Reagan insider: GOP destroyed U.S. economy, Part 2: Tax cuts, wars, rates, dollar, new crash coming

[marmar]

By Paul B. Farrell, MarketWatch


SAN LUIS OBISPO, Calif. (MarketWatch) — “My G.O.P. destroyed the U.S. economy.” Yes, that is exactly what David Stockman, President Ronald Reagan’s director of the Office of Management and Budget, wrote in a New York Times op-ed piece. Not “is destroying,” the GOP has “destroyed” the U.S. economy, setting up an “American Apocalypse.” And it’s getting worse.

Update: With the 2012 election lineup up for grabs, Stockman may be the GOP’s best candidate for president. A hero in American politics, he’s a rare no-B.S. truth-teller who’s been delivering the same message since his 1986 “Triumph of Politics: Why the Reagan Revolution Failed,” an expose written after leaving the White House.

Better yet, he’s the kind of fighter who could easily go the distance with Obama on the key issues that will dominate the 2012 election: the economy, employment, interest rates, entitlements, war budgets, the devalued dollar, our rapidly collapsing monetary system, another meltdown.

Last fall, Stockman’s hard-hitting op-ed was loaded with jabs like: “If there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The nation’s public debt” screams “for austerity and sacrifice,” instead, the GOP insisted “the nation’s wealthiest taxpayers be spared even a three-percentage-point rate increase.” Obama blinked, pulled his punch. Let’s get both in the ring. ..............(more)

The complete piece is at: http://www.marketwatch.com/story/reagan-insider-gop-destroyed-us-economy-part-2-2011-05-24

[Scuba]

1. We need Elizabeth Warren to comment on this....

Before the crisis hit in 2007, “the top four banks in this country had $5 trillion of assets combined. After the whole crisis of too-big-to-fail and all of the bailouts, today the top four banks have $7 trillion of asset footings.”

[On the Road]

2. Well, Sure The Big Four Have More Assets

They are the buyers of last resort. When Merrill Lynch was failing, they were acquired by Bank of America. Wachovia was taken over by Wells Fargo. These acquisitions are generally done at the prodding of the Treasury department.

[txlibdem]

3. When all the facts are out: Reagan will be known as the biggest traitor in our nation's history

Al Queda: Reagan armed them and had the CIA train them in terrorism... then turned his back on the Afghan people after the Soviets walked out.

Energy Independence: Reagan worked tirelessly to end Pres. Carter's energy independence legislation - we would have been 100% energy independent by the year 2000. Reagan gave billions in bailouts and tax breaks to big oil on the promise that they would drill-baby-drill our way to energy independence. 30+ years later they're still signing that same old tune.

Global Climate Change: Reagan ended Pres. Carter's incentives to the wind power industry, solar, efficiency, etc., guaranteeing that we stay as wasteful as humanly possible. Reagan ordered the solar panels removed from the roof of the White House.

"Government is not the solution - it is the problem." Nothing more need be said about the consequences of that moronic attitude.

Iran-Contra affair: selling weapons to Iran. Reagan then funneled that money to have the CIA train rebels in Nicaragua, the "Contras" to fight against the democratically elected government. The Contras favorite way of killing: cutting off the breasts of women after raping them, cutting the neck of a man and pulling their tongue out through the hole. Reagan has the blood of all those tortured and killed on his hands.

[Igel]

5. "Government is not the solution."

And yet the first bullet point that the OP pulls out the interview is "Reagan's big government policy." From that follows pretty much the other 9--ranging from why tax cuts would be so foolhardy, to the intertangling of government and business and the importance of government as a prerequisite for some business' success.

Even the importance of lobbying is a consequence of big government: If government has little control over the private sector and isn't all that large, lobbying is a fight over a small pot and consequently of less importance.

As for many of the points, they're not GOP specific.

It's also intriguing that the OP varies between "my GOP" and "the GOP", while I suspect Stockman may be drawing a difference between them. Even if it's only a possible difference, the ambiguity should be retained.

[txlibdem]

7. Pointing out the many contradictions of the GOP/ConservaDem thought processes

Big GubMint is bad... until incompetent Capitalists need a bailout or a tax break or every law under the Sun twisted in their favor.

[think]

4. Thanks for telling like it is Mr Stockman....nt

[liam_laddie]

6. Links to Stockman's original Op-Ed

For those interested:
David Stockman's Op-Ed in NYT, Aug 1, 2010 <http://tinyurl.com/43kdyol>
and Part 1 from Farrell's "MarketWatch" Aug 10, 2010 <http://tinyurl.com/3sdunsp>

[thelordofhell]

8. Hindsight's 20/20 huh, Stockman

This prick was raygun's budget man......where the fuck were you when they got the ball rolling in the 80's? Oh yeah, IN THE DRIVER'S seat. Hope the fires of hell burn you Mr. Stockman.