McCain seen as best choice for economy

[Danascot]

:wtf:

NEW YORK (Reuters) - Republican presidential candidate John McCain's tax policies have given him an edge as the better man for the economy, various Wall Street experts said at this week's Reuters Investment Outlook Summit.

But, against a backdrop of job losses and deteriorating home values, Wall Street is backing McCain's Democratic rival, Barack Obama with cold, hard cash.

McCain plans to extend the Bush administration's tax cuts, eliminate the Alternative Minimum Tax, and slash corporate taxes. Obama, who has derided the Arizona senator's plans, has pledged to raise taxes on the wealthy and introduce a broad range of refundable tax credits.

"My personal opinion is I would argue that McCain is probably the better candidate for the economy and that is more or less because of his tax policies," James Caron, head of global rates research at investment bank Morgan Stanley in New York, said at the Reuters Summit this week.

"In this environment that we're in right now, the last thing you want to have is higher taxes and taking money out of the consumers' pockets," he added.

David Bianco, chief U.S. strategist at UBS Investment Research, told the summit that Wall Street would welcome McCain with open arms. "My view is that McCain is better for the market," Bianco said.

"The market will respond to McCain corporate tax cuts," said participant Alan Ruskin, chief international strategist at RBS Greenwich Capital in Greenwich, Connecticut.

more:

http://www.reuters.com/article/politicsNews/idUSN1334411920080613

[krkaufman]

1. Ah, according to a bunch of Wall Street guys. Gotcha!! n/t

[whatchamacallit]

2. Wall Street is a Brain Slug on this country

They just want him to keep the binge alive.

[WannaJumpMyScooter]

3. uhhuh... by the people who wrecked

the economy, duh

[NotThisTime]

13. You caught that one too huh? Laughable, the 2.8 mil year earners want McCain /nt

[applegrove]

4. Wall street only wants to see rich people succeed. If you are not in the stock

market you don't count for Wall Street.

[thoughtcrime1984]

11. I laugh at those who have a few thousand dollars in stock and

think they benefit from the Republican Party. Those who fancy themselves as wealthy, sophisticated folk who are "saving" on CGT, but getting screwed on income tax. Some middle class people are still being fooled by the Wall St. Republicans into voting against their best interests.

[applegrove]

14. True. I'm not saying Wall Street isn't an important part of the economy. But that it is only

a part of what makes a country great.

[That Is Quite Enough]

5. How suprising.

[Occam Bandage]

6. ...according to Wall Street uber-rich douchelords. No shit.

[klyon]

7. The money that would be come out of consumers pockets

are the ones that are so full a couple of dollars won't be noticed.

[Median Democrat]

8. Yawn - Same Thing Said In Bush, Sr. v Bill Clinton...

Yet, of course, we had a much better economy under Bill Clinton then we had under either of the Bush presidents. Remember this passage of the George Bush, Sr. v. Bill Clinton debate with Bush calling Clinton a tax and spend democrat:


CLINTON: No, and here's why. And I'll tell you exactly why. Because the deficit now has been building up for 12 years. I'll tell you exactly what I think can be done. I think we can bring it down by 50% in 4 years and grow the economy. Now, I could get rid of it in 4 years in theory on the books now, but to do it you'd have to raise taxes too much and cut benefits too much to people who need them and it would even make the economy worse.

Mr. Perot will tell you, for example, that the expert he hired to analyze his plan says that it will bring the deficit down in 5 years but it will make unemployment bad for 4 more years. So my view is, sir, you have to increase investment, grow the economy and reduce the deficit by controlling health care costs, prudent reductions in defense, cuts in domestic programs and asking the wealthiest Americans and foreign corporations to pay their fair share of taxes and investing and growing this economy.

I ask everybody to look at my economic ideas and 9 Nobel prize winners and over 500 economists and hundreds of business people, including a lot of Republicans said, this is the way you've got to go. If you don't grow the economy you can't get it done. But I can't foresee all the things that will happen, and I don't think a president should be judged solely on the deficit.

Let me also say, we're having an election today. You'll have a shot at me in 4 years and you can vote me right out if you think I've done a lousy job and I would welcome you to do that.

SIMPSON: Mr. President.

BUSH: Well, I'm a little confused here, because I don't see how you can grow the deficit down by raising people's taxes. You see, I don't think the American people are taxed too little. I think they're taxed too much. I went for one tax increase and when I make a mistake I admit it. I said that wasn't the right thing to do.

Governor Clinton's program wants to tax more and spend more -- $150 billion in new taxes, spend another $220. I don't believe that's the way to do it.

Here's some thing that'll help. Give us a balanced budget amendment. He always talks about Arkansas having a balanced budget and they do, but he has a balanced budget amendment. Have to do it. I'd like the government to have that. And I think it would discipline not only the Congress, which needs it, but also the executive branch.

I'd like to have what 43 governors have -- the line item veto, so if the Congress can't cut, and we've got a reckless spending Congress, let the president have a shot at it by wiping out things that are pork barrel or something of that nature.

I've proposed another one. Some sophisticates think it may be a little gimmicky. I think it's good. It's a check- off. It says to you as a taxpayer -- say you're going to pay a tax of 1000 bucks or something. You can check 10% of that if you want to, in the 1 box, and that 10%, $100, or if you're paying $10,000, whatever it is, $1000, check it off and make the government, make it lower the deficit by that amount.

And if the Congress won't do it, if they can't get together and negotiate how to do that, then you'd have a sequester across the board. You'd exempt Social Security -- I don't want to tax or touch Social Security. I'm the president that said hey, don't mess with Social Security, and we haven't.

So I believe that we need to control the growth of mandatory spending, back to this gentleman's question. That's the main growing thing in the budget. The program that the president -- two-thirds of the budget, I as president never get to look at, never get to touch. We've got to control that growth to inflation and population increase, but not raise taxes on the American people now. I just don't believe that would stimulate any kind of growth at all.

[Youphemism]

9. Aren't these the same guys who said Bush would be better for the economy? /nt

[IndianaGreen]

10. Whose economy are they talking about? It sure ain't the economy of American workers.

McCain can't even pay his credit card bills and you expect him to manage the economy? What a bunch of morons we have as opinion makers in this country!

[anonymous171]

12. Of course Wall Steet guys would say that. Elitist rich guys are the republican base.

[David Zephyr]

15. Duhhh. Wall Street says...

Obama means more regulation, more oversight, reversing Bush's tax cuts to multi-millionaires and a slight raising of the capital gains tax.

Of course, McCain is better for THEIR economy.

[kentuck]

16. Lord, help us...

We deserve to die.

[Hippo_Tron]

17. Did you read the part about "various wall street executives"

Even though Obama's positions are moderate compared to the rest of the civilized world they hate the thought of any regulation.

[Rowdyboy]

18. Wall Street backs a Republican!!!! Stunning...Next they'll start backing conservatives......

Duh

[dems_rightnow]

19. Somebody's not paying attention

to the current economy.

[Cha]

20. So why didn't the market respond to bush tax cuts, then?

Do we believe wall streeters or our lying eyes?

[TahitiNut]

21. These people need federal regulations ...

... because they're too fucking stupid to do business properly without them. :grr: :grr:

[McCamy Taylor]

22. Lies.

[PretzelWarrior]

23. hey. wasn't it wall street guys who fucked up housing, dotcoms, Enron...etc?

why do we give a flying fuck what those guys earning commissions on deals say? They've shown that like Bush and foreign policy, they have overreached in their greed to the point that our economic framework is completely out of balance.

GO FUCK YOURSELVES, WALL STREET INSIDERS!!!

[Arkana]

24. What?

No fucking way. Every independent analysis has shown that Obama's economic plan is vastly superior...I'm guessing the assclowns who wrote this will benefit from the Bush...er, McCain tax cuts.

[regnaD kciN]

25. Shouldn't the title on this read...

..."McCain seen as best choice for economy by those whom the current system is benefiting the most." :eyes: