For Michele Bachmann, Ignorance is Bliss

Yeah, how about Perry? There's another wing-nut for whom ignorance is bliss. He's demagoging around the country, preaching to the cult if stupidity, reassuringing them that global warming is a hoax. Meanwhile, backhome Texas is burning. The heatwave tsunami that hit them this past summer broke all the records. They are suffering the worstt drought ever. And ex-cheerleader Ricky is busy looking out for número-UNO. What a guy. You go Ricky. your the man. Could you tell me again that nice story about how global warming is just a hoax and how there aren't monsters in the closet or under the bed.

HeatWaveTsunamiTemblor of CO 12:40AM September 06, 2011

Yeah, how about Perry? There's another wing-nut for whom ignorance is bliss. He's demagoging around the country, preaching to the cult if stupidity, reassuringing them that global warming is a hoax. Meanwhile, backhome Texas is burning. The heatwave tsunami that hit them this past summer broke all the records. They are suffering the worstt drought ever. And ex-cheerleader Ricky is busy looking out for número-UNO. What a guy. You go Ricky. your the man. Could you tell me again that nice story about how global warming is just a hoax and how there aren't monsters in the closet or under the bed.

ProevoSciTeachersBulletTrain of CO 12:17AM September 06, 2011

ProScience of CO_ Want to talk stupid. Clinton and Democrats gave us MOTHER OF ALL RECESSIONS. As I told your alter ego brucetee:

brucetee_ There was no PAY AS YOU GO under Bush. That law passed under obama. Blaming Bush for NOT FOLLOWING A NON- EXISTING LAW at the time ?

We CAN BLAME obama & Democrat Controlled Congress for not following PAY AS YOU GO that they passed. What little they did follow reduction was off in the future.

How many times must I tell you this exact same thing ???

_____

Let's give you a little history lesson here brucetee. Again. Again. Again:

BILL CLINTON

He had debt BEFORE NEWT. No balanced budget. No surplus. No civil rights bill. That was found in our CONTRACT WITH AMERICA. Bill Clinton fought balanced budget. We shut down government twice. Bill did come around to OUR WAY OF THINKING. Got re-elected too.

GEORGE BUSH

You say "cutting taxes while engaged in two wars". How many times must I tell you this ? You never disprove me. You never prove raising taxes on rich increase government revenue more than by reducing tax on rich:

Exact time to cut taxes for rich according to JFK:

"Our true choice is not between tax reduction, on the one hand, and the avoidance of large Federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenues to balance our budget just as it will never produce enough jobs or enough profits… In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now."

http://www.heritage.org/research/reports/2003/08/the-historical-lessons-of-lower-tax-rates

___

TAX INCREASE AS OPPOSED TO TAX CUTS UNDER CLINTON

"The 1993 Clinton Tax Increase Did Not Lead to the Budget Surpluses of the Late 1990s"

"Since the Clinton Administration’s own numbers reveal that the 1993 tax increase was a failure, we have to find a different reason to explain why the budget shifted to surplus in the late 1990s."

"Fortunately, there’s no need for an exhaustive investigation. The Historical Tables on OMB’s website reveal that good budget numbers were the result of genuine fiscal restraint. Total government spending increased by an average of just 2.9 percent over a four-year period in the mid-1990s. This is the reason why projections of $200 billion-plus deficits turned into the reality of big budget surpluses."

"Republicans say the credit belongs to the GOP Congress that took charge in early 1995. Democrats say it was because of Bill Clinton. But all that really matters is that the burden of federal spending grew very slowly. Not only was there spending restraint, but Congress and the White House agreed on a fairly substantial tax cut in 1997."

"To sum things up, it turns out that spending restraint and lower taxes are a recipe for good fiscal policy. This second chart (click to enlarge) modifies the first chart, showing actual deficits under this small-government approach compared to the OMB and CBO forecasts of what would have happened under Clinton’s tax-and-spend baseline."

http://biggovernment.com/dmitchell/2011/02/10/the-1993-clinton-tax-increase-did-not-lead-to-the-budget-surpluses-of-the-late-1990s/

_____

PUNISHING THE RICH TO COLLECT MORE TAXES example under Clinton BACKFIRES

"Falling Tax Would Lift All Yachts"

"The nation's luxury-boat builders, many clinging to their businesses after two years of plunging sales, finally got some good news last week."

"President Bush, in his budget proposals, asked Congress to repeal the 10 percent luxury tax on yachts priced at more than $100,000 (and also on private planes that cost more than $250,000). The repeal, which Congress is likely to approve, would be retroactive to Feb. 1."

"Since the tax took effect in January 1990, hundreds of builders of large and small boats have spoken of it as a stake driven into the heart of an industry already suffering from the recession, tighter bank rules on financing and fallout from the gulf war."

"In the last two years, about 100 builders of luxury boats -- recreational craft costing more than $100,000 -- cut their operations severely and laid off thousands of workers. Some builders filed for protection from creditors under Chapter 11 of the Federal Bankruptcy Code."

"Now, sales personnel and owners of marine companies are hoping they will be swamped by buyers who have held off in the expectation that the tax will be repealed."

http://www.nytimes.com/1992/02/07/business/falling-tax-would-lift-all-yachts.html

CBO, using IRS actual collected revenue numbers, says:

Bush

“According to the non-partisan Congressional Budget Office (CBO), the Bush tax cuts actually shifted the total tax burden farther toward the rich so that in 2000-2004, total income tax paid by the top 40% of income-earners grew by 4.6% to 99.1% of the total.”

http://www.americanthinker.com/2010/03/lying_about_bushs_tax_cuts.html

_____

BILL CLINTON CAUSED RECESSION NOT GEORGE BUSH. Reason for Bush Debt. Unemployment numbers dropping when Bush left office.

"Pelosi Caught In Major Lie- Says Bush Didn't Warn Congress About Financial Crisis…" "Records Show He Warned Congress 17 Times in 2008 Alone"

"Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems."

"The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.

Unfortunately, Congress did not act on the president’s warnings":

** 2001

"April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

** 2002

"May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)"

** 2003

"January: Freddie Mac announces it has to restate financial results for the previous three years."

"February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)"

"September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations."

"September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements."

"October: Fannie Mae discloses $1.2 billion accounting error."

"November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)"

** 2004

"February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)"

"February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)"

"June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)"

** 2005

"April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)"

** 2007

"July: Two Bear Stearns hedge funds invested in mortgage securities collapse."

"August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)"

"September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before."

"September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before."

"December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)"

** 2008

"January: Bank of America announces it will buy Countrywide."

"January: Citigroup announces mortgage portfolio lost $18.1 billion in value."

"February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)"

"March: Bear Stearns announces it will sell itself to JPMorgan Chase."

"March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)"

"April: President Bush urges Congress to pass the much needed legislation

and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)"

"May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further."

“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)"

“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)"

“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)"

"June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)"

"July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing."

"In 2005– Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.

Democrats blocked this reform, too."

"More… Not only did democrats not act on these warnings but Barack Obama put one of the major Sub-Prime Slime players on his campaign as finance chairperson"

http://www.thegatewaypundit.com/2010/05/pelosi-caught-in-major-lie-says-bush-didnt-warn-congress-about-financial-crisis-records-show-he-warned-congress-17-in-2008-alone/

Bill Hedges of MO 4:49PM September 05, 2011

brucetee_ Repeating same comment from earlier for no good reason ??? You're words are not profound.

obama sure getting blamed. Poll says he's worse President. Worse than Carter (Not bush, he's not in bottom two).

Bill Hedges of MO 8:33AM September 05, 2011