Bush doesn't mention subprime volatility-attacks Democrats on taxes

[babylonsister]

Bush doesn't mention subprime volatility
Paulson exudes calm; President attacks Democrats on taxes
By Greg Robb, MarketWatch
Last Update: 4:09 PM ET Aug 8, 2007

WASHINGTON (MarketWatch) -- President Bush and his top economic advisor did not seem outwardly concerned Wednesday with recent financial market volatility that stemmed from losses in the subprime mortgage markets.

In a brief speech on the economy shortly after noon, Bush didn't even mention the topic. Instead, Bush attacked the budget blueprint passed by Congressional Democrats and vowed to oppose any effort to raise taxes when lawmakers returned from their summer recess next month.

"I'm an optimistic person. I'll be less optimistic if Congress has its way and raises taxes on the American people," Bush said.

He said his first-term tax cuts have kept the economy growing. He criticized Congressional Democrats for failing to extend these cuts before they expire in 2010.

"If the majority of Congress gets its way, American families and small businesses will face a massive tax hike," Bush said.

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[RC]

1. A tax hike, huh? How else we gonna pay for your bungled war of choice?

Bu$h&co seem to be hell bent on destroying this country.

[mrdmk]

2. I can name two ways of creating inflation

1) Lowering taxes: This is usually a last resort to slow down and stop an economic downturn.

2) Having a weak dollar: To strengthen and weaken the dollar is used for import and export marketing strategies (most of the time). When President Bush Jr. decided to weaken the dollar, they did it in such a way that they have lost control of it. Now the Fed cannot stop (or slow down and soft land) a housing market crash because of this administration's policies.

Interesting Read Here: http://www.nytimes.com/2007/08/08/opinion/08wed1.html?_r=1&oref=slogin

So lowering taxes is a recipe for more inflation, higher interest rates to off-set the tax breaks, and a weaker dollar so we will have to pay more for imports i.e. more inflation.

What planet his Bush Jr. living on?