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Monday, August 2, 2010

The GOP Grew Government.com Bubble

Items of Interest:

David Stockman / NY Times:
[director of the Office of Management and Budget under President Ronald Reagan]
Four Deformations of the Apocalypse -- IF there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The nation’s public debt — if honestly reckoned to include municipal bonds and the $7 trillion of new deficits baked into the cake through 2015 — will soon reach $18 trillion. That’s a Greece-scale 120 percent of gross domestic product, and fairly screams out for austerity and sacrifice. It is therefore unseemly for the Senate minority leader, Mitch McConnell, to insist that the nation’s wealthiest taxpayers be spared even a three-percentage-point rate increase...

it’s a pity that the modern Republican Party offers the American people an irrelevant platform of recycled Keynesianism when the old approach — balanced budgets, sound money and financial discipline — is needed more than ever.

Barry Ritholtz / The Big Picture:
Stockman: How the GOP Destroyed the U.S. Economy -- I have described myself politically as a “Jacob Javits* Republican.” For those of you unfamiliar with the Senator from NY, Javits was a social progressive, a fiscal conservative, “a political descendant of Theodore Roosevelt’s Progressive Republicanism.”

After he “retired” in 1980, the GOP took a very different turn: The emphasis on Fiscal conservatism was lost. Balanced budgets were no longer a priority. In terms of electoral politics, the embrace with the Religious Right was a deal with the devil...

I can sum it up thusly: Whereas the Democrats have no economic policy, the Republicans have a very bad one...'

Doug Mataconis / Outside the Beltway:   David Stockman's Scathing Indictment Of GOP Fiscal Policy
Robert / Angry Bear:   Still Sleazy After All These Years
Jacob Davies / Obsidian Wings:   Why Fiscal Conservatives Should Vote Democrat

Todd Harrison / Minyanville:
The Last Gasp Bubble of Government.com

Pat G. / Think Progress:
Palin Writes Down Cost Of Extending Bush Tax Cuts On Her Hand, But She Still Gets It Wrong  —  Since he was on the campaign trail, President Obama has proposed renewing the 2001 and 2003 Bush tax cuts for the lower- and middle-class, while allowing them to expire on schedule at the end … 
The Huffington Post:
Alan Greenspan: Extending Bush Tax Cuts Without Paying For Them Could Be ‘Disastrous’  —  Former Fed Chairman Alan Greenspan said that the push by congressional Republicans to extend the Bush tax cuts without offsetting the costs elsewhere could end up being “disastrous” for the economy. 
Bob Cesca / Bob Cesca's Awesome Blog!:   Alan Greenspan Opposes Bush Tax Cuts...
Kathy Kattenburg / The Moderate Voice:   Exploding Bush Tax Cut Myths
Bruce McQuain / Questions and Observations:   Bush tax cuts - it's not your money, so quit whining
Yves Smith / naked capitalism:   Debunking Bush Tax Cut Myths
William A. Jacobson / Le·gal In·sur·rec· tion:
What Don't You Understand About “It's Not Your Money” 
Fareed Zakaria / Washington Post:   To deal with the deficit, let the tax cuts expire

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia