With a mandate to reduce federal spending, President Ronald Reagan came to office in 1981. He slashed funding for domestic programs that assisted the working class (especially the poor), declined the wages for the average worker, and caused the homeownership rate to fall. Subsequently, the economic growth that came from his two terms in office only benefited those already well-off in society.
On the matter of deficits, Reagan nearly tripled the gap between the amount of money the federal government took in and the amount it spent. He did this by cutting tax rates by an average 25 percent, while aggressively increasing defense spending.
In 1981, shortly after taking office, Reagan lamented "runaway deficits" that were then approaching $80 billion, or about 2.5 percent of gross domestic product. Within only two years, however, his policies had succeeded in enlarging the deficit to more than $200 billion, or 6 percent of GDP.
"It was an experiment," said Alan Auerbach, a professor of economics at UC Berkeley. "No one before Reagan had ever run such huge deficits during peacetime. He showed that you could smile and tell everyone not to worry and, politically, no one will call you to account."
http://hpr1.com/feature/article/the_reagan_effect/
Commodity Futures Modernization Act signed by GWB.
Over half of the subprime loans came from mortgages companies not covered by CRA. If you want a 'single biggest reason' why the worlds economy is so jacked, look at the facts around this bill.
The Bush years saw including lots of ass kissing of Walmart including $2.88 million in tax breaks just in 2003. http://www.wakeupwalmart.com/press/20061005.html
This is a company that is a small business killing machine. In the old days, companies too big would be broken up ala Standard Oil and Ma Bell. In the republican years, Walmarts, Home Depots, Lowes and Costcos have spread like cancerous tumors at the expense of U.S. manufactoring and small business.
These were also the years of " the sole world superpower " title we bestowed upon ourselves.
What a joke.
The sole world superpower has become a system of fraud and greed. The world in general has every right to outrage at the mega financial fraud that has been committed. The world economy is in the toilet because of America.
The TARP rescue funds and all other bailouts were nothing more than looting and crime on a historical scale.
As for Obama and his " plots ";
would the assholes who ran GM into the ground have ditched their jets without government intervention?
would the thousands of doctors who do nothing but write bogus prescriptions for drug addicts stop what they are doing without a government oversight?
would the banking industry stop being criminals charging syndicate interest rates and twisted contracts without the threat of government interferring in their racket?
While I do object to the Federal Reserve having yet more power who else can regulate the Bear Stearns of the world?
Where were the republicans when exxon mobile was fucking people into submission with their record profits?
Where were the republicans when blantantly fail loans were being written?
Where were the republicans when illegal aliens overran and ruined the school system and emergency rooms?
No no no. They will not blame this ruin on Obama. The Lowings and Hannitys of the world need to look past their ideals and see that the last 20 of 28 years of America have been governed by republicans and this system has brought our nation to the edge of ruin and economic slavery. The lack of leadership by the republicans, or if you prefer; the outright criminality of it gave Obama the power he has. There is nothing he has seized.
The republicans have made this bed of nails and now we all must lay in it.
On the matter of deficits, Reagan nearly tripled the gap between the amount of money the federal government took in and the amount it spent. He did this by cutting tax rates by an average 25 percent, while aggressively increasing defense spending.
In 1981, shortly after taking office, Reagan lamented "runaway deficits" that were then approaching $80 billion, or about 2.5 percent of gross domestic product. Within only two years, however, his policies had succeeded in enlarging the deficit to more than $200 billion, or 6 percent of GDP.
"It was an experiment," said Alan Auerbach, a professor of economics at UC Berkeley. "No one before Reagan had ever run such huge deficits during peacetime. He showed that you could smile and tell everyone not to worry and, politically, no one will call you to account."
http://hpr1.com/feature/article/the_reagan_effect/
Commodity Futures Modernization Act signed by GWB.
Over half of the subprime loans came from mortgages companies not covered by CRA. If you want a 'single biggest reason' why the worlds economy is so jacked, look at the facts around this bill.
The Bush years saw including lots of ass kissing of Walmart including $2.88 million in tax breaks just in 2003. http://www.wakeupwalmart.com/press/20061005.html
This is a company that is a small business killing machine. In the old days, companies too big would be broken up ala Standard Oil and Ma Bell. In the republican years, Walmarts, Home Depots, Lowes and Costcos have spread like cancerous tumors at the expense of U.S. manufactoring and small business.
These were also the years of " the sole world superpower " title we bestowed upon ourselves.
What a joke.
The sole world superpower has become a system of fraud and greed. The world in general has every right to outrage at the mega financial fraud that has been committed. The world economy is in the toilet because of America.
The TARP rescue funds and all other bailouts were nothing more than looting and crime on a historical scale.
As for Obama and his " plots ";
would the assholes who ran GM into the ground have ditched their jets without government intervention?
would the thousands of doctors who do nothing but write bogus prescriptions for drug addicts stop what they are doing without a government oversight?
would the banking industry stop being criminals charging syndicate interest rates and twisted contracts without the threat of government interferring in their racket?
While I do object to the Federal Reserve having yet more power who else can regulate the Bear Stearns of the world?
Where were the republicans when exxon mobile was fucking people into submission with their record profits?
Where were the republicans when blantantly fail loans were being written?
Where were the republicans when illegal aliens overran and ruined the school system and emergency rooms?
No no no. They will not blame this ruin on Obama. The Lowings and Hannitys of the world need to look past their ideals and see that the last 20 of 28 years of America have been governed by republicans and this system has brought our nation to the edge of ruin and economic slavery. The lack of leadership by the republicans, or if you prefer; the outright criminality of it gave Obama the power he has. There is nothing he has seized.
The republicans have made this bed of nails and now we all must lay in it.
