The super committe fails so let’s go on a spending spree

[ShockediSay]

Source: Reuters


The super committee has predictably failed – maybe there was green kryptonite hidden in its meeting room. Months of nearly round-the-clock debate about reigning in the national debt, conducted at the highest levels of government, come to a close with nothing done about the problem. This is the essence of contemporary Washington: lots of empty talk, interest groups appeased, all difficult decisions indefinitely tabled and the national interest ignored.

What comes next? Most likely, Congress will make the national debt even worse.

Republicans want to extend the George W. Bush top-rate tax cuts. Democrats want to extend the Barack Obama payroll tax cut, and enact yet another bonus extension of unemployment benefits. One or all may happen by Christmas as both parties switch to full-blown pandering mode.

If the costs in the December 2010 stimulus bill are any guide, a package of extended tax cuts for the well-off, payroll tax cuts for everyone and bonus payments to the unemployed will add around $700 billion to the national debt.




Read more: http://blogs.reuters.com/gregg-easterbrook/2011/11/23/the-failure-of-the-super-committe-and-americas-continued-spending-spree/

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I can explain why the Bush tax cuts for the wealthy caused the Great Recession (supplied upon request). As far as I and the OWS folks are concerned, continuation of the Bush rotten tax cuts for the wealthy is non-negotiable

Do we want to add to the wealth divide? The political divide? Do we want to help the billionaires like the Kochs, who took plenty out of the system but want to keep it all in their pockets by not paying taxes? Do we want to support their right wing neo fascist form of government?

Time we grew some and cut theirs, their platforms for right wing rule by big corporate billions. Better we go down to electoral defeat than display erectile dysfunction. In other words, it's time to stand up to the bastards !

[unkachuck]

1. K&R...."Time we grew some and cut theirs,..."....n/t

[russspeakeasy]

2. If we could get someone to primary Mr. Obama it would be

a start. Bernie, Howard, Al, Dennis ?

[roseBudd]

5. hello republican POTUS

[davidwparker]

7. Is this a reference to when Kennedy challenged Carter

because Carter went to the right.

Did Carter loose because 1) he was challenged 2) he went to the right 3) misery index during his watch 4) deems stayed home.

You do not know.

[Flatulo]

13. My opinion? Carter was done in by the botched Iran rescue mission.

Personally, I think Carter was the last truly honorable man we had as POTUS. It's a shame the country wanted someone who would kick the crap out of a few towelheads.

[roseBudd]

15. No it means Sanders, Gore, Dennis & Dean have about zero chance of being elected POTUS

Which equals Republican POTUS

Reality

[unblock]

11. has anyone ever successfully primaried an incumbent president and gone on to win the general?

i can't think of that happening, ever.

or is the idea that bernie or whoever would run a primary and lose, but that mere act would pull obama to the left, not enough to lose the general but enough to make him more satisfactory to us on the left, and that obama would then govern his second term more to our liking?

[ShockediSay]

12. I can't think of a standing President that was primaried, who won

another term.

[quakerboy]

17. Before 2000 had anyone who

Lost the presidential election ever been appointed president by the Supreme court?

Before 1893 had any president ever been elected to a second, nonconsecutive term?

Before 2000 had the son of a former president ever won the presidency?

Before 2008, had any non-caucasian person ever won the presidency?


Firsts happen when they happen. One of these days we will have a Female president. And a Hispanic president. Maybe even a gay or atheist president. And someday, someone will successfully win the presidency after primarying a sitting president of their own party. incumbency and the lack of the personification of an intraparty split are not a pair of lucky socks. They are just a comfortable pair of socks.

[tabbycat31]

20. to answer your 3rd question

John Quincy Adams

[quakerboy]

21. My bad

I believe the others still stand, despite my momentary lapse of historical accuracy.

[SidDithers]

16. The dream dies hard for the "primary Obama" crowd...

:rofl:

Sid

[Donnachaidh]

3. I don't consider extending unemployment pandering.

But then, my family has been directly hit, from several sides by this little-d depression. Extending UI should be first on the list.

Personally, I think any rep who gives in to keeping the tax cuts for Bush needs to be put out on their asses as quickly as possible. And I include the WH in that group. Far too much capitulation has buried the middle class, while they toss coins out the limo window on their way to the next *fundraiser*.

[quakerboy]

18. If the R's refuse

to consider UI extensions without a Bush/Obama Tax cut extension, is it worth it?

Sure, blowing UI extensions are likely to bite them in the next elections. But how many people will be dropped off the rolls, destitute, before those elections can happen, much less effect change.

How do we get through the next year?

[roseBudd]

4. I say the 2003 tax cut that slashed the rate on dividends income to 15% fueled the insatiable demand

for more "paper"

10.23.08

Greenspan's prepared statement



http://blogs.wsj.com/economics/2008/10/23/greenspan-testimony-on-sources-of-financial-crisis/

"those of us who have looked to the self-interest of lending institutions to protect shareholder’s equity are in a state of shocked disbelief. Such counterparty surveillance is a central pillar of our financial markets’ state of balance.

What went wrong with global economic policies that had worked so effectively for nearly four decades? The breakdown has been most apparent in the SECURITIZATION OF HOME MORTGAGES.

The evidence strongly suggests that without the EXCESS DEMAND FROM SECURITIZERS, subprime mortgage originations would have been far smaller and defaults accordingly far fewer.

But subprime mortgages pooled and sold as securities became SUBJECT TO EXPLOSIVE DEMAND FROM INVESTORS.

The consequent SURGE IN GLOBAL DEMAND for U.S. subprime securities by banks, hedge, and pension funds supported by unrealistically positive rating designations by credit agencies was, the core of the problem.

Demand became so aggressive that too many securitizers & lenders believed they were able to create and sell mortgage backed securities so quickly that they never put their shareholders’ capital at risk and hence did not have the incentive to evaluate the credit quality of what they were selling.

PRESSURES ON LENDERS TO SUPPLY MORE "PAPER" collapsed subprime underwriting standards from 2005 forward.

Uncritical acceptance of credit ratings by purchasers of these toxic assets has led to huge losses."

[L0oniX]

6. Since 9/11 our asshole gov has spent 5 trillion to fight a group of about 3000 Elkabong terrorists.

Now they are spending who knows how much on HLS ...it's a secret. The fuckers are going to bury our country in debt for their fucking national police state. It's irrational to behave with this fear and spending over a few thousand terrorist who belong to no country. Most of the people our renegade government is bombing and killing don't even know about 9/11. It's pathetic that we the people have let these war loving asscarrots take over our government. I ain't scared of no fucking terrorists and I don't need our fucking military to defend me or my home. Let them work on keeping bad drivers off the road because they are far more of a danger to my life. It's just fucking stupid.

I'm almost 60 ...and congress is more of a threat to my security than anything else!

[davidwparker]

8. +1

[russspeakeasy]

10. There is always money for war....until your enemy has it all..

Old people in nice clothes and new cars send our kids to be used as fertilizer in some shithole we have never heard of and have no business warring with.

[Rex]

19. The MIC owns most of the economy.

We were warned. Greedy, immoral people are never good for society and usually bring about its downfall...like we are seeing happen.

[and-justice-for-all]

9. It was suppose to fail...nt

[customerserviceguy]

14. Frankly, I don't see any of those three things happening

Yes, even the UI extension. The tea party wing of the Rethug party will keep it from being passed through the House, unless there is something given in actual payment for it, and I don't mean either Bush or Obama tax cuts.

What did we get for a year's extension of UI benefits last year? A two year extension of Bush tax cuts. That wasn't worth it. I cannot see Congress agreeing on anything other than token pieces of legislation, like the veterans' preference part of Obama's jobs bill. There aren't enough things out there that can have the acceptability of that law.

[zappaman]

22. "I can explain why the Bush tax cuts for the wealthy caused the Great Recession"

Could you please explain it?
I would like an easy to understand explanation that I can throw at people who really don't believe this.
Thanks!