Phil Graham: You can't raise taxes during a recession or it will destroy the economy

[Bandit]

That is what he said right before Bill Clinton's 1993 Budget was voted on. That Budget was voted against in lock-step by Republicans and it took a tie breaking vote by Vice President Al Gore to pass that budget. Taxes were raised on the wealthiest 10% and lowered on all the rest of Americans and America went on to experience "The Greatest Economic Expansion in History" So much for Phil Graham's expert economic advice.

[meow mix]

1. great talking point im going to steal it ty

=)

[yellowcanine]

2. Dickie Flat and Dickie Army disapproved also.

[SammyWinstonJack]

3. ...

:thumbsup:

[whistle]

4. Phil Graham is an economic quack

[bvar22]

17. Well......not really a quack,....more of an expert and a good con man.

Free Trade, Deregulation, lowering taxes on the rich......never meant to bring prosperity to everyone.
These things were designed to increase economic dispairity by shifting the distribution to the very rich.

Phil Graham, the Republicans, and the DLC Democrats who helped them knew EXACTLY what they were doing.
Only the SUCKERS are going to be hurt.

The top 1% lived lives of Royalty during the Great Depression.
They made fortunes off the suffering of everybody else, and they will do so again.
They already have their Gated Communities and Private Police Forces.

If you didn't get an invitation, you are one of the SUCKERS.
I loved that scene from The Rounders where they were discussing spotting SUCKERS at a poker table...."Look around the table. If you can't spot The SUCKER....its YOU."

[unblock]

5. obama is cutting taxes for nearly everyone; mclame is raising them for nearly everyone

obama is raising taxes only for those earning over something like $600,000/year.
mclame is raising taxes for all taxpayers who gets health insurance through their employer.

oh, an obama said he'd consider delaying the tax hike portion of his plan if we were still in a recession.

[marmar]

6. Philthy Gramm, he of the "mental" recession of 2008?

:think:

Someone needs to lock this POS up for criminal idiocy.

[Dont_Bogart_the_Pretzel]

7. You mean Phil Graham admits that we are in recession ?

:eyes:

[Bandit]

8. This was from Bush 1 recession

Remember virtuall;y every Republican Administration has led us into recession.

[Dont_Bogart_the_Pretzel]

13. Don't forget this Administration also had a Billion dollar surplus to start with

[mediaman007]

9. Sounds like Phil is "whining!"

[boomerbust]

10. Nice try Phil

But your taxes will be raised. And rightfully so you ass licking coward.

[PDittie]

11. You're just a fat-ass whiner, Phil

If you still had any chops you'd be taking over Lehman Brothers or Merrill, you old corporate elitist, you.

[central scrutinizer]

12. While we are the subject of Phil Gramm...

Thanks to DUer mrJJ for this info, posted yesterday as a reply to another thread:

McCain & the GOP Screwed America

Gramm-Leach-Bliley Financial Services Modernization Act.

53 Republican Senators plus one Democrat - AYE

44 Democrats no Republicans - NAY

The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.

The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services. Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990s. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Acts by combining insurance and securities companies, if not for a temporary waiver process <1>. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.

...

Economist Robert Kuttner has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.<6> Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that while "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly".

100's Of Banks WILL FAIL. The FDIC DOES NOT have enough liquid funds to cover the insured depositors. Of course the FDIC will go to the FED and get the needed money. Those funds Will NOT show up on the books as a deficit. The taxpayer gets screwed again.

"John McCain voted FOR the bank laws that led to the current credit crisis. John Mccain's economic advisor WROTE the law. 53 Republicans voted YES to the law. When you're in danger of losing your house, can you take a chance on more of the same from those who wrecked out economy?"

U.S. Senate Roll Call Votes 106th Congress - 1st Session
as compiled through Senate LIS by the Senate Bill Clerk under the direction of the Secretary of the Senate

http://www.senate.gov/legislative/LIS/roll_call_lists/r...

[bvar22]

18. How Cum...?

The Democrats INSIST they need 60 votes to get anything done in the Senate, but the Republicans can get everything they want with 53?

[dtotire]

14. Lowering Taxes will NOT create revenue

Lowering Taxes will NOT create revenue

Posted by dtotire in General Discussion: Presidential
Mon Sep 15th 2008, 09:10 AM

Only a fool still believes that. What WILL create jobs is investment--both Public and Private. If the Government increases investment in the country's infrastructure, in research and development, increasing the skills of the labor force, and in public health, it will generate private investment.

All these will create jobs, and grow the economy. Tax revenue is necessary to fund these programs, and it should be adequate enough without having to borrow from foreigners. The idea of "supply-side" economics is that by lowering taxes on the wealthy, they would make investments, which would create jobs. It was a crackpot idea. and Reagan bought into it, and sold it to the rest of the country. To save money, he cancelled or cut back programs that would have made us less dependent on foreign energy sources, and we are paying for it now. Private investors will not invest unless there is demand, and public investment will create this. When Kennedy made a large investment in the the space program, this is what happened, and the economy grew, and tax revenue increased, in spite of a tax cut.

Obama is proposing investing in the infrastructure, and in the technology that will make us less dependent on foreign energy source, and reduce the $700B balance of payment deficit. This is what needs to be done.

[ProfessorGAC]

16. Only A Fool Still Believes That?

Well, we're talking about Phil Gramm. Isn't that redundant?
The Professor

[ProfessorGAC]

15. Regurgitating Myths, Does Not An Expert Make

Gramm has no idea of how things really work. He's still puking out Austrian School claptrap that has proven, time and time again, to be two dimensional nonsense that does not describe the behavior of a modern economy.

No matter how many classes he actually took, he only remembers Econ 101. The fact that this guy actually taught advanced economics is an embarassment to the academic community.
The Professor

[Jennicut]

19. Right, and we ended up with years of economic growth and a balanced budget in the 90's

Phil Gramm is the biggest blowhard ever to see the day of light in the Senate.

[Naturyl]

20. Maybe Gramm should check out the history of the Great Depression

Tax-fueled deficit spending propelled every nation out of the Great Depression, and those who did it the most got out the fastest. Sweden was the first nation out, and the lessons they learned have led them to their current place as the nation with the highest quality of life on Earth.

There's a guy named Keynes that maybe Gramm and his trickle-down voodoo pals should look into.

[undeterred]

21. Lets do an experiment and just raise Phil Graham's taxes.

[Guy Whitey Corngood]

22. I wonder ewhat would happen to the economy if you kick Phill Gramm in the nuts. n/t

[Ikonoklast]

26. If you charged everyone a dollar to do it

You could retire the National Debt.

Some would pay a tenner and get 'em all in at one time.

[Winterblues]

23. And when the Bush* Cabal took over they made it their priority to undo everything Clinton

Since then the US Treasury has been plundered and America's economy has been set back decades. But Republican big wigs are laughing all the way to their Swiss bank. And guess what? Americans are just stupid enough to stay with Republican rule..:crazy:

[bemildred]

24. Stiff progressive income and estate taxation is good for the economy.

Anybody that pays attention to history can see that easily enough. The secret is to tax the rich and keep the money circulating back to the bottom, to the poor, and into social and economic services.

[Ikonoklast]

25. Phil Gramm is a pig-eyed sack of shit.

He needs to be extraordinarily renditioned as a economic terrorist trying to destroy the economy of this country.

[ProfessorGAC]

27. Ikonoklast, I Expected More, A Man Of Your Education!

Borrowed from Wargames! As was your insult!
The Professor

[Ikonoklast]

28. I Bow Before Greatness.

And Humbly Receive The Praise, Oh Professor.

:evilgrin:

[ProfessorGAC]

29. Flattery Will Get You Everywhere!

I just have a fondness for that movie. I probably could sit in front of the TV and recite every line before the actors say it.
GAC