That Was Capitalism the Last 8 Years? Really?
May 9th 2009 19:27
Howard Dean: "I think we had quite enough capitalism in the last eight years and I think we need some regulation now."
Really, we had "quite enough" capitalism in the last eight years?
1. Bush raised government spending more than any President in quite some time.
2. The Federal Reserve likely added to the boom with a low Federal Funds rate.
3. The Financial and Medical sectors are very highly regulated, and Bush did not do much to change that (i.e. expanded Medicare, Sarbanes-Oxley)
4. The tax burden remains high and promotes consumption rather than saving, while discouraging paying off debt.
5. Bush's administration started the bailouts.
6. The causes of this economic downturn can be traced back to moves made in the last 25 years, not just the last 8.
7. Fannie Mae and Freddie Mac (privatized profits/socialized losses)
8. The government pressuring expanded homeownership.
Looking over just some of the facts of the last 8 years, it seems as if the problem was not too much capitalism, but too little. Are Dean and those that agree with his statement of "quite enough capitalism" just ignorant, stupid, liars, or a little of all three?
Really, we had "quite enough" capitalism in the last eight years?
1. Bush raised government spending more than any President in quite some time.
2. The Federal Reserve likely added to the boom with a low Federal Funds rate.
3. The Financial and Medical sectors are very highly regulated, and Bush did not do much to change that (i.e. expanded Medicare, Sarbanes-Oxley)
4. The tax burden remains high and promotes consumption rather than saving, while discouraging paying off debt.
6. The causes of this economic downturn can be traced back to moves made in the last 25 years, not just the last 8.
7. Fannie Mae and Freddie Mac (privatized profits/socialized losses)
8. The government pressuring expanded homeownership.
Looking over just some of the facts of the last 8 years, it seems as if the problem was not too much capitalism, but too little. Are Dean and those that agree with his statement of "quite enough capitalism" just ignorant, stupid, liars, or a little of all three?
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