Blog Archives

8 False Things Republicans are trying to put over … and the REAL FACTS:

From Dave Johnson at Campaign For America’s Future:

There are a number things the public “knows” as we head into the election that are just false. If people elect leaders based on false information, the things those leaders do in office will not be what the public expects or needs.

1) President Obama tripled the deficit.
Reality: Bush’s last budget had a $1.416 trillion deficit. Obama’s first budgetreduced that to $1.29 trillion.

2) President Obama raised taxes, which hurt the economy.
Reality: Obama cut taxes. 40% of the “stimulus” was wasted on tax cuts which only create debt, which is why it was so much less effective than it could have been.

3) President Obama bailed out the banks.
Reality: While many people conflate the “stimulus” with the bank bailouts, the bank bailouts were requested by President Bush and his Treasury Secretary, former Goldman Sachs CEO Henry Paulson. (Paulson also wanted the bailouts to be “non-reviewable by any court or any agency.”) The bailouts passed and began before the 2008 election of President Obama.

4) The stimulus didn’t work.
Reality: The stimulus worked, but was not enough. In fact, according to the Congressional Budget Office, the stimulus raised employment by between 1.4 million and 3.3 million jobs.

5) Businesses will hire if they get tax cuts.
Reality: A business hires the right number of employees to meet demand. Having extra cash does not cause a business to hire, but a business that has a demand for what it does will find the money to hire. Businesses want customers, not tax cuts.

6) Health care reform costs $1 trillion.
Reality: The health care reform reduces government deficits by $138 billion.

7) Social Security is a Ponzi scheme, is “going broke,” people live longer, fewer workers per retiree, etc.
Reality: Social Security has run a surplus since it began, has a trust fund in the trillions, is completely sound for at least 25 more years and cannot legally borrow so cannot contribute to the deficit (compare that to the military budget!) Life expectancy is only longer because fewer babies die; people who reach 65 live about the same number of years as they used to.

8 ) Government spending takes money out of the economy.
Reality: Government is We, the People and the money it spends is on We, the People. Many people do not know that it is government that builds the roads, airports, ports, courts, schools and other things that are the soil in which business thrives. Many people think that all government spending is on “welfare” and “foreign aid” when that is only a small part of the government’s budget.

This stuff really matters.

If the public votes in a new Congress because a majority of voters think this one tripled the deficit, and as a result the new people follow the policies that actually tripled the deficit, the country could go broke.

If the public votes in a new Congress that rejects the idea of helping to create demand in the economy because they think it didn’t work, then the new Congress could do things that cause a depression.

If the public votes in a new Congress because they think the health care reform will increase the deficit when it is actually projected to reduce the deficit, then the new Congress could repeal health care reform and thereby make the deficit worse. And on it goes.

Tom Tomorrow has something for us to think about…

What if more businesses operated like Goldman Sachs?

Go HERE to find out,

A Statement on Goldman Sachs

Here’s a brief clip from a Matt Taibbi article in the Guardian:

Last summer I wrote a brutally negative article about Goldman Sachs for Rolling Stone magazine (I called the bank a “great vampire squid wrapped around the face of humanity”) that unexpectedly sparked a heated national debate. On one side of the debate were people like me, who believed that Goldman is little better than a criminal enterprise that earns its billions by bilking the market, the government, and even its own clients in a bewildering variety of complex financial scams.

On the other side of the debate were the people who argued Goldman wasn’t guilty of anything except being “too smart” and really, really good at making money. This side of the argument was based almost entirely on the Randian belief system, under which the leaders of Goldman Sachs appear not as the cheap swindlers they look like to me, but idealised heroes, the saviours of society.

I think I have a stronger agreement with the criminal enterprise… for what you may think, go in and read the whole article HERE.

This from Taegan Goddard’s Political Wire:

clipped from politicalwire.com

Goldman CEO to Take $100 Million Bonus

Goldman Sachs “could be about to pay its chief executive a bumper bonus of up to $100 million in defiance of moves by President Obama to take action against such payouts,” the Times of London reports.

The world’s richest bank “is becoming the focus of an increasingly acrimonious political and financial showdown” over the payment of bonuses.

Last week, Obama described bonuses paid out by some banks as “the height of irresponsibility” and “shameful.”

  blog it
Have these bankers learned NOTHING?!

Vegan on the Road… The Entertainment of Geithner

I’m sitting in the Cafe at the Common Market store in Frederick, MD, where I shop on Wednesdays for the discount to buyers over 60. This is the best organic/vegan food source near our home in Shepherdstown and I have a great time shopping here.

On the way down, I listened on C-Span Radio to Geithner and the House Committee that he was testifying before duke it out over the TARP funding and why AIG got 100% monies while other sufferers got 3% or 5% monies… stuff like that. There also seems to be a large contingent on both sides of the aisle working on Geithner’s connections to Goldman Sachs which apparently made out like bandits on the federal funding deal and didn’t do anything to change their approach to the market. Of course it doesn’t help that Geihtner and Bernanke and a lot of the other “federal” folks involved were ex-Goldman Sachs employees. It sure looks like a stinky setup.

Lunch here at the Cafe, with free Wifi (albeit really slow) let’s me check in on e-mail and such and it looks like a lot of my friends are not buying Geithner’s babble. Can’t wait to see if he’s still going as I head back home. The Vegan Tofurkey Reuben was great, too.


Quote of the Day

“The announcement of Goldman’s spectacular third-quarter earnings ($3.19 billion) was paired with the news that the company was donating $200 million to its own foundation, which promotes education. In Goldman dollars, that largess is roughly comparable to the nickels John D. handed out to children a century ago. At least those kids could spend the spare change on candy.”

– Frank Rich, in his NY Times op-ed “Goldman Can Spare You a Dime” about Goldman Sachs and its activities after being saved by our tax money.

The comparison with John D. Rockefeller is right on the money (heehee).