the first time the Fed reinterprets Section 20 to allow some previously prohibited activities.

In the spring of 1987, the Federal Reserve Board votes 3-2 in favor of easing regulations under Glass-Steagall Act, overriding the opposition of Chairman Paul Volcker. The vote comes after the Fed Board hears proposals from Citicorp, J.P. Morgan and Bankers Trust advocating the loosening of Glass-Steagall restrictions to allow banks to handle several underwriting businesses, including commercial paper, municipal revenue bonds, and mortgage-backed securities. Thomas Theobald, then vice chairman of Citicorp, argues that three "outside checks" on corporate misbehavior had emerged since 1933: "a very effective" SEC; knowledgeable investors, and "very sophisticated" rating agencies. Volcker is unconvinced, and expresses his fear that lenders will recklessly lower loan standards in pursuit of lucrative securities offerings and market bad loans to the public. For many critics, it boiled down to the issue of two different cultures - a culture of risk which was the securities business, and a culture of protection of deposits which was the culture of banking.

In March 1987, the Fed approves an application by Chase Manhattan to engage in underwriting commercial paper, applying the same reasoning as in the 1986 Bankers Trust decision, and in April it issues an order outlining its rationale. While the Board remains sensitive to concerns about mixing commercial banking and underwriting, it states its belief that the original Congressional intent of "principally engaged" allowed for some securities activities. The Fed also indicates that it will raise the limit from 5 percent to 10 percent of gross revenues at some point in the future. The Board believes the new reading of Section 20 will increase competition and lead to greater convenience and increased efficiency.

In August 1987, Alan Greenspan -- formerly a director of J.P. Morgan and a proponent of banking deregulation -- becomes chairman of the Federal Reserve Board. One reason Greenspan favors greater deregulation is to help U.S. banks compete with big foreign institutions"

http://www.pbs.org/wgbh/pages/frontline/shows...

What a piece of sh!t you are! Why not tell THE WHOLE TRUTH! Paul Volker was against this dimwit!

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 4
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Mitch McConnell Discussions

Title Updated Last By Comments
McConnell, Grimes face off at Fancy Farm 2 hr fact 5
Miners make final push for Grimes in Kentucky 8 hr whisperinghope 4
Grimes rallies support 9 hr Responsibility 2
Can Ashley Judd represent Kentucky with a Tenne... (Mar '13) 11 hr originalgenius 5
House Republicans make liberal use of Obama in ads Thu bottlecap 1
Grimes' refusal on Obama question called 'rooki... Wed Cat74 4
Jindal, Warren to campaign in Ky.'s senate race Oct 29 Le Duped 2

Mitch McConnell People Search

Addresses and phone numbers for FREE