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10 people who led us to the ‘fiscal cliff’
market watch ^ | 11/21/12 | r. nutting

Posted on 11/26/2012 12:40:42 PM PST by bestintxas

With our political leaders locked in a fiscal struggle that threatens to throw the economy off a so-called cliff and into recession, you might be wondering how we got to this place.

Remember that this supposed fiscal cliff is the direct result of two contradictory impulses in American life: Greed and guilt. Greed for low taxes, a strong military, a strong safety net and lots of government spending for everyone. And guilt that we weren’t paying our way. Read “Stop calling it a ‘fiscal cliff’”

All of us (or almost all) had a role in this melodrama, either benefiting from the spending or from the lower tax rates. Despite our culpability, it took strong national leaders to foster the heady mix of greed and guilt that brought us to this spot.

Here are the 10 people most responsible for bringing us to the edge of the fiscal cliff:

(Excerpt) Read more at marketwatch.com ...


TOPICS: News/Current Events
KEYWORDS: fiscalcliff
It is really insane to not mention Pelosi, Frank here as well as every Representative and Senator who voted for continuing resolutions instead of a real honest-to-goodness budget.
1 posted on 11/26/2012 12:40:47 PM PST by bestintxas
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To: bestintxas
Let's not forget the ACORN community organizer who sued Citi because they weren’t passing out enough free mortgages to minorities...
2 posted on 11/26/2012 12:46:42 PM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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To: bestintxas

Rex put the nut in Nutting.


3 posted on 11/26/2012 12:47:29 PM PST by CaptainK (...please make it stop. Shake a can of pennies at it.)
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To: bestintxas
Most of the most responsible perps escaped this nutter's notice.

One only need to look back through 'Rat congressional leaders and followers of the last 50 years to find hundreds of more culcapable peeps.

The real Laugher: It's Laffer's fault. What a joke of analysis.

4 posted on 11/26/2012 12:48:04 PM PST by Paladin2
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To: bestintxas

The Deficit is a myth - it doesn’t exist.

If it does exist, it’s not bad, conservatives just think it’s bad and it’s all Republicans fault....


5 posted on 11/26/2012 12:48:12 PM PST by Tzimisce (What do you do when every every branch of the government is corrupt and aligned against you?)
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To: CaptainK

This guy is an economic idiot, and liar. The Reagan tax cuts
and Laffer were correct, and revenues more than doubled as a result. It was spending by DC that killed us.


6 posted on 11/26/2012 12:49:58 PM PST by stephenjohnbanker
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To: bestintxas
The "fiscal cliff" was a ploy designed (by Republicans) to give Republicans political cover to vote for a tax increase. Something they've been dying to do for years.

Really, I have no choice but to vote for a tax increase. It's out of my hands. Would you prefer I vote for a tax increase or allow MASSIVE cuts in our defense? Sure, I know you will agree with me and like a good boy accept your medicine.

7 posted on 11/26/2012 12:50:39 PM PST by DManA
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To: bestintxas

His thrust is hard left. Boehner is pragmatic and Obama is not left enough? Probably the best thing about this guy is his wardrobe.


8 posted on 11/26/2012 12:51:28 PM PST by Psalm 144 (Voodoo Republicans. Don't read their lips. Watch their hands.)
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To: bestintxas

Nutting is a flaming leftist ahole.

Pay him no mind.

He’d blame the sinking of the Titanic on conservatives, Republicans, and the free market. He’ll claim that socialists and Keynesians could have prevented it from sinking once it struck the iceberg.


9 posted on 11/26/2012 12:53:55 PM PST by Ghost of Philip Marlowe (Prepare for survival.)
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To: bestintxas
This is a ridiculous leftist hit-piece. For example, a person who describes the problem is "responsible" for the problem (I caused your cancer by diagnosing it)

"Without Peterson’s billions and the guilt it bought, the deficit would be a fringe issue."

10 posted on 11/26/2012 12:55:28 PM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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To: Ghost of Philip Marlowe

Wow. That’s a few minutes of my life I am never going to get back. What an electronic collage of moonbattery.

Basically, Bush’s Fault.


11 posted on 11/26/2012 1:00:04 PM PST by rlmorel (1793 French Jacobins and 2012 American Liberals have a lot in common.)
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To: bestintxas

Also, notice how the libs and leftists are, once again, trying to take control of the argument by redefining the terms.

We Austrian-based economists have been calling for “financial Armageddon,” “monetary collapse,” and a “fiscal cliff” for many years.

The left is now trying to make the case that the “fiscal cliff” is keeping taxes low and cutting spending. They are implying that if we ever try to live within our revenue, we will suffer as Greece is suffering.

We are headed for a fiscal cliff. But the fiscal cliff is deficit spending. Both parties are guilty of this, but the DemocRats are the experts at spending way beyond anyone’s means as a method of not only buying votes, but of reducing entire sectors of the citizenry to dependents of the state, thus ensuring that the DNC purchases entire classes or blocs of voters.

The fiscal cliff is that point of no return when our current spending, our payments on the debt, our payment of the interest of the debt, and our future fiscal liabilities outpace any type of economic growth.

When that happens, just paying the interest on the debt will bankrupt and no one will lend us money.

Notice how the leftist ahole Nutting calls us greedy for wanting low taxes. Really, Nutting? How much of the profit that you take for writing this propaganda do you voluntarily send to the IRS? How much do you pay your financial adviser to save you every tax dollar you possibly can?

And is it really the antithesis of “greed” to allow a government that has earned mistrust and ridicule when it comes to fiscal policy to squander our hard-earned dollars?

No, Nutting, you leftist ahole. It is not greedy to want to keep my own earnings. It is intelligence and self-preservation.

Go ahead and write a check to the IRS, Nutting, you hypocritical propagandist.


12 posted on 11/26/2012 1:00:25 PM PST by Ghost of Philip Marlowe (Prepare for survival.)
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To: bestintxas

Because of his neglectful conflict of interest over Fanny Mae, Barney Frank should be #1 on any such list.


13 posted on 11/26/2012 1:00:43 PM PST by bigbob
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To: bestintxas
From the piece on Laffer:

"There’s only one problem: Laffer’s ideas didn’t pan out in practice: Tax cuts don’t pay for themselves. Tax cuts are a major cause of our $16 trillion national debt."

I've always loved that "how you going to pay for it?" argument. No one ever says "we're not." and somehow it gets turned into a "revenue problem".

Impeach the kenyan or secession.


14 posted on 11/26/2012 1:00:56 PM PST by ex91B10 (We've tried the Soap Box,the Ballot Box and the Jury Box; ONE BOX LEFT!)
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To: bestintxas
This is complete garbage.
He happens to be right about some of the people but for entirely the wrong reasons.

What kind of website is that? Each page took a minute to download.

15 posted on 11/26/2012 1:01:11 PM PST by BitWielder1 (Corporate Profits are better than Government Waste)
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To: bestintxas

Would someone list the 10 in the article for me. The site is so slow, and do not see the list of names on the first page. Can’t get the site to work. Thanks


16 posted on 11/26/2012 1:07:43 PM PST by classified
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To: classified

Also the picture of the author of the aritcle looks like a jerk. I suspect that he is a liberal so I can imagine who he is blaming the Cliff on!


17 posted on 11/26/2012 1:09:53 PM PST by classified
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To: classified

Also the picture of the author of the aritcle looks like a jerk. I suspect that he is a liberal so I can imagine who he is blaming the Cliff on!


18 posted on 11/26/2012 1:09:53 PM PST by classified
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To: bestintxas

The one thing the article has right is “It’s the Economy, Stupid!”

The TEA Partiers were right - the article makes NO mention of reducing spending, and both political parties are puppets of the banksters. Just follow the money. JPMorgan nets just over $1B / month income in these troubled times.


19 posted on 11/26/2012 1:11:22 PM PST by RideForever
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To: bestintxas

These left wing idiots like Nutting and Stiglitz always try to blame Reagan, but he is the only one who actually identified the problem and articulated it so that eventhese fools could understand it.

Reagan said something to this effect:
“The problem is not that government doesn’t tax people enough, the problem is that government spends too much!”


20 posted on 11/26/2012 1:13:07 PM PST by Bon mots (Abu Ghraib: 47 Times on the front page of the NY Times | Benghazi: 2 Times)
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To: Paladin2
FDR-The New Deal.
LBJ-The War on Poverty.
GWB-Medicaid Part D ($550 billion and growing); TARP

My top three.

Impeach the kenyan or secession.


21 posted on 11/26/2012 1:16:54 PM PST by ex91B10 (We've tried the Soap Box,the Ballot Box and the Jury Box; ONE BOX LEFT!)
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To: stephenjohnbanker

Agree! < stands up and applauds>


22 posted on 11/26/2012 1:17:28 PM PST by sauropod (For Barack so loved the poor, he created millions more of them.)
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To: Ghost of Philip Marlowe
He’ll claim that socialists and Keynesians could have prevented it from sinking once it struck the iceberg.

All their hot air would have melted the iceberg long before the ship got there.

23 posted on 11/26/2012 1:52:22 PM PST by reg45 (Barack 0bama: Implementing class warfare by having no class.)
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To: bestintxas

535 CongressCritters....100 Senators + 435 House Representatives.....Alan Greenspan, Hank Paulson, Ben Bernanke...

But ultimately...the American People who elected these fools.


24 posted on 11/26/2012 2:08:30 PM PST by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
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To: BitWielder1

“What kind of website is that? Each page took a minute to download”

It’s a financial website similar to Forbes etc.

I’ll never use it again after I see it being infiltrated by the likes of this idiot.


25 posted on 11/26/2012 2:14:05 PM PST by bestintxas (Anyone who votes for Obama after these 4 miserable years needs to take a mandatory citizenship test.)
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To: bestintxas

The biggest culprit: the American public for being short sighted.

A smarter public would have endured a steeper recession in 2001 - 2002 to ensure stability from that point forward. Our elected officials knew we are short sighted and decided to recklessly over stimulate.


26 posted on 11/26/2012 2:24:45 PM PST by cicero2k
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To: ex91B10

ted kennedy & LBJ 1965 Immigration and Nationality Act which did away with national origins and led to pyramid/anchor families..1986 Simpson-Mazolli IRCA Amnesty signed by Reagan and Congress lied and didnt fund enforcement...

http://en.wikipedia.org/wiki/Immigration_and_Nationality_Act_of_1965


27 posted on 11/26/2012 2:32:06 PM PST by rolling_stone
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To: cicero2k
The biggest culprit: the American public for being short sighted.

Lots of stuff has influenced the public in that direction though. For instance, when regular savings accounts went down to 0.00000000000001% interest, lots of people who don't know better stopped saving. Easy credit and neighbor envy make for a strong motivation to live in debt for others. Then, the Fed "monetizes" the debt by printing money, which effectively punishes savings.

When careful, long-term planning is effectively punished and shortsightedness is rewarded... Well, we see it now.

28 posted on 11/26/2012 2:33:56 PM PST by TChris ("Hello", the politician lied.)
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To: bestintxas

I agree. However to be honest about it, you have to blame EVERY President and EVERY member of Congress since March 1837. When Andrew Jackson left office, it was the first and only time this nation has been debt free. Maybe the only reason to honor Jackson.


29 posted on 11/26/2012 2:45:50 PM PST by Tupelo (Hunkered down & loading up)
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To: bestintxas

I agree. However to be honest about it, you have to blame EVERY President and EVERY member of Congress since March 1837. When Andrew Jackson left office, it was the first and only time this nation has been debt free. Maybe the only reason to honor Jackson.


30 posted on 11/26/2012 2:46:07 PM PST by Tupelo (Hunkered down & loading up)
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To: bestintxas

Lyndon Baines Johnson (Democrat President) - Started the debt spiral by failing to find revenue to fund his “guns and butter” administration. New entitlements and social spending plus the Vietnam war were put on the nation’s credit card. Johnson also wrapped Social Security into the federal budget allowing him to borrow from the trust fund to pay for his programs.

Richard M. Nixon (Republican President) - Took the nation off the gold standard, putting us on a fiat currency managed by the “independent” Federal Reserve, a creature of the big Wall Street banks. Nixon also greatly expanded the regulatory power of the Federal government, putting brakes on the economy. Under his administration we added the EEOC, OSHA, and the EPA. Finally Nixon failed to punish Saudi Arabia for its oil embargo resulting in a huge economic shock to the economy from soaring oil prices and facilitating the transfer of wealth from the industrialized nations to the Muslim world.

Wilbur Mills (Democrat Congressman) - Added a COLA to Social Security, taking control of the Social Security budget away from Congress and putting it on autopilot.

Thomas P. Tip O’Neill (Democrat Speaker of the House) - Reneged on his agreement with Ronald Reagan for the spending cuts which were to accompany the tax increases in Reagan’s second term. Liberals forget the Reagan plan was a combination of tax cuts and spending cuts. His tax cuts are blamed for exploding the deficit but the spending cuts never occurred.

George W. Bush (Republican President) - The deficit doubled during the Bush years and his tax cuts are blamed. I blame him for failing to use his veto power to reign in spending. He allowed the Republican Congress to explode pork (bridges to nowhere) while he pushed for huge increases in social spending (Education and Social Security prescription drugs).

Lots of people are to blame but I’d put Lyndon Johnson and George W. Bush at the top of the list for irresponsibly trying to fight major wars abroad and expand social spending without the revenue base to cover the increased spending. Nixon also deserves honorable mention because of his decision to move away from the discipline of the gold standard, which would have forced a balanced budget in the 1970’s.

A final contributing factor was the retirement of the old guard southern Democrat conservative committee chairmen in the 1960’s and early 1970’s and their replacement with liberal northern Democrats. The southern Democrat chairman killed many ill conceived social spending programs supported by the urban leftists in committee. Once they were replaced, the budget process broke down and Congress began spending wildly destroying the faith and credit of the Republic established during the first 200 years in less than 50 years.


31 posted on 11/26/2012 3:13:55 PM PST by Soul of the South
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To: bestintxas

This guy is a lefty turd world spin man. He is oh so concerned about taxes failing to keep up with spending; but he does not identify the socialist monsters who have violated the constitution to expand government power and spending.

Every cent cut from social security (old whitey who paid for it) will go into the sink hole known as deathcare, the socialist political machinery, and welfare for mo free obamastuff. It’s a race-based wealth transfer. Washington will eat every dollar they get in tax increases, too, for more commiefreestuff. There will be no “balancing the budget.” Only foreigners and stupids don’t know that.

I bet the author is a total stranger to the American constitution and it’s philosphy. I bet he knows we are the wealthiest nation in the world but does not have a clue about the structure of individual freedom that made that possible. I’m guessing he’s very familiar, however, with the competition in a foreign land between the turd world dictator cleptocrat and the competing socialist utopian cleptocrats. That is about the extent of his knowledge and I’m not sure why he’s writing about America’s problems.


32 posted on 11/26/2012 4:07:04 PM PST by SaraJohnson
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To: bestintxas
All of us (or almost all) had a role in this melodrama, either benefiting from the spending or from the lower tax rates.

WTF?
The alternate universe bleeds through again. Or is it the Twilight Zone?

What kind of total moron would equate

Paying Lower Taxes = GREED = Feeling entitled to wealth other people have earned.

These people actually believe the utter garbage that comes out of their minds.

33 posted on 11/26/2012 10:53:23 PM PST by publius911 (Formerly Publius 6961, formerly jennsdad)
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To: bestintxas
Greed for low taxes,

Stopped right there. If the writer thinks keeping what you already earned qualifies as 'greed', I feel no desire to wade through whatever else might be contained in his self-delusional drek.

34 posted on 11/27/2012 3:44:57 AM PST by MamaTexan (In Propria Persona)
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