When Madmen Reign

[ZebuluniteV]

http://www.nytimes.com/2008/09...ml?_r=1&hp&oref=slogin

September 30, 2008
Op-Ed Columnist
When Madmen Reign
By BOB HERBERT

Madness.

I?m not holding my breath, but I would like to see the self-proclaimed conservative, small government, anti-regulation, free-market zealots step up and take responsibility for wrecking the American economy and bringing about the worst financial crisis since the Depression.

Even now, with the house on fire, the most extreme among them won?t pick up the fire hoses and try to put it out.

With the fate of the Bush administration?s desperate $700 billion bailout of the financial industry hanging in the balance, Representative Darrell Issa, a Republican from California, stuck to his political playbook like a man covered in Krazy Glue. He pronounced himself ?resolute? in his opposition to the bailout because to be otherwise would amount to a betrayal of party principles.

To deviate from those principles, in Mr. Issa?s view, would be like placing ?a coffin on top of Ronald Reagan?s coffin.?

We are in very strange territory here.

George H.W. Bush warned us about ?voodoo economics? in 1980, but the ideologues clamped a gag on him and put him on the Gipper?s ticket. For much of the time since then, the madmen of the right have carried the day. They were freed of their remaining few restraints with the ascendance of George W. Bush in 2000.

These were the reckless clowns who led us into the foolish multitrillion-dollar debacle in Iraq and who crafted tax policies that enormously benefited millionaires and billionaires while at the same time ran up staggering amounts of government debt. This is the crowd that contributed mightily to the greatest disparities in wealth in the U.S. since the gilded age.

This was the crowd that cut the cords of corporate and financial regulations and in myriad other ways gleefully hacked away at the best interests of the United States.

Now we?re looking into the abyss.

When President Bush went on television last week to drum up support for the bailout package, he looked almost dazed, like someone who?d just climbed out of an auto wreck.

?Our entire economy is in danger,? he said.

He should have said that he, along with his irresponsible Republican colleagues and their running buddies in the corporate and financial sectors, put the entire economy in danger. John McCain and his economic main man, Phil (?this is a mental recession?) Gramm, were right there running with them.

Credit markets have frozen almost solid, banks are toppling like dominoes and brokerage houses are vanishing like props in a magic act. And who was one of the paramount leaders of the manic anti-regulatory charge that led to this sorry state of affairs? None other than Mr. Gramm himself, a former chairman of the Senate Banking Committee.

Where is Mr. Gramm now? Would you believe that he?s the vice chairman of UBS Securities, the investment banking arm of the Swiss bank UBS? Of course you would. A New York Times article last spring noted that the ?elite private bankers? of UBS ?built a lucrative business in recent years by discreetly tending the fortunes of American millionaires and billionaires.?

Toadying to the rich while sabotaging the interests of working people was always Mr. Gramm?s specialty. He was considered a likely choice to be treasury secretary in a McCain administration until he made his impolitic ?mental recession? comment. He also said the U.S. was a ?nation of whiners.?

The tone-deaf remarks in the midst of severe economic hard times undermined Senator McCain?s convoluted efforts to reinvent himself as some kind of populist. But they were wholly in keeping with the economic worldview of conservative Republicans.

The inescapable disconnect between rhetoric and reality is often stark. Senator McCain has been ranting recently about the excessive pay and ?bloated golden parachutes? of failed corporate executives. And yet one of his closest advisers on economic matters is Carly Fiorina, who was forced out as chief executive of Hewlett-Packard. Her golden parachute was an estimated $42 million.

Voters have to shoulder a great deal of the blame for the economic mess the country is in. Too many were willing, for whatever reasons, to support politicians who spat in the eye of economic common sense. Now the voodoo that permeated conservative economic policies for so many years has come back to haunt us big-time.

The question voters should be asking John McCain is whether he has stopped serving his party?s economic Kool-Aid, which has taken such a toll on working families, and is ready to change his ways. Is his sudden populist transformation the real thing or just a mirage?

In the gale force winds of a full-fledged economic hurricane, it?s fair to ask Senator McCain whether he still considers himself a conservative, small government, anti-regulation, free-market zealot. Or whether he?s seen the light.

Bolded are what I thought were the most important parts. Agreeing largely with the article I don't have much more to say, other than to make a few points to ward off those wanting to deflect blame from this failed ideology. No, I'm not trying to say that Reaganomics or its adherents in policy positions are solely the cause for the present problems in the economy. Obviously they didn't force those on Wall Street and elsewhere engaging in greedy and stupid policies, not did they force those who clearly could not afford what they were buying to do so. But the facts of the matter are that, during and since the years of the Reagan administration, these small government, anti-regulation, free-market zealots have steadily eroded the federal government's capacity to carry out its regulatory role in the economy to prevent such stupidity and greed. And at the same time, they have put into place policies that have steadily increased inequality in America while creating huge budget deficits by embarking on insanely costly ventures like the Iraq war while adamantly refusing to raise taxes to cover it (instead, just the opposite).

Also, in case anyone missed it, Vic posted a good article debunking the CRA-caused-the-crisis falsity that some of the ?true-believes? of the above policies are spreading around.

 

[bamacre]

Anyone, either on the right or the left, who thinks the Republican party has been "small government" since Reagan is a moron.

 

[ZebuluniteV]

Originally posted by: bamacre
Anyone, either on the right or the left, who thinks the Republican party has been "small government" since Reagan is a moron.

Well, I agree that with massive increases on military spending, huge expenditures on Iraq, civil liberty violations and so on they can hardly claim the "small government" label in a total sense, its a huge mistake to somehow conclude from that that they were solely in favor of "big government" or authoritarianism. On matters like regulations, environmental protections, tax policy, and so on, they quite clearly followed the "small government," or the "let's get the government off our backs" ideal of reducing the government's role/impact (with disastrous results).

 

[heyheybooboo]

Originally posted by: ZebuluniteV

Originally posted by: bamacre
Anyone, either on the right or the left, who thinks the Republican party has been "small government" since Reagan is a moron.

Well, I agree that with massive increases on military spending, huge expenditures on Iraq, civil liberty violations and so on they can hardly claim the "small government" label in a total sense, its a huge mistake to somehow conclude from that that they were solely in favor of "big government" or authoritarianism. On matters like regulations, environmental protections, tax policy, and so on, they quite clearly followed the "small government," or the "let's get the government off our backs" ideal of reducing the government's role/impact (with disastrous results).

I respect your opinion but these clowns have taken the Federal gov't to a level which is approaching fascism or Ayn Rand's special interest 'politics of pull'.

There ain't nuthin' small about that ...

 

[blackangst1]

Yet Another <insert favorite demon here> Wrecked The Economy Thread. Are you fuckin kidding me?

 

[Lemon law]

We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes. And now the Republican party is outbidding itself, promising to deliver that dollar for only 50 cents.

The only true measure of national economic success is an remains the balance of trade standing, and that standing went South during the cusp between Carter to Reagan. And has been going deeper into the red ever since.

But the US merry go round will keep going round and round, until the rest of the world realizes that lending to the USA is a fools game.

Will this current financial crisis be that wake up call to the rest of the world? Too early to tell yet, the only certainty is that merry go round can not keep going around forever.

Meanwhile eat, drink, and be merry, and vote for the guy who promises a dollar of government service for 40 cents. We are on a roll.

Who wants to be an ant when we can be grasshoooooopiers, able to leapfrog realty in a single jump. And with global warming, winter will never come.

 

[bamacre]

Originally posted by: ZebuluniteV

Originally posted by: bamacre
Anyone, either on the right or the left, who thinks the Republican party has been "small government" since Reagan is a moron.

Well, I agree that with massive increases on military spending, huge expenditures on Iraq, civil liberty violations and so on they can hardly claim the "small government" label in a total sense, its a huge mistake to somehow conclude from that that they were solely in favor of "big government" or authoritarianism. On matters like regulations, environmental protections, tax policy, and so on, they quite clearly followed the "small government," or the "let's get the government off our backs" ideal of reducing the government's role/impact (with disastrous results).

Just come out and say it, this is about "deregulations."

But the truth is, whether you like it or not, those regulations weren't regulating anything even resembling "free market."

This disaster was brought to you via big government, and both the Republicans and Democrats have a lot of blame to share.

Those people who really do support free market economics predicted this mess and even tried to prevent it.

 

[bamacre]

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

 

[Craig234]

Originally posted by: bamacre

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

No, because Obama has 'paid' for his plan with ending tax cuts and loopholes for some corporations and the top 2% of taxpayers - and taken the political heat for it.

His paid-for program has allowed McCain to constantly call him a 'tax raiser', which ha a political price however dishonest it is for McCain not to give the context.

 

[heyheybooboo]

Originally posted by: bamacre

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

And still manages less of an impact on Federal Debt than The Son of Cain

I have high hopes for the New, New PayGo Blues - if they close the SS loophole.

I'd even take Al's LockBox :Q

 

[bamacre]

Originally posted by: Craig234

Originally posted by: bamacre

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

No, because Obama has 'paid' for his plan with ending tax cuts and loopholes for some corporations and the top 2% of taxpayers - and taken the political heat for it.

His paid-for program has allowed McCain to constantly call him a 'tax raiser', which ha a political price however dishonest it is for McCain not to give the context.

Ahh, let me know when he balances a budget.

 

[Robor]

Originally posted by: blackangst1
Yet Another <insert favorite demon here> Wrecked The Economy Thread. Are you fuckin kidding me?

You're kidding, right? This is P&N and it's all over the news. Would you prefer going back to anti-Palin threads? Wait, that starts Thursday. (well maybe)

 

[Robor]

Originally posted by: bamacre

Originally posted by: Craig234

Originally posted by: bamacre

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

No, because Obama has 'paid' for his plan with ending tax cuts and loopholes for some corporations and the top 2% of taxpayers - and taken the political heat for it.

His paid-for program has allowed McCain to constantly call him a 'tax raiser', which ha a political price however dishonest it is for McCain not to give the context.

Ahh, let me know when he balances a budget.

Well I HOPE he gets the chance to.

 

[tvarad]

As someone who watched the '80s savings and loans debacle hearings and trials religiously, I had assumed that the Feds had learned the common-sense lesson that without a sheriff in town to police things, it's simply the Wild West. How wrong I was.

No bail-out should be agreed to unless Wall Street agrees to a leash - on it's genitals. If it even as much as takes a step in the wrong direction, it should scream in pain.

 

[winnar111]

Originally posted by: Craig234

Originally posted by: bamacre

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

No, because Obama has 'paid' for his plan with ending tax cuts and loopholes for some corporations and the top 2% of taxpayers - and taken the political heat for it.

His paid-for program has allowed McCain to constantly call him a 'tax raiser', which ha a political price however dishonest it is for McCain not to give the context.

The tax gap exploded from $127 billion in 1992 to $350 billion in 2001. Health care programs in Massachusetts have come in billions of dollars over budget.

Funny how 'tax the rich' never works out quite as well as some claim.

 

[heyheybooboo]

Originally posted by: winnar111

Originally posted by: Craig234

Originally posted by: bamacre

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

No, because Obama has 'paid' for his plan with ending tax cuts and loopholes for some corporations and the top 2% of taxpayers - and taken the political heat for it.

His paid-for program has allowed McCain to constantly call him a 'tax raiser', which ha a political price however dishonest it is for McCain not to give the context.

The tax gap exploded from $127 billion in 1992 to $350 billion in 2001. Health care programs in Massachusetts have come in billions of dollars over budget.

Funny how 'tax the rich' never works out quite as well as some claim.

Worked out quite well in the 1990's ... to the tune of a $230 billion surplus in the last year from The Last Great Republican President Since Eisenhower

 

[winnar111]

Originally posted by: heyheybooboo

Originally posted by: winnar111

Originally posted by: Craig234

Originally posted by: bamacre

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

No, because Obama has 'paid' for his plan with ending tax cuts and loopholes for some corporations and the top 2% of taxpayers - and taken the political heat for it.

His paid-for program has allowed McCain to constantly call him a 'tax raiser', which ha a political price however dishonest it is for McCain not to give the context.

The tax gap exploded from $127 billion in 1992 to $350 billion in 2001. Health care programs in Massachusetts have come in billions of dollars over budget.

Funny how 'tax the rich' never works out quite as well as some claim.

Worked out quite well in the 1990's ... to the tune of a $230 billion surplus in the last year from The Last Great Republican President Since Eisenhower

We also didn't get a massive health care program.

 

[quest55720]

Originally posted by: heyheybooboo

Originally posted by: winnar111

Originally posted by: Craig234

Originally posted by: bamacre

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

No, because Obama has 'paid' for his plan with ending tax cuts and loopholes for some corporations and the top 2% of taxpayers - and taken the political heat for it.

His paid-for program has allowed McCain to constantly call him a 'tax raiser', which ha a political price however dishonest it is for McCain not to give the context.

The tax gap exploded from $127 billion in 1992 to $350 billion in 2001. Health care programs in Massachusetts have come in billions of dollars over budget.

Funny how 'tax the rich' never works out quite as well as some claim.

Worked out quite well in the 1990's ... to the tune of a $230 billion surplus in the last year from The Last Great Republican President Since Eisenhower

Is newt going to come out of retirement to lead a fiscally conservative congress? We going to have another .com bubble to fuel huge gains? Now granted I would take Bill Clinton over either Obama or McCain. I would take a newt lead congress over pelosi any day of the week.

 

[Lemon law]

Our delusion is that we are captains of our fate and masters of our souls. When the reality is, when them foreigners wise up and quit loaning us money, its hello third world, here we come.

Meanwhile, its delude on as our ever so clever finance sector just succeeded in laying a rotten egg.

 

[piasabird]

Pelosi has been charge for 6 months. What did she do about it? Did she start and investigation of the housing industry or did she protect it? Isnt she from California and is not California a big part of the problem? I guess she is a rich business woman who does not care about the poor.

 

[Craig234]

Originally posted by: bamacre

Originally posted by: Craig234

Originally posted by: bamacre

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

No, because Obama has 'paid' for his plan with ending tax cuts and loopholes for some corporations and the top 2% of taxpayers - and taken the political heat for it.

His paid-for program has allowed McCain to constantly call him a 'tax raiser', which ha a political price however dishonest it is for McCain not to give the context.

Ahh, let me know when he balances a budget.

Pathetic. You really want that post trashed like it deserves?

 

[Craig234]

Originally posted by: winnar111

Originally posted by: Craig234

Originally posted by: bamacre

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

No, because Obama has 'paid' for his plan with ending tax cuts and loopholes for some corporations and the top 2% of taxpayers - and taken the political heat for it.

His paid-for program has allowed McCain to constantly call him a 'tax raiser', which ha a political price however dishonest it is for McCain not to give the context.

The tax gap exploded from $127 billion in 1992 to $350 billion in 2001. Health care programs in Massachusetts have come in billions of dollars over budget.

Funny how 'tax the rich' never works out quite as well as some claim.

You're ignorant. The right wing predicted - to a man and woman - doom for our economy if Clinton's 1993 tax increase passed. The opposite of what they predicted happened.

 

[Craig234]

Originally posted by: quest55720
We going to have another .com bubble to fuel huge gains?

Well, who was the Senator who was the key leader in funding the development of the internet again, the guy you all on the right trashed and gave us GWB instead of?

 

[ProfJohn]

Originally posted by: Craig234

Originally posted by: bamacre

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

No, because Obama has 'paid' for his plan with ending tax cuts and loopholes for some corporations and the top 2% of taxpayers - and taken the political heat for it.

His paid-for program has allowed McCain to constantly call him a 'tax raiser', which ha a political price however dishonest it is for McCain not to give the context.

And Reagan 'paid' for his tax cuts with spending cuts... of course those cuts never happened. Why do I get the feeling that we will the same thing with Obama?

Also, isn't it strange that Bush 43 is the only recent President to keep his tax promise?

Bush 41 raised taxes after promising not to raise them.
Clinton raised taxes after promising a middle class tax cut.

Obama... there is NO way he can follow any of his plans unless he makes them MUCH smaller or he raises taxes. With the economy on the down swing there will be NO money. Hell he can raise corporate taxes 100% and still get nothing because the corps won't be making any money the next year or two.

 

[bamacre]

Originally posted by: Craig234

Originally posted by: bamacre

Originally posted by: Craig234

Originally posted by: bamacre

Originally posted by: Lemon law
We are addicted to Voodoo economics and will vote for anyone who promises to provide a $1.00 of government service for only 75 cents in taxes.

You mean like Obama, who promises to cut taxes for 95% of Americans while offering all kinds of new government spending?

No, because Obama has 'paid' for his plan with ending tax cuts and loopholes for some corporations and the top 2% of taxpayers - and taken the political heat for it.

His paid-for program has allowed McCain to constantly call him a 'tax raiser', which ha a political price however dishonest it is for McCain not to give the context.

Ahh, let me know when he balances a budget.

Pathetic. You really want that post trashed like it deserves?

Sure, but two things. One, stay in context of LL's original statement quoted above, and two, don't mention McCain. Now, proceed.