Quote:
Originally Posted by spence
Unreasonable.
You're ignoring the single largest factor in the 1990's economic growth which was investment driven not by low taxes but by the Internet bubble and low oil prices.
Coming off of this, a rise in foreign wealth looking for better returns the derivatives market. The money needed a home so the finance wonks built one.
People can #^&#^&#^&#^&er all they want about which ideology contributed more to the infrastructure for the credit bubble, but the reality is that bigger trends shaped this mess.
-spence
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Spence, I'm not ignoring the Internet bubble or energy prices. And similarly, the economic growth during Bush's first 7 years was largely fueled by real estate values increasing (and low interest rates). I admit those all played a part. I'm not ignoring anythiing. Unlike you, I don't ignore that which doesn't serve my agenda.
YOU ARE THE ONE ignoring the reality that the Clinton and Bush tax cuts (and the increased consumer demand that is the inevitable result) also helped fuel the economy. You must ignore that fact, because for you to admit that fact would be to admit that conservatives have some good ideas, and you cannot ever bring yourself to admit that. Earth to Spence...individuals spend their own money much more effeciently than the feds.
Spence, on the issue of taxes...can you name a large economy, based on high federal taxes, that is thriving? There is only one...Norway. And Norway does it by exploiting every drop of oil they have. Obama wants Norway's tax rates, without their oil. That's what we have here in Connecticut. It's not working out so well.