Re: THE GOP LIVES IN A FANTASY WORLD!
posted at 2/2/2012 1:28 PM EST
In Response to Re: THE GOP LIVES IN A FANTASY WORLD!
[QUOTE]In Response to Re: THE GOP LIVES IN A FANTASY WORLD! : Woah, hold on there spanky. You're taking some creative license with history. Brooksley Born: True , Born did push for regulation of the derivative market but she lost the debate to the wingnut ideology which was championed by Greenspan. Greenspan, as Tresury Sec, obviously had much more influence and he used that influence to push the wingnut agenda of deregulation and free markets. Are you now saying that markets shouldn't be free? Are you disavowing the wingnut dogma? The truth is the wingnut dogma won and now we are seeing the results. You should've been happy...if it worked that is. Now that the wingnut dogma has been shown to be a failure, it's not surprising you'd try and dodge responsibility and/or prior cheerleading. Glass-Steagall: That was a failure of both parties, that is a fact. But there was dissenting Dem voices who were earily prescient, they just weren't listened to. The fact is that the repeal was the product of the lobbyists and influence peddling in a wingnut-controlled Congress, something the wingnuts want to continue to this day. Sen Dorgan "I want to sound a warning call today about this legislation," he declared "...we will look back ten years time and say we should not have done this." CDS trades : Dodd-Frank includes regulations for that market. Yes, that same Dodd-Frank that the wingnuts filibustered and watered down. "The move to electronic trading is because of Dodd-Frank [Act] and the impending regulations coming down in the US, where the [Commodity Futures Trading Commission] has proposed that by 15 July, clearable CDS have to be traded on independent platforms," said Farooq Jaffrey, founder and CEO at Traccr. Nat'l debt : Under Obama, government spending has declined at the steepest rate since the 1970s. It's not the spending, it's the recession combined with the wingnuts obstruction of any form of revenue increase. And who was in charge for the recession? Who tripled the nat'l debt, saddled future administration with two wars, unfunded payoffs to seniors for their vote, a tax cut that is costing trillions etc etc.? Not to mention the wingnuts failure to properly regulate or enforce the financial sector. Total government spending under his watch had the steepest annual decline in three decades. Total government employees fell by the fastest rate in more than 60 years. In the last two years, federal spending and federal employment grew by the slowest annual rate since the 1950s. http://www.theatlantic.com/business/archive/2012/02/barack-obama-austerity-president/252319/
The rest of your post I agree with, or least my disagreements are minor.
Posted by airborne-rgr[/QUOTE]Nat'l debt
: Under Obama, government spending has declined at the steepest rate since the 1970s.
National debt when Obam took office: $9T
National debt under Obama now: $16T
Yet, you think government spending went down. Hmm.
That's some grasp of finance you got there, spanky.