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Lewis
I wonder if Mike's noticed?
Wed Aug 17, 2011 7:42am
204.145.100.82

Earlier on we had an exchange in which Mike advocated consumption without production, excessive national debt, and printing money with nothing to back it.

Canada did that, early on, and we didn't. The Canadian dollar, going into the 90's, was worth about $.70 US.

Then Canada got smart and QUIT that (yeah, I suppose the road was bumpu at first). They began a conservative fiscal policy - while our liberals drove us to do what Mike advocates.

Now Canada is prosperous, we're not, and the Canadian dollar is worth about $1.10 US.

    • BTWMike, Wed Aug 17 3:11pm
      I've never "advocated consumption without production". Production was never a problem, consumption was. In this recession, there is NO shortage of people willing to work to produce something, BUT... more
      • You have a point, here and there -Lewis, Thu Aug 18 9:37am
        Yes, you have to have a market for the goods and services produced. Production and spending must be synchronized, and whatever is produced must be matched by demand. Government PURCHASING can help -... more
        • Re: You have a point, here and there -Mike, Thu Aug 18 4:04pm
          People need to spend money to build an economy. They need to spend it on goods and services. When they STOP spending then you have a liquidity trap and deflation occurs. Deflation is very bad, even... more
          • Obama's rabbit hole?Lewis, Fri Aug 19 8:06am
            Yes, he did. And the housing mess goes 'way, way back to Clinton's first term - in fact, it has its roots in LBJ's "great war on poverty" - because of which banks were pressured to write "NINJA"... more
            • It was the other way around. It was the banks that lobbied to strip these regulations. You seem to forget that a good chunk of DC is influenced by corporations. Banks lobbied heavily to Republicans.... more
              • Really?Lewis, Sat Aug 20 8:10am
                No, I'm speaking of pressure applied TO the banks. The pressure wasn't intended to eliminate regulation - it was applied TO the banks to "encourage" them to right NINJA loans. The pressure traveled... more
                • Again, NO pressure to the banksMike, Sat Aug 20 3:31pm
                  Banks are public companies that are loyal to their share holders. The banks LOBBIED to have regulations stripped because THEY wanted to increase their bottom line - nothing more. Read up on how much... more
          • Demand, supply, and spending work to help the economy ONLY if the demand is met by production HERE - not China. As I pointed out - we go to a bank and borrow money (via credit card); the bank gets... more
            • So what is your solution to that?Mike, Thu Aug 18 9:55pm
              Do away with free marketing capitalism? Only in times of higher unemployment do people cherish even the crappiest of jobs that they didn't care for when times were good. The cheap crap that many... more
              • Well, I know the LIBERALS' solution -Lewis, Fri Aug 19 7:37am
                It's a 6-point plan: (1) Raise taxes (2) Spend (3) Raise taxes (4) Spend (5) Raise taxes (6) Spend "Increase revenue" to balance the budget? That's another Democrat psuedonymn for "raise taxes" -... more
                • Which liberals are you talking about?Mike, Fri Aug 19 12:33pm
                  Where do you get this notion that liberals cannot be fiscally conservative? When defining, you seem to put all the liberals in one box, yet all the conservatives get to belong in many boxes(social,... more
                  • If all else fails ... READLewis, Sat Aug 20 8:20am
                    Here, "liberal" does not describe or name a political party. I said "liberals", not "Democrats". Of course the (old school Democrats) were fiscally conservative; I was one for 40 years. The Democrat... more
    • Our higher dollar can be detrimentalMike, Wed Aug 17 12:32pm
      Sure it's good for our purchasing power, but may not be so good for encouraging foreign investment in our manufacturing base.
      • But consider ...Lewis, Thu Aug 18 9:40am
        Profits go to those who invest (in either sales or production). When you have foreign investment, the profits leave your country to go to the investors.
        • Nothing wrong with thatMike, Thu Aug 18 4:49pm
          We welcome any foreign investor willing to provide jobs and have them and their employees contribute tax revenue. They obviously need to make a profit or they wouldn't bother in the first place.... more
    • THEY are the ones who are really conservative. The others just call themselves conservatives but don't act like it. The conservative party in power is giving us record deficits right now, just like... more
      • And here -Lewis, Thu Aug 18 10:30am
        Our liberal-dominated congress has not even PRODUCED an annual budget for going on now three years. "Pay for play"? That's the problem - they're playing too much when and where they should not be... more
        • Well, they could produce a budgetMike, Thu Aug 18 4:14pm
          Don't know how accurate ANYONE can make one if one cannot project what their tax revenue is going to be. Since the meltdown in 2008 that revenue was on a slippery slope.
          • For three years - although it's required annually. You project revenue the same way its always been projected; but they didn't bother - they occupied their time by passing law after law that would... more
      • You STILL don't get it.Lewis, Thu Aug 18 10:14am
        "Regulations" is another name for "laws". Laws must be enforced or they have no value - and this enforcement requires policing. This "policing" is called "oversight". Contrary to the claims made by... more
        • And laws have teeth. When you strip regulations (and you did), you're stripping laws. Our oversight is done by auditing. I've explained how our regulations kept us out of big trouble. We literally... more
          • You have an error of facts. Lewis, Thu Aug 18 6:23pm
            When you say "strip" regulations, you imply that ALL regulations were removed - and they were not. There were, and are, ample regulations to have done the job - IF the Senate and House committees... more
            • The Gramm-Leach-Bliley ActMike, Thu Aug 18 8:33pm
              That bill stripped numerous regulatory laws and even introduced a privacy act which removed transparency. It repealed the Glass–Steagall Act of 1933 which forbid banks to sell their risks to... more
              • . . . was illl-advised, to be sureLewis, Fri Aug 19 7:56am
                . . . but Clinton had made that into law before Bush ever took office. You've constantly beaten your drum about BUSH stripping the regulations - So, what regulations did Bush strip? The congressional ... more
                • I never said Bush stripped regulationsMike, Fri Aug 19 1:13pm
                  There you go again, attributing something to me that I've never said. I said the GOP congress wrote the bill that did that. Yes, Bush was not responsible for signing it into law. Clinton did sign it... more
                  • A number of things are obvious ...Lewis, Sat Aug 20 8:50am
                    (1) You don't read. Oh - you COULD, of course; but don't. You're still confusing "oversight" with an accountancy audit. Oversight would be to thoroughly examine random mortgages, from the application ... more
                  • In reverse order ...Lewis, Sat Aug 20 8:29am
                    Frank was NOT of the minority party; at the time of his speech his party was in the majority and he personally was chairman of the House committee charged with oversight. His counterpart in the... more
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