I just discovered this report about the long term effects of some tax cuts almost ten years ago. Apparently these economists stated that by 2012 the deficit would be around 1 trillion dollars, not a bad job looking into their crystal ball since this report is from 2003.
http://www.cbpp.org/cms/index.cfm?fa=vi … 1913#_ftn1
Yeah. There are still some decent economists left, but they are almost all liberal. The old paradigm of deregulation and the market being it's own regulator is now debunked; the banks and oil and gas industry have proven this is impossible. They aren't morally mature enough to act without a government looking over their shoulder.
Funny how the party of "personal responsibility" is completely lacking it when it comes to holding corporate cretins accountable.
I read through some of their predictions and they are very close to what we are facing as a nation right now. I know people want to pass blame but this kind of information shouldn't be disregarded when the conversations are being had about poor decisions made by our elected leaders.
Unfortunately some people will still be blinded by their own beliefs and will refuse to even entertain information like this.
That's good info. Here is another aspect that compounded the problem.
"Brooksley Born was chairperson of the Commodity Futures Trading Commission (CFTC), the federal agency which oversees the futures and commodity options markets. During her tenure on the CFTC, Born lobbied Congress and the President to give the CFTC oversight of off-exchange markets for derivatives in addition to its role with respect to exchange-traded derivatives, but her warnings were opposed by other regulators, The FED and financiers. Born resigned as chairperson on June 1, 1999, shortly after Congress passed legislation strictly prohibiting her agency from regulating derivatives."
Here's an article
http://articles.businessinsider.com/200 … ock-market
Here's the show on PBS. It is an eye opener to how they roll in Washington DC and Wall Street.
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