http://www.clevescene.com/cleveland/base-instincts/Content?oid=1841551Too ANGRY to Make Sense
It's time for "Angry White Conservative Pop Quiz," the game show where most contestants would rather demagogue than participate.
Fact: Most economists say large-scale government investment was needed to prevent the downturn from spiraling into a full-blown depression. As The New York Times wrote about a January 2009 meeting of the American Economic Association, "Nearly every economist who spoke here agreed that a dollar invested in, say, a new transit system or in bridge repair is spent and re-spent more efficiently than a dollar that comes to a household in a tax cut."
Question: President Bush's economic policies relied on tax cuts as their centerpiece, and yet the economic collapse occurred anyhow. How would more tax cuts reverse the situation?
Fact: Obama's plan imposes a 39.6 percent tax rate on the wealthy, up slightly from Bush's 35 percent rate. Still, the rate is far lower than many past GOP presidents; President Reagan imposed a 50 percent tax rate during his first term, President Nixon had a 70 percent rate and President Eisenhower had a 91 percent rate.
Question: Obama's been called a "socialist" for his plan, so does that make Reagan, Nixon and Eisenhower socialists too? Why or why not?
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Fact: Bush inherited a budget surplus but ended his presidency with large deficits. By late 2008, the national debt had increased to $11.3 trillion, an increase of more than 100 percent from the beginning of 2000, when the debt was $5.6 trillion.
Question: Why were no Tea Party protests held during Bush's presidency?
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Hopefully, some Tea Party-going, tax cut-loving conservatives will stop frothing at the mouth long enough to answer those questions for the rest of us. Meanwhile, the FBI first warned of an "epidemic" of mortgage fraud in 2004, as noted frequently by William K. Black, a University of Missouri economics professor who was a regulator during the savings and loan crisis in the late 1980s. Tea Party-goers like to blame homeowners, but private lenders initiated 80 percent of these bogus loans, which they called "ninja loans" for "no income, no job, no assets." Lenders made the deals anyhow because they profited handsomely.