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Old 11-10-2012, 07:50 PM   #103
Direckshun Direckshun is offline
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Quote:
Originally Posted by Xanathol View Post
Here's a lil history lesson for you - Clinton is responsible for the sub prime loans fiasco, where banks had to approve risky loans. So what happened? With new consumers in the market, the market boomed and Clinton et al claimed it a great success, but of course, all it took was time for people to start faulting on those loans that they couldn't afford in the first place. Spin it forward, add in a war, and here we are. Point is, that 'economic boom' Clinton & the Dems proudly claim was just the lighting of the fuse; our economy now is the true result of that measure.
It's true that Clinton pushed the measure that eventually caused the bubble that cratered the market. I'm not sure why that's supposed to be a reply to what I'm talking about, but whatever.

It should be noted that the bubble expanded for eight years under W's watch, however, who did nothing to reduce it or even slow it down.

Take the Obama administration, for instance, which has recognized that student loans is the next potential bursting bubble, so took measures to reduce the risk of that by making them more manageable.

Quote:
Originally Posted by Xanathol View Post
Now about 'taxing the rich'...

#1. Most rich people actually own companies / corporations... who pass the costs of their taxes right on to the consumers...

#2. The US is already around the top 20 of all nations topping out at ~35%

#3. Small business - which employ most Americans - are taxed at individual rates, so when you talk about raising taxes on 'the wealthy', you're raising taxes on those businesses too, and guess what they are going to do? Raise prices and layoff workers...

Just like the bailout, its flat out bad economics. No one in their right mind spends more / hires more when they have less money to do it with.
All more or less true.

The CBO, however, has concluded that the fallout from adopting the Clinton tax rates for the highest bracket would cause very little economic damage.

200,000 jobs can be made up for in the span of a couple months in our current recovery.
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