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Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU
 
butterfly77 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 04:07 PM
Original message
Happy Sunday everyone!
Edited on Sun Aug-23-09 04:08 PM by butterfly77
JANUARY/FEBRUARY 2009
No New Tax Cuts
A case for big government Jeff Madrick

The proximate cause of the financial crisis that has now engulfed the world and led to serious recession in the United States was the bursting of the housing bubble. But the true cause was the anti-government ideology that developed in the 1970s, solidified during the Reagan presidency, and was carried to extremes in recent years by Republicans and, to a significant degree, by Democrats as well. The nations economic and political health now depend not on substituting an old ideology for a new one, but on freedom from these ideological restraints and on the pragmatic, robust use of government.

Ronald Reagan and Milton Friedman are the founding fathers of the entrenched ideology of the past generation. Their heirs spout the dogma as if their claims are beyond question. The actor and presidential contender Fred Thompson summed it up with a Wall Street Journal piece early in 2007 headlined, Closed case: tax cuts mean growth.

Professor Dick Armey, a mainstay of the House for years and former majority leader, claimed that those who did not agree with his passion for tax cuts and small government were afraid of big thoughts. Those big thoughts were the ideas of his hero Friedman.

Worse are those who say anything they like about American history, untainted by study of it. The greatness of America has never been in its government, said Mike Huckabee, who was for a few months a serious presidential contender. Any time government gives something to us, they take something away.

The Democrats have long since eagerly clambered aboard. By the 1990s, conventional wisdom among Republicans and Democrats alike held that high tax rates were destructive and that big government, including those tentacular regulations, ate away at the nations prosperity. In his 1996 State of the Union Address, Bill Clinton proudly announced, The era of big government is over. Running for reelection that year, Clinton went on to sign legislation ending the Depression-era separation of commercial and investment banks. His financial appointees, according to reports in The New York Times, kept Washington from regulating the financial derivatives that are at the core of current credit crisis.

The Republicans have been worse. In 2004, while subprime lending was heating up, the Securities and Exchange Commission allowed investment firms to borrow as much as they liked without formal government restriction.


http://bostonreview.net /

This guy was just on cspan debating republicons and knocking down all of their lies.
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Apollo11 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 04:14 PM
Response to Original message
1. Why not post this in Editorials and Other Articles?
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valerief Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 04:31 PM
Response to Original message
2. Hedge Funds Gone Wild. nt
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burning rain Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 04:58 PM
Response to Original message
3. THAT was some lefty goodness.
Thanks for posting that.
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butterfly77 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 09:06 PM
Response to Reply #3
4. Your welcome!
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