McCain brags about vote against tax cuts
with his buddy Joe Lieberman and on Meet The Press:
He is quoted from 4/11/04 on Meet the Press saying he could not support extending the Bush tax cuts because of the deficit. What has changed since then…did the deficit disappear?
Can McCain be trusted when he has lied so much here lately?
Of course he can’t be trusted and that is why he is being pushed, probably. The GOP knows he can’t win this fall. The last thing they want is a victory this fall if the nation is going to have really rough times in the next 4 years that no President can stop.
There are no reforms that will correct the problem. The only thing that will correct the problem is when voters start saving and controlling their own spending and that will cause a deep recession.
I may not be until 2nd term but, I believe that it will happen in the first term.
JP,
It’s one thing to speculate on a couple of campaigns getting together but quite another to theorize that some magic ‘establishment’ is able to control the primary process.
I doubt very seriously that some ‘establishment’ group got together and decided the GOP needs to lose this year to avoid being tagged with some unforseen downturn in the economy. If they had, the Ron Paul campaign would be out front with McCain already back in Arizona.
Why do you say it is “unforseen? We have known for two years this was coming even if this isn’t the main crisis that many fear. We also know the main crisis concerning the boomer retirement will be even worse and have known that for at least 3 years (the time the GAO has been telling Congress about it).
The Ron Paul campaign isn’t going anywhere because he opposes the central banking elite.
The only thing in doubt is timing. Will this morph into the boomer crisis? It could stagnate the economy long enough to do that. Or we could have a “rally” and then the “hammer” drop.
History shows that this will not end well and won’t end without a major recession. That is the only way out of a credit induced crisis.
Bart, as you know, the G-7 is in trouble and the Central Banks have been working for years to solve that problem with more credit. The “GDP growth” in virtually all of them has been “credit based” with the U.S. driving that credit demand for growth.
The nation has been in “recession” for most of Bush but the under reporting of inflation has kept the numbers positive along with deficit spending by not just the government but, the consumer.
Products and services bought with borrowed money that can’t be paid back is not “wealth.” Even if the Federal government pays off the $53 trillion it owes now and in future payments to entitlements, it will be with lower valued dollars that are like paying back pennies on the dollar that was borrowed.
We have known that for many years and where it would lead. If you don’t think the Central Banks, international leaders in the G-7 and our two parties don’t know that as well as all the people writing about it, I think you are underestimating the intelligence of those who lead the G-7 nations and our parties.
Regarding “Unforseen,” this just came out a few minutes ago.
quote;
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A Historic Parallel Of Today’s Marketplace
2/5/2008 3:00:11 PM
By Nico Isaac
In 1835, the U.S. economy was the stuff of legend. Invention, land investment, and industrialization produced an era of unprecedented growth. Two years later, this period of prosperity came to an abrupt end when the twin engines of expansion — housing and credit — broke down, sending the entire financial system over the edge.
In its violent wake, financial writer William M. Gouge published a late 1837 article titled “An Inquiry Into The Expediency Of Dispensing With Bank Power.” In the essay, Gouge marveled at how the WHAT of the crash was quite foreseeable, while the WHEN remained a fog of mystery. In Gouge’s words:
“The wonder ought not to be that the catastrophe has happened, but that it did not happen sooner. That the system would explode has long been known, but the exact time, none could foretell. Though nothing is more certain than death, nothing is more uncertain than the day of its occurrence. The system was as combustible as timber, in every part of the country.”
170 years later, in September 2007, former Federal Reserve Chairman Alan Greenspan gave a rare televised interview in which he openly admitted to the Fed’s inability to stop the U.S. housing and subprime mortgage bubbles from bursting. In Greenspan’s words:
“History does not deal well with protracted periods of narrowing yield spreads. I frankly was surprised that it took from the fall of 2005 to the fall of 2007 for that to unwind. The bubble — it was not forecastable, specifically, but it was inevitable more the less…The timing of the these crunches are impossible to predict.”
Elliot Wave
We have seen history “rhyme” time and time again if not literally repeat itself. Those who study history, especially economic history, advise our two party’s leaders. Almost all of our major appointments and advisers have ties to the same organizations both parties turn to for help in understanding trends and what is “best” for government leaders.
That our leaders are so dumb they don’t know as much as those who write the articles and those who are in the organizations they turn to for appointments and advice, is hard to believe.
While most of the voters and possibly most in Congress, even, may not fully understand what is going on, the Party leaders do.
Here is what Rubin says
quote:
Rubin blames a host of parties for the economic problems
snip————
Part of the problem, he said, is that we need a “more educated electorate” to hold politicians accountable.
Without that oversight, the U.S. won’t be able to overcome long-term economic challenges, like Social Security and budget deficits, or the new problems created by globalization.
“The key to our future is how well or badly politicians address the economic issues we face,” he said.
Politicians must face up to the “brutal politics around entitlement programs,” he added, cut spending and be willing to shrink the deficit using unpopular tools, including higher corporate taxes.
Rubin also cited the growing wealth gap as being another cause of the current economic problems. It’s a global problem, he noted.
“It’s a paramount task for policymakers to understand why market economy and globalization are associated with severe income distribution issues in almost every country, and then they must create policy to address the problem,” he said.
Rubin also took issue with U.S. consumers’ poor savings habits and pointed out that personal savings accounts for only 2 percent of the U.S. economy. In China, he said, saving makes up 40 percent.
Money News
Washington knows exactly what is going on and knows that the “uneducated voter,” is a big problem because they don’t know “good policy” from “bad policy.”
They only know “what’s in it for me.” And they don’t even know if that will be true next year or the year after. They are only thinking about “now.”
By the way, higher corporate taxes are not the solution. He sees the problem but obviously doesn’t have a solution other that he is right, we need a more educated voting population or at least on not focuses so much on “me, me, me.”
The Truth of it all….
While walking down the street one day a US senator is tragically hit by a truck and dies.
His soul arrives in heaven and is met by St. Peter at the entrance.
“Welcome to heaven,” says St. Peter. “Before you settle in, it seems there is a problem. We seldom see a high official around these parts, you see, so we’re not sure what to do with you.”
“No problem, just let me in,” says the man.
“Well, I’d like to, but I have orders from higher up. What we’ll do is have you spend one day in hell and one in heaven. Then you can choose where to spend eternity.”
“Really, I’ve made up my mind. I want to be in heaven,” says the senator.
“I’m sorry, but we have our rules.”
And with that, St. Peter escorts him to the elevator and he goes down, down, down to hell. The doors open and he finds himself in the middle of a green golf course. In the distance is a clubhouse and standing in front of it are all his friends and other politicians who had worked with him.
Everyone is very happy and in evening dress. They run to greet him, shake his hand, and reminisce about the good times they had while getting rich at the expense of the people.
They play a friendly game of golf and then dine on lobster, caviar and champagne.
Also present is the devil, who really is a very friendly guy who has a good time dancing and telling jokes. They are having such a good time that before he realizes it, it is time to go.
Everyone gives him a hearty farewell and waves while the elevator rises…
The elevator goes up, up, up and the door reopens on heaven where St. Peter is waiting for him.
“Now it’s time to visit heaven.”
So, 24 hours pass with the senator joining a group of contented souls moving from cloud to cloud, playing the harp and singing. They have a good time and, before he realizes it, the 24 hours have gone by and St. Peter returns. “Well, then, you’ve spent a day in hell and another in heaven. Now choose your eternity.”
The senator reflects for a minute, then he answers: “Well, I would never have said it before, I mean heaven has been delightful, but I think I would be better off in hell.”
So St. Peter escorts him to the elevator and he goes down, down, down to hell.
Now the doors of the elevator open and he’s in the middle of a barren land covered with waste and garbage.
He sees all his friends, dressed in rags, picking up the trash and putting it in black bags as more trash falls from above.
The devil comes over to him and puts his arm around his shoulder.
“I don’t understand,” stammers the senator. “Yesterday I was here and there was a golf course and clubhouse, and we ate lobster and caviar, drank champagne, and danced and had a great time. Now there’s just a wasteland full of garbage and my friends look miserable.
What happened?”
The devil looks at him, smiles and says,
“Yesterday we were campaigning…… Today you voted.”