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Ain’t Nuthin’ New About This Approach
Posted by: McQ on Tuesday, October 21, 2008

Via Hot Air and Ed Morrisey:


You know, I get tired of saying things over and over and I'm sure you get tired of reading them (I at least try to say it a little differently each time to cut down on the monotony), but this is important.

I remember feeling just like I do now as Jimmy Carter seemed poised to win the presidency. I told everyone who would listen, "he's going to raise your taxes and that's going to hurt the economy." They all smiled at me like I was just some addled yahoo who didn't understand. They wanted "change" from that nasty old Nixon and they just didn't care about all these "scare tactics" from the right. And, of course, Carter won, he raised our taxes and the economy went south, inflation ran rampant and the "misery index" was introduced to America.

I have the same feeling now.

Let's look closely at what one of the architects of the financial meltdown said above:
I think at this point, there needs to be an immediate increase in spending, and I think this is a time when deficit fear has to take a second, uh, a second seat. I do think this is the time for a very important kind of dose of [unintelligible]. Yes, I think later on, there should be tax increases. Speaking personally, I think there are a lot of rich people out there who we can tax at a point down the road to recover some of this money.
Spending: good (except, of course, when the other side does it). Deficit: not important (except when the other side runs it up). Taxes: increase (but don't admit the increase will effect everyone). How to sell it: claim only the rich will be taxed (but do what you have to do, in reality).

Oh, and I loved the "recover some of this money" line - like it was his. I mean think about it - they're going to take your tax money (or borrow it) and give it back to you and pretend it is theirs. That's why Franks wants tax increases - you have to recover your "their" money by - wait for it - paying more taxes. It is your "patriotic" duty.

An example of class warfare at its finest melded with the classic Democratic answer to any crisis - tax, spend and run up the deficit.

There it is, for all to see from one of the Democratic leaders in Congress.

Hope?

Change?

Sounds like business as usual to me as history gets ready to repeat itself.
 
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I do not understand the mind frame of those voters who keep men like Barney Frank in office. Is his hold so strong that there can be no challenge to his seat?
 
Written By: Deerpark
URL: http://
I mean think about it - they’re going to take your tax money (or borrow it) and give it back to you and pretend it is theirs.
If only. Like Obama’s tax cuts it will go back to others.
 
Written By: tom scott
URL: http://
I do not understand the mind frame of those voters who keep men like Barney Frank in office. Is his hold so strong that there can be no challenge to his seat?
The People’s Republic Commonwealth of Massachusetts - a long tradition of incumbents at the national level - Commonwealth is the clue, you’re wealth nationally, will become common to their wallets.

Franks, Kennedy, Kerry, Tip O’Neil to name but a few.
 
Written By: looker
URL: http://
So, you are blaming inflation on Carter? With all due respect, that is nonsense.
The real causes were the Vietnam War and the Nixon shock, i.e., President Nixon’s decision to abolish the gold peg. Not to mention his attempt to control prices and wages.

The Carter Malaise should be called the Nixon Malaise. Not to defend Carter’s conduct since then, but at least he appointed Volcker who tamed inflation, albeit at the cost of recession.



 
Written By: Ralf Goergens
URL: www.chicagoboyz.net
Ralf - explain where "inflation ran rampant" blames Carter. Sounds like a factual description of what happened to me.
 
Written By: McQ
URL: http://www.QandO.net
Something else to have that qeasy feelinga about. Kiss the embargo goodbye.
 
Written By: Neo
URL: http://
They wanted "change" from that nasty old Nixon and they just didn’t care about all these "scare tactics" from the right. And, of course, Carter won, he raised our taxes and the economy went south, inflation ran rampant and the "misery index" was introduced to America.
You put it all in one sentence, which at least suggests that you are blaming Carter. But since you didn’t mean to, I apologize for ’nonsense’, because you indeed describe what happened :)
 
Written By: Ralf Goergens
URL: www.chicagoboyz.net
McQ:
I have been considering this election and it appears to me that the American public is bound and determined to screw themselves. Why do I say that? Because each Dem candidate in the last three election cycles has gotten progressively more Leftist/Socialist/Marxist. Now, Barney "No Worries, Fannie is Just Fine" Frank reveals his plan for a tax increase BEFORE the election and we are treated to the spectacle of the Dems savaging Joe The Plumber (one of their own) because he asked a good question on everyone’s mind. Add to this the Big O’s public admission he is going to redistribute our wealth—to our faces—and what was the reaction? People actually applauded him.

Having said all this, I suspect the election may be closer than many think...so close we could have another extended period before a US Supreme Court decision announces the winner. If we travel down that path, irregardless of their decision we will likely see continued financial dislocation, possible riots and continued chaos for some time. So the question (for me) becomes: what have I done to prepare for this upheaval and is there anything I can do to prevent it? I think it might be a good question for your readers to ponder as well.
 
Written By: Unscripted Thoughts
URL: http://
Chatted with one of my neighbors today; he is an Obama supporter. He respects McCain for his military service and thinks he’d be good if we were in a war (!), but otherwise thinks that he was "born with a silver spoon in his mouth." Obama, because he grew up poor, UNDERSTANDS the economy and will "take care of it".

None are so blind as them that will not see...
 
Written By: docjim505
URL: http://
So, you are blaming inflation on Carter? With all due respect, that is nonsense.
The real causes were the Vietnam War and the Nixon shock, i.e., President Nixon’s decision to abolish the gold peg. Not to mention his attempt to control prices and wages.

The Carter Malaise should be called the Nixon Malaise. Not to defend Carter’s conduct since then, but at least he appointed Volcker who tamed inflation, albeit at the cost of recession.
Nixon did the same things Carter did but on a slightly lesser scale. Except for the Vietnam war which he turned off followed by Ford’s 2 years and yet things got progressively worse during Carter.

Sorry if I don’t accept your theory that Carter doesn’t own a large portion of the economy on his watch.
 
Written By: jpm100
URL: http://
"I do think this is the time for a very important kind of dose of [unintelligible]."
I’m almost certain that the "unintellible" word was "Keynesianism." I’m not sure what’s scarier: Franks’ pushing of Keynesianism, or the fact that the transcriptionist didn’t know what it the term was.
 
Written By: MichaelW
URL: http://qando.net
Having said all this, I suspect the election may be closer than many think...so close we could have another extended period before a US Supreme Court decision announces the winner. If we travel down that path, irregardless of their decision we will likely see continued financial dislocation, possible riots and continued chaos for some time. So the question (for me) becomes: what have I done to prepare for this upheaval and is there anything I can do to prevent it? I think it might be a good question for your readers to ponder as well.
Stock up:

Cases of XM193.
CR123 lithiums for the Surefire.
AA lithiums for the Eotech.
Several boxes of RA45T.
Single Malt Scotch.
Water.
MREs.
Condoms.
Popcorn (for watching the riots on TV).
 
Written By: Don
URL: http://
"., President Nixon’s decision to abolish the gold peg Not to mention his attempt to control prices and wages."

Both of these measures were a response to inflation, not a cause.
The official price of gold at that time was $35/oz., but the dollar was worth less, so the world market price of gold was much higher. In 1972 the market price of gold was over $70. By 1973 it was over $100/oz. France, for example, was smart enough to buy gold at the official exchange rate of $35/oz. and sell it on the world market for much more. Wage and price controls were imposed to control already existing inflation.
 
Written By: timactual
URL: http://
Condoms
Screw that! We need to repopulate with liberty lovin’ babies!
 
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