Now We Know Whose Fault It Isn't

As of Thursday, August 12, 2010

On one thing, Obama is consistent: It’s Bush’s fault.

When Bush came into office, we were in a recession, which was never said to be Clinton’s fault. The bursting of the tech bubble, which also caused the increased revenues and budget surplus in the previous years, caused it. Bush set about to get us out of the recession and did. He gave tax monies back to those who paid them, and it was spent or invested with no strings.

Two things caused the recession we are in now. The price of gas during the summer of 2008 finally got high enough to stop consumer spending. That was the last straw for the precarious credit situation in which the banks had been placed, when they were forced by the government to make loans to minorities who couldn’t afford to pay them back (the Community Reinvestment Act of 1977 began the process, and Congress, during the Clinton administration, accelerated it), so the housing bubble burst.

As Bush showed us twice, during his eight years, when the people feel confident about their future, they spend and invest money, which starts the economic recovery. As Obama has shown us, when people feel that the government is going to take more of our money to waste in government indulgences and regulate businesses or simply take them over, they don’t, and the economy gets worse.

Now that we know whose fault it is not, let’s be clear about whose fault it is. It is Congress that spends money and levies taxes. It was Congress that changed in 2006 to Democrat control. The control was large enough that they were better able to overcome the attempts to filibuster than the Republicans had been, and spend too much. We need to give the keys back in November.

Polk Dillon

Pinehurst

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JimHeim 2 years, 9 months ago

The lack of facts in this letter is simply stunning. The National Bureau of Economic Research (the agency charged with making such determinations) states that the recession began in March, 2001. That was after Bush took office.

The Community Reinvestment Act had no part of the housing bubble. The problem loans that were at the heart of the bubble were issued by mortgage companies, not national banks, the entities covered by the Act.

Bush said he wanted his tax cut to eliminate the federal surplus. It sure worked.

OldSpook 2 years, 9 months ago

Sorry Jim, I really mean no disrespect but yours is the wrong answer. This problem goes back so far that pointing the finger now is a waste of time and possibly a red herring to keep us from focusing on, and asking the hard question of; how are the incumbents going to steer us out of this mess? Or more importantly; how are we the people telling our incumbents to steer us out of this mess?

On Monday I sent a query to the North Carolina Attorney General asking about NC immigration and what the states view on this issue are. To date, I have received no answer. Am I to presume that I am too insignificant for the AT to send a canned message to? Is there no state policy? Why can’t I get a response from the North Carolina AT when the Virginia AT replies within 24 hours? This is not to change the subject, but it is a fair indicator that politicians really find it easier to look after their small interests groups (that pay exceeding well) than look after their constituents’.

LB67 2 years, 9 months ago

Bush plan to help economy

Transcript: As we work with Congress in the coming year to chart a new course in Iraq and strengthen our military to meet the challenges of the 21st century, we must also work together to achieve important goals for the American people here at home. This work begins with keeping our economy growing. … And I encourage you all to go shopping more.

( everyone go out and buy a new car, tv, etc; to boost the economy, it doesn't matter that you haven't been able to pay your mortgage because he had no clue what to do about that) all he was concerned about was having enough money for his war

dustyrhoades 2 years, 9 months ago

It's also simply not true that no one ever said that recession was Clinton's fault. Bush Administration officials constantly referred to it as "The Clinton Recession."

http://www.businessweek.com/magazine/content/04_08/b3871044.htm

http://mediamatters.org/research/200405010002

But what can you expect from a Bush supporter, other than lies and revisionist history?

OldSpook 2 years, 9 months ago

The same tripe we can expect from an Obama supporter, more lies and revisionism.

dustyrhoades 2 years, 9 months ago

What exactly, is the "lie'" here, OldSpook?

OldSpook 2 years, 9 months ago

Wow, do I really need to explain this? In a nutshell, all politicians lie to protect their, shall I say more profitable, interests. Do enough back checking and you'll find President Washington even lied about how much he spent on frozen custard. The media has us pointing fingers to persons of the past as being responsible for whatever mess we are currently in. What I want to know is exactly how the incumbents are steering us out of the current mess and where is the proof. Spending money we don't have is the correct answer.

OldSpook 2 years, 9 months ago

Dang my fat-fingering! Last sentance of the above should read; Spending money we don't have is NOT the correct answer. Sorry/Dave

jamjam 2 years, 9 months ago

This country was bankrupt in 2003

dustyrhoades 2 years, 9 months ago

So, OS, you really can't point to a specific thing I or Jim has said here that's a lie, is that correct?

Whereas, I've pointed out a specific untruth: that Bush never tried to blame Clinton for the recession during his term.

The Daily Show did a a great bit about the blame game, including the times Bush apologists tried to blame Clinton for everything (that part starts around the 5 minute mark):

http://www.thedailyshow.com/watch/tue-june-29-2010/blame

bigD 2 years, 9 months ago

Yes we can all learn from our mistakes but why does it really matter who is at fault for the current circumstances. What I really want to hear is How are we going to right the ship? I have not heard any sound economic ideas up to this point. George H W Bush learned the hard way that you do not raise taxes during a recession. Will Obama learn from this mistake?

OldSpook 2 years, 9 months ago

Once again Dusty, you're wrong, quit looking for a fight that is not there and try reading the post again. Bush blamed Clinton, who Bush who blamed etc, etc ,etc. Obama is not the all knowing benevolent guru who can do. He is human and has his own agenda just as Bush, Clinton, Bush, Regan, Lincoln or any another president.

And if you would, if your reply is merely more finger pointing, please refrain as I am not interested in, nor shall I pursue the blame game. However, given your considerable intellect, what and/or where do you see a solution given the limited knowledge we are allowed by a biased (left or right leaning) media?

JAP 2 years, 9 months ago

The correct answer here is that you DO NOT raise taxes during a recession. Plain and simple. Reagan knew this. As noted earlier, Bush the first found out the hard way. W (and his advisors learned from Reagan). At the very least, leave all taxes as they are. Better yet, reduce some (if not all) taxes. Not enough money coming in? Eliminate duplicate services/agencies and make the remaining ones more efficient. That's the answer on how to run government.

Diogenes 2 years, 9 months ago

Unfortunately, it was sheer insanity to start two wars and push one of the largest entitlement programs in history through the Congress while cutting taxes. The current cost of Iraq and Afghanistan has passed the trillion dollar mark, and the final tally will likely be at least double that due to replacing equipment that is getting worn down in the desert and the cost of health and other benefits for our veterans who are fighting and dying valiantly for the Corporate States of America

Lawrence Lindsey, who was former President Bush's top economic adviser, was fired for estimating the cost of the Iraq war to be no more than $200 billion. Donald Rumsfeld put the figure at $50 billion. Right now, the cost of Iraq is approaching $750 billion.

The lesson: Taxes should ALWAYS increase in times of war, not only to pay for the war, but also to ensure that citizen dissent will help bring it to a close in a timely manner. Instead, the previous administration tried to make the war as painless as possible for everybody (well, except for our troops), and the end result is that EVERYBODY is now the worse for it.

For the sake of comparison, WWII cost our country around $3 trillion in today's terms when you adjust for inflation.

BullyDad 2 years, 9 months ago

JAP - You are 100% ON TRACK.

Dusty - You really take the daily show seriously???

madstork 2 years, 9 months ago

Nice to see the Moore County Democratic Chair and Dusty are on a first name basis. Both intent on provoking...no sign of remedies.

dustyrhoades 2 years, 9 months ago

Not just me, bullydad. Jon Stewart's the most trusted newsperson in America. What does THAT tell you about ow badly the corporate run media has shirked their responsibility to call politicians on their BS?

OldSpook-you're the one who talked about "more lies" from Obama supporters, and as yet, haven't pointed one out. Backpedaling from that, are we?

dustyrhoades 2 years, 9 months ago

madstork: I'd be on a first name basis with you if you had the stones to tell people your real name here.

JER 2 years, 9 months ago

JAP: Your one paragraph solution to all our problems sounds good. I'm ready to follow you as my leader. Before I fall in line, could you publish your resume on what governments you have successfully run.

lindy888 2 years, 9 months ago

First lie from O man.......I will close Git-Mo......Now is that a lie or a truth....

madstork 2 years, 9 months ago

Counselor Rhodes: I choose carefully to whom I give my name. You, sir, are not one of them. Public posting of personal information just makes no sense. You really don't want to know me. Trust me. Stones and all. Seems your response is a little emotional. You and the Dem Chair must have fine chats....I've seen him in action too...not pretty.

JAP 2 years, 9 months ago

Just for the record, my resume:

Economics degree from UNC-CH. Former business owner in Moore Co. Controller for a $25 Million per year business in Wake Co.

Thanks for your interest.

Diogenes 2 years, 9 months ago

This comment was removed by the site staff for violation of the usage agreement.

BullyDad 2 years, 9 months ago

JAP

I could tell from your comments that you were far more qualified than PBO.We need people with your experience to step up and help us out of this mess. Please consider running for state of national office.

moonchild7 2 years, 9 months ago

This is so simple, here's what we do. We DO raise taxes during this recession because the rich are still living very, very well. That's good, but they can do without an extra house or two. Since they are refusing to spend that money to help get this country going again the goverment is doing the right thing by going back to where the tax rates were before Bush and Clinton. WE ARE AT WAR!!!!!!! RAISE TAXES!!!!!!! Dummies!!!!!!

Then President Obama orders a 3-5% across the board cut of government spending as well as a total audit of all departments.

Allow the working poor to not have to pay any taxes for 1-2 yrs because they will put that money back into the economy right away.

Give companies that are willing to begin new manufacturing businesses in the U.S. and hire in the U.S. HUGE tax breaks.

And finally(my favorite), if all that fails, President Obama needs to take over the OIL, GAS, & COAL, Companies. They are evil.(Did any of you guys wait hours in those gas lines in the 70's like I did because they told us the oil will soon run out?!!!!) THEY LIED.

LB67 2 years, 9 months ago

when you post a comment on someones profile, it is sent to their email address, the person posting the comment does not see the email address and I think you can reply, it goes back through The Pilot to their email, so no email addresses are seen

moonchild7 2 years, 9 months ago

Nah, don't want to crush the bourgeoisie the way Lenin proposed. Too dire. I'm not that cruel. The Russians have yet to recover from that extremely bleak time. The solutions to many problems are usually those that take a medium or moderate approach. You didn't read from my solution's any suggestion that the tax rate for the wealthy go to the previous high of 94% that they paid during WW II did you? I don't think that was fair. Not fair at all but it also doesn't seem that they did any protesting about having those high rates to pay did they? Serious, sure. Sometimes it's the simpilist ideas that work. I've used them to great success by keeping everything simple and uncomplicated. It seems though that there are some very bad forces out there that are doing their best to do a lot of harm. Oh, Mr. Prometheus the reason I became a little "insulting" with my posting was because of your requesting me to "check out" THE TRUMPET. Now that's dangerous reading. Very doomsday. Not cool. Can't apologise.

nothingspecial 2 years, 9 months ago

Moonchild, tell me that was just a parody of a comedy routine about a Republican mimicking a Democrat - even we don't think Liberals are that way out.

Prometheus, keep up the good work, giving them headaches and getting them pissed as they try to wade thru the big words. All they have left are red herrings.

JER 2 years, 9 months ago

JAP: Would have replied sooner but prometheus took the floor. Your resume shows promise and indeed, I do have more interest. A degree in economics is something shared by many in the current administration and, therefore, does not, uniquely qualify you as my chosen leader. Being a past business owner that has, as the right likes to point out, "made payroll" may seem like the perfect qualification to be a leader, assuming that the business was a thriving enterprise. Your brief "resume" doesn't elaborate, so we don't know if it was a business you started from scratch, built into the thriving concern that got very big and you sold at a big profit to pursue other business interests or one that you bought and lost your butt on and left to go to Wake County to work for somebody else. Being a "former business owner in Moore County" doesn't tell me enough about your ability to run our country. And, as I'm sure you are aware, the Controller doesn't run the company. He usually works for the CFO, who works for a VP who works for a President , who works for COO who reports to a Board of Directors. I still have you under consideration as my leader and ask that you now supply some details on "eliminating duplicate services/agencies" and making them more efficient. I think a perfect place to start is eliminating the legislative bodies of all states. We've got 50 of them all doing the same thing. What do you think? We are the UNITED STATES OF AMERICA right? Shouldn't they all have the same laws and regulations? I'm glad you brought this up, JAP...you just might be our man!

MikeNC 2 years, 9 months ago

Good Factual Letter to the Editor Ms. Polk. Thanks for telling it like it was and now is !! Diane McLellan

RadioNC 2 years, 9 months ago

I'm just glad I have a job so I can send my taxes in to pay for the First Lady's (and 40 of her friends) vacation in Spain, Bo's, the dog, private jet, and now the First Family's two week vacation at Martha's Vineyard. Oh, let's not forget the token stop at the Gulf coast.

USAgirl 2 years, 9 months ago

I agree with what he is saying. I have seen this money wasted on stupid things and to know I can do nothing about what they do with the money that is being taken out of my pay checks, food, gas, and bills just makes me sick.

moonchild7 2 years, 9 months ago

The Trumpet is published by The Philadelphia Church of God(a cult), NOT THE Church of God. Big difference. That group in Philly "broke off" from the larger Church, they didn't like the "sermons". NOTHING they say has any merits. Case closed. Exploit: to make use of selfishly or unethically. And you are citing a "sighting" you had of someone coming out of Social Services in Carthage on their cell phone getting into their Lexus? Those two facts alone are why that person is probably needing to go get some help. Georgie B. told everyone to SHOP, SHOP SHOP 'TILL U DROP after 9/11. And DROP it did. Right off of the Dow and S&P. Right into The House of Bankruptcy. You should "pity the fool" who bought into all that mumbo jumbo about buying things(on credit cards and equity loans)and not feel that they are bilking "the system". The bilkers and exploiters were on Wall Street, in Charlotte, Detroit, Dallas, Houston, L.A., Miami, on and on. What ever the person in Carthage needed help with hopefully they also got some advise on how not to get into the position of constantly needing assistance. You need to be gad we have a government willing to help when ANYONE has personal, health, or financial difficulty. My economic suggestions were NOT any I actually thought up, except taking over the Oil&Gas. I've disliked them since the 70's beccause of those gas lines and "running out" of oil to heat my home when the company said "there was no more". I froze for a couple of days 'till they got some more, it was winter! All of those suggestions have been "put forth" by more knowlegable economists than me in the last few years. Not all at once and not by the same economist. I was the one who put them all together because it makes sense. Just trying to keep up with current affairs.

moonchild7 2 years, 9 months ago

Gee, it's taken a little time to "get the facts straight" but here's what I either heard on tv or read in the NYT or WSJ. 1) One month after 9/11 Pres. Bush said: "We cannot let the terrorists achieve the objective of frightening our nation to the point where we don't conduct business or people don't shop."(Sorry just one shop but he did continue to EMPHASIZE it!) 2) Rep. Paul Ryan of Wisconsin(OMG a Republican)proposed in the "Roadmap": "to establish a binding cap on total spending as a percentage of GDP at the spending levels that are projected to result from the plan. It requires the President's budget and CBO to make projection's annually in comparison to spending limits. It requires a comprehensive review(audit?)of the long term budget outlook every five years. (Sorry I messed up he's not an economist). 3)Michael Ettlinger(economist at Center for American Progress)explains in detail why Bush's tax cuts need to expire. 4)Stephen Silivinski(Cato Institute); "Imagine there's no income tax for the working poor. That's good."(He does talk about a National Sales tax instead and I'm not sure about that). I am not a one dimensional person and try I to listen to most sides of an argument. Liberals are not always right(just most of the time). There is one known fact: If there is a stalemate in congress and Bush's tax cuts totally expire then everyone's tax's will go up. Bush should have asked people to volunteer after 9/11 not shop. I went to Ground Zero in Dec. 2001 to pay my respects and see the destruction first hand. Having actually been to the top of the WTC twice before and knowing how monumental those buildings were it was sickening, chilling and incomprehensible. There was dust still on things. Many of the pictures of those missing were still there. A messengers bicycle was still locked to a sign post. I don't think that was a figment of my imagination.

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Now We Know Whose Fault It Isn't

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