Stimulus will lead to 'disaster,' Republican warns

[RJ Connors]

Source: CNN.com



WASHINGTON (CNN) -- Leading Republicans warned Sunday that the Obama administration's $800 billion-plus economic stimulus effort will lead to what one called a "financial disaster."


The country will "pay dearly" if it executes the president's stimulus plans, Sen. Richard Shelby says.

"Everybody on the street in America understands that," said Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee. "This is not the right road to go. We'll pay dearly."

Shelby, of Alabama, told CNN's "State of the Union" that the package and efforts to shore up the struggling banking system will put the United States on "a road to financial disaster."

But Lawrence Summers, the head of the administration's National Economic Council, said Republicans have lost their credibility on the issue.

Read more: http://www.cnn.com/2009/POLITICS/02/08/congress.economy...

---

Memo to Senator Shelby: Our country already is a disaster thanks to 8 years of Republicanism.

[SpiralHawk]

1. We are already paying dearly thanks to Republiconomics

which means greed, corruption, and incompetence.

The republicons screwed America's pooch and are now attempting to shift the blame...

Republicons = Freaking Latter Day Pharisees.

[RJ Connors]

5. Really, why would anyone listen to anybody from the party that

controlled the government for the last 8 years and brought us to where we are today. Oh, that's right, it's all Obama's fault. At some point one has to realize there is a certain segment of the electorate, (Freerepublic of course immediately comes to mind) that just cannot be reasoned with and attempts to do such are a waste of time and resources.

[Kablooie]

36. Because the media puts them out in front of everyone else. That's why.

[KakistocracyHater]

61. not anymore, I've quit watching "tv news"

because it's all junk & based more on emotional tribal alliances than fact. Mostly everyone under 30 gets their news from the internet & friends that have access to the internet, that's why the tv execs are doing the wrong thing by going further right. Hey, they live in Bizarro World & there's not much I can do about it except ignore them. They've earned my disregard.

[reprobate]

81. There's only one news show worth watching---Keith Olberman

When most of those under 30 think that The Daily Show and The Colbert Repor are actually "News" programming and not the satire they really are, it's apparent that the younger generation has experienced a separation from reality. IMO, the cell phone maybe a causative factor. One cannot see the larger picture when spending so much time texting about basically nothing. I call it the Seinfeld syndrome. Lots of words, no meaning.

Of course, this may be a reaction to the network news driving everyone away with their electronic pablum.

[KakistocracyHater]

88. no, you've got it only a little wrong

the Colbert Report & Daily Show merely show clips of reality with a little commentary beside, I don't see any separation from reality by those under 30, alot of them have seen their classmates get disabled/killed in Iraq or Afghanistan. You can say alot in a text message, more than is realized.

(edited for op response v.2)Of course the Right is doing everything they can to MAKE it a disaster, then they intend to try to foist it off as inevitable; these lies will be noted........

[midnight]

2. Repulicans have lost ALL credibility in the publics eye. That is

why they,the public, voted Democratic President Obama to lead them out of this eight year nightmare.

Oops edited for spelling.

[bdamomma]

69. I want to see this media ratings tank.

people aren't interested in lies anymore.

[barb162]

80. Explain why there are so many still in Congress.

A lot of people buy this tax cut nonsense they're trying to sell.

[FiveGoodMen]

82. Something like 46% voted for Gramps and Mooselini

Overconfidence isn't going to help us.

The M$M is almost entirely puke-oriented and so are the churches.

Everything we've just gained could be lost in four years. Even if Obama does everything right.

The fight isn't anywhere near over.

[BlueIdaho]

3. Save that piece of tape!

The day will come - sooner rather than later - when all of these jackals will have to eat these treasonous words.

[Born Free]

19. 1993 Republicans were against Clinton's economic package

They said the same thing, it would ruin the nation when Clinton raised taxes on the rich...but I seem to remember that not happening, the nation's economy only went down hill after the bush team decided they need to cut more taxes

[jwirr]

21. And much earlier than that they were against FDR's plans because

they were not the way to go. I guess the idiots we will always have with us.

[laconicsax]

34. It won't make a difference. Conservative ideology is based on continual revision of history.

[depakid]

They'll do their best to make sure it does

apparently with the help of some Democrats.

[Kookaburra]

4. Sure, disaster for republicans

Bummer.

Sorry, can't muster up any crocodile tears for ya buddy.

Nobody's buying this crap anymore, Shelby, you old fool.

[Xipe Totec]

6. The sky is falling! the sky is falling!

[Trajan]

7. The disaster began 8 years ago ...

Shelby is an asshole ....

[JoFerret]

45. 1980 with the election of Reagan

That's a better starting point for this current economic disaster.

[Kool Kitty]

60. Exactly right. This is Reagan's legacy.

[silverojo]

62. Fuck Reagan, and everything he represented!

It was his clever ideas that really screwed the middle-class and the poor. Taxing waitresses' tips, slashing social programs to the bone, the whole bit.

And IIRC, wasn't it during his administration that kids were forced to get Social Security numbers, to monitor their income, as well?

Evil GOP bastard!!

[ima_sinnic]

63. taxing of unemployment benefits also began under that a-hole (nt)

[KansDem]

79. Also increased taxes on middle- and lower-income Americans

How big a taxer was Ronald Reagan? Via The Daily Howler, a 2003 overview by conservative economist Bruce Bartlett:

Reagan may have resisted calls for tax increases, but he ultimately supported them. In 1982 alone, he signed into law not one but two major tax increases. The Tax Equity and Fiscal Responsibility Act raised taxes by $37.5 billion per year, and the Highway Revenue Act of 1982 raised the gasoline tax by another $3.3 billion.

According to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history. An increase of similar magnitude today would raise more than $100 billion per year.

In 1983, Reagan signed legislation raising the Social Security tax rate. This is a tax increase that lives with us still, since it initiated automatic increases in the taxable wage base. As a consequence, those with moderately high earnings see their payroll taxes rise every single year.

The following year, Reagan signed another big tax increase in the Deficit Reduction Act of 1984. This raised taxes by $18 billion per year or 0.4 percent of GDP. A similar sized tax increase today would be about $44 billion.

The Consolidated Omnibus Budget Reconciliation Act of 1985 raised taxes yet again. Even the Tax Reform Act of 1986, which was designed to be revenue-neutral, contained a net tax increase in its first two years. And the Omnibus Budget Reconciliation Act of 1987 raised taxes still more.

The year 1988 appears to be the only year of the Reagan presidency, other than the first, in which taxes were not raised legislatively. Of course, previous tax increases remained in effect. According to a table in the 1990 budget, the net effect of all these tax increases was to raise taxes by $164 billion in 1992, or 2.6 percent of GDP. This is equivalent to almost $300 billion in today’s economy.

BrewCityBrawler

The assertion that Reagan cut taxes is a myth!

[bdamomma]

70. that is why the repigs call him St. Ronnie.

repigs keep on using the ole playbook they will never learn, 2010 re elections will shown them how the people are going to make them a "regional party".

[No Elephants]

66. Reagan, Bush 41 and Bush 43--the trifecta of global disaster in every

possible respect--war, international respect and goodwill, the Constitution, the economy, the planet. So many resources, including human, sucked into the black holes they created.

They should be

Well, never mind.

And Clinton has to share the blame for signing Glass Steagall.

[MichiganVote]

8. The Republicans have had us paying since Reagan for every GD thing we want.

[Still Sensible]

9. And masturbation leads to hairy palms and blindness. Please

eom

[Born Free]

64. not true,

too much masturbation leads to carpal tunnel syndrome

[shaniqua6392]

10. Hey Senator Shelby....

Why don't you come here to Michigan for a visit?? I know some auto workers who would love to get a hold of you and show you what "paying dearly" means. We remember well your brilliant advice for our auto companies during the recent hearings. Senator Shelby just talks out of his ass and knows nothing about managing money or being conservative. We have had 8 years of "Republican conservatism" and they have almost destroyed our country. Why don't they just step out of the way and let the Democrats fix the country....AGAIN!!!!!

[bluestateguy]

11. Fine, Alabama gets no money

They never apologized for their treason 148 years ago anyway.

[RJ Connors]

12. Really, if you need something to keep the state afloat, pray. n/t

[4_TN_TITANS]

77. Great idea!

If he wants to denounce Obama's plan we can exclude Alabama and Tennessee (based on my idiotic senators). I know how to survive on little, there's a lot of people here who need to feel some real pain for buying into the Republican message.

[jimlup]

13. Why the hell do they get the GD headlines! Screw this crap!

Screw them! When the stimulus works they will be reminded of this bullshit

OVER AND OVER AGAIN.

I thought I hated them before. But they are now proving themselves beyond imagination. MF'ers

[AyanRand Is Dead]

91. Because they're th minority party.

The constant fighting helps to sell newspapers.

[jpak]

14. This is same bullshit they said about Clinton's tax package in 1993

and they were fucking wrong

absolutely fucking wrong

remember this

[UpInArms]

15. earth to Shelby

STFU and rot off - you who have had a huge hand in destroying this country have no right to any thing - barely your next breath - and should hang your head in shame for your own part in the destruction of this once great country

[goforit]

16. Wrong!!! The Disaster was here 6 years ago @#$% repug!

[99 Percent Sure]

17. LIke we're not practically beyond disaster mode already . . .

These people need new writers since the ones they have are stuck in the lies of the past -

"We need the Patriot Bill to 'keep you safe'," as if any government can keep their citizenry safe, especially when they're domestically terrorizing them in most everyway possible.

"We need to invade Iraq - fight 'em over there so we won't have to fight 'em over here;"

"We need a trillion dollars or the banks are going to stop lending." They got $350 billion that they distributed to their crooked banking and Wall Street cronies, and the banks still ain't lending the little people any money.

[underpants]

18. Disaster for the Republicans yes.

[47of74]

46. Especially if it works...

Because the Republican party wouldn't probably go the way of the Whigs, but they would become a permanent southern, evangelical minority party that is looked upon with hatred and contempt by most Americans.

[underpants]

52. The second half of that is already true

as EJ Dionne predicted in 2007
http://www.washingtonpost.com/wp-dyn/content/article/20...

it will work. It always has. The Republicans "ideology" has fully been exposed as at best a lie at worst an open conspiracy against the public good.

[Trajan]

55. What was the Truman quote ?

I don't give them hell - I just tell the truth and they THINK it's hell ... Harry S. Truman

[CJCRANE]

20. Republicans have lead us to disaster

now it's time for them to get out the way.

[2Design]

22. yes the republicans are a disaster that is true n/t

[ohio2007]

23. but the bailouts worked like a charm so far nt

[Grinchie]

24. Were are already in disaster. It's easy to yell fire when the house is fully engulfed by fire

These Republicans are doing what they do best, misdirection through Strawman arguments and fear mongering.

The United States is screwed regardless of whether we have a stimulus or not. The Government cannot do anything when the majority of citizens have lost faith in the banking system, financial equity markets, food supply, and corporate greed.

As far as Obama goes, I wish him the best, but so far it seems like the DLC Corporatocracy has taken over the Administration and continues to proceed down the road off unsustainable policy.

The Republicans knew this was coming, they Engineered it. Now the Republicans think Americans won't notice the smell of the Gas on their hands as America burns and they accuse Obama of arson.

[CLANG]

28. "The United States is screwed regardless of whether we have a stimulus or not. "

The Rep licans know that and that's why they are trying to make it look the the stimulus is going to be the reason for the eventual collapse of society. Traitors to the bitter end.

[dcindian]

25. Why in the hell would any one vote for these idiots.

Why do republicans hate our country?

[d_r]

26. Why do republicans hate our country?

they hate us because of our freedoms.

[47of74]

47. Because they cannot stand the idea of the middle class

[bdamomma]

71. they despise and have the greatest disdain for the American people.

[Baby Snooks]

27. Unfortunately, he's right...

"The events are financed by bank profits, and not from the government, he said."

http://www.bloomberg.com/apps/news?pid=20601087&sid=a8C ...

That is John Stumpf. The CEO of Wells Fargo. Defending the honoring of "top employees."

If the banks are making a profit, why are we giving them billions of dollars to keep them from collapsing?

Not all the Republicans supported the bail-out apparently. And apparently for good reason.

They, too, have had enough of the Bush and Clinton dynasty and its "voodoo economics" and keep in mind Clinton signed the legislation that turned Wall Street, and the banks, into a casino for Phil Gramm and his friends to gamble at. They lost. Now they want to recoup their losses from the taxpayers. Bush was the one who coined the phrase "voodoo economics" and then was the one who put it into motion via Alan Greenspan during the Reagan administration. Voodoo indeed. Stick the pin in the middle-class taxpayers' back pocket and watch the money start rolling in.

[ConcernedCanuk]

29. I agree - giving the money to bankers and companies that failed - it's at the wrong end of the stick

.
.
.

Fuck the companies that failed

give the Billions of $$ to the homeless and those losing their homes and jobs

"Trickle-Down" my ass

give the bucks to the people on the BOTTOM

don't worry - they'll spend it

Ya know - like food and shelter

There are just TOO many poor people in the USA to justify those with 10 cars and 3 homes . . .

Think about it you rich peeps

THINK!

[scytherius]

30. We are in a Repubilcan created disaster you moron. n/t

nt

[caraher]

31. This is why compromise is a bad strategy

The Republicans, by insisting on tax breaks rather than spending, have sabotaged the bill. The failure of the stimulus is coming close to a self-fulfilling prophecy thanks to "bipartisanship"

[Jefferson23]

32. WILL pay dearly?? Is he fucking kidding, we HAVE paid dearly,

there isn't one level of the federal government that Bush didn't screw up and manipulate for his own twisted ambitions. Fuck you Shelby and shut the hell up.

[Deja Q]

33. 8 years of Bush, more with "the Contract With America", and at one point "Deficits Don't Matter" was

the mantra of "the party of fiscal responsibility".

There are many good Republicans in America. Those in power, right now, have shown they don't give a legitimate SHIT about this country. And most of them were elected and in power long before Obama was elected.

[Kablooie]

35. They were delighted to give 750 bil to banks as a freebee gift...

but try to create jobs so average people can earn pay doing something productive and they declare it a disaster.

[Skittles]

37. FUCK YOU FUCKING REPUKES

WE DON'T NEED DRIVING LESSONS FROM PEOPLE WHO DROVE AMERICA OFF A FUCKING CLIFF

[47of74]

38. Stimulus will lead to 'disaster,' Republican warns

Source: CNN

WASHINGTON (CNN) -- Leading Republicans warned Sunday that the Obama administration's $800 billion-plus economic stimulus effort will lead to what one called a "financial disaster."

"Everybody on the street in America understands that," said Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee. "This is not the right road to go. We'll pay dearly."

Shelby, of Alabama, told CNN's "State of the Union" that the package and efforts to shore up the struggling banking system will put the United States on "a road to financial disaster."



Read more: http://www.cnn.com/2009/POLITICS/02/08/congress.economy...

---

I'd tell Senator Richard Shelby (R-Dumb F--k) that even if hell froze over tomorrow I would not take advice from him on economics, or any other Republican for that matter.

[Jennicut]

39. Actually we are already in a disaster..of the Rethugs making.

Losers.

[MichiganVote]

40. Memo to Republicans--America voted your party out of office--that is all.

[rd_kent]

41. The headline should read "Republican disaster leads to stimulus bill"

[Lint Head]

42. The damn republicans have already led us to disaster.

[NRaleighLiberal]

43. A Republican by definition IS a Disaster.

[Kablooie]

73. Just a financial disaster for Republicans. It will put more of them out of work next election.

[hay rick]

44. It's come to this

The Republican plan is to sabotage the stimulus plan by reducing its effectiveness and then blame the Democrats when things get a lot worse. Country first...

[DainBramaged]

48. Hey Shelby, go fouck yourself with a Toyota axle

stupid asshole.

[unkachuck]

49. 'The country will "pay dearly"...'

....it already has under you and your worthless greedy party; where have you been?....look at it this way, shellbee....

....it's impossible for us to spend too much money on the stimulus package....the more we spend on the stimulus package the more the working-class will benefit....the more we spend on the stimulus package the less money there will be in the treasury for future repug thieves, like you, to loot....the more we spend on the stimulus package the more opportunities we'll have to control renegade corporations, wealthy profiteers and capitalism....

....if the stimulus package works, then working-class Americans will have received much needed economic relief and your (amended) capitalist economy should be in recovery....

....if the stimulus package doesn't work, then working-class Americans will have received much needed relief and your shitty capitalist system will have to evolve into a more workable Socialist planned model....

....so shellbee, for us on the bottom, it's win/win if we spend/spend; only pricks like you should lose....

[BadgerKid]

50. Shelby needs to read this.

http://www.democraticunderground.com/discuss/duboard.ph...

[47of74]

56. Along with this...

[bemildred]

51. Disaster for Republicans, but who cares about that?

[DrZeeLit]

53. Shelby may not be paying dearly because his head is in the sand with the other Republican ostrich

clan.

We are ALREADY paying dearly.

And he can't see it (which means he doesn't have to do anything about it).

These eeejits never fail to surprise me.
Just when I think they can't say anything more inane, they top themselves.

[Piewhacket]

54. Won't work?ok, so take out the &^%$ tax cuts and put in more spending!

[IndianaGreen]

57. We should listen to Senator Shelby. We shouldn't have a stimulus bill, or a TARP bill at all.

Let capitalism collapse totally, despite the fact that it will lead to millions of unemployed. Let's move on to socialism as the only way to ensure a society in which the workers are no longer victims to the economic ups and down of the market.

Let's stop listening to the GOP, for it is nothing more than a criminal enterprise that belongs in Guantanamo.

[Amonester]

58. Unnecessary and illegal war in Iraq already led to 'disaster' a long time ago.

The country pays, and will continue to "pay dearly" (in both blood and money) as the republics lied & cheered for it.

10 Billions/month
120 Billions/year, times 6 years, equals how many 'disasters' for Shelby, of Alabama? AND FOR what??

[EFerrari]

59. Too late!

[radfringe]

65. Shelby : "Until we straighten out our banking system....

---snip----

Shelby said Obama and his advisers need to address the staggering problems in the U.S. banking system first.

"Until we straighten out our banking system, until there is trust in our banking system, until there's investment there, this economy is going to continue to tank," he said.

-------

Any fix is going to require REGULATIONS and OVERSIGHT...

anyone wanna bet Shelby and other repubs will be voting against regulation and oversight of banks and other other financials?

you might want to make a note of the above quote so it can be used when he rails against regulating and calls for MORE deregulation

[DainBramaged]

83. Shelby took the provision for subsidizing old inefficient cars

at trade in so that new cars could be bought, 'junker provision' out of the bill because it was unfair to the Transplants.


* From 96-06 he has given $50 million of taxpayer’s money to COLSA Corp. (space & missile defense co.). COLSA’s owner, Collazo, has contributed over $400,000 to Shelby’s campaigns and in 1996 Collazo hired one of Shelby’s aides as his lobbyist.

*His cash on hand now for his 2010 re-election is $13.2 million. His top 5 contributors: CITIGROUP, Pricewaterhouse Coopers, JP Morgan Chase, Southern Co, and CELLAZO ENTERPRISES! (see above)

*in 2004 there was a federal investigation that concluded that Shelby revealed classified information on 06/19/02 to Fox News. This info had to do with Osama bin Laden.

*he conveniently switched to Republican party in 1994, one day after the Republicans won control of both houses in mid term elections.

*Shelby was the leader of Republican Senators who blocked the Darfur Divestment Bill.

*Since 03, he has chaired the Senate committee on Banking, Housing & Urban Affairs even though he makes $100,000 - $1 million per year from a mortgage title insurance company he founded in the 70s. He maintains there is no conflict of interest.

http://www.dothaneagle.com/dea/news/local/article/richa...

[Vinca]

67. This is like having a bomb dropped on you and asking the ones

who dropped it to rehabilitate the neighborhood. Republicans should sit down and shut up. They caused this fiasco. We know it. They know it. At this point they're making campaign ads for 2010.

[bdamomma]

72. they will be thrown out in 2010.

[bdamomma]

68. what it is with these Southern Senators they should just

walk around with hoods on their heads!!

[EMAN51]

74. Good - Right where we want them

No R's voted for the 1993 economic recovery bill either, claiming that the higher taxes would result in massive unemployment and a recession. We all know that was proven wrong. Unfortunately, the past 8 years saw a reduction of income taxes on the ones who needed it the least and we know the end result where we are today. Wrong in 1993, wrong in 2001 and they are wrong in 2009. The stimulus bill, while not perfect, must be the right thing.

[sarcasmo]

75. Giving money to the Banks is A, OK! Republicans showing their true colors.

[Bake]

76. And what is his solution? Tax cuts, of course.

HAHAHAHAHAHAHAHAHAHAHAHA!

Bake

[glitch]

78. The Titanic has already split in half and this fool shouts "keep playing, if you stop we'll sink!"

what a maroon.

[kgnu_fan]

84. gosh, we are already in the disaster, thanks to them! nt

[Rocknrule]

85. The Republicans deliberately rammed the Titanic into the iceberg and tried to destroy the lifeboats

They should just sit down and STFU

[fascisthunter]

86. now that's what I call a Sociopath

[and-justice-for-all]

87. Note to Repukes....Shut, the, fuck, up...

we have heard their words for 8 fuckin' years, look what we got for it... ENOUGH.

[Imagevision]

89. Repugs got us where we're at - and expect someone to continue listening to their horsesh*t?!

[AyanRand Is Dead]

90. Fat Cat disaster.

The entitled class shall suffer, oh the horror!