HINT TO TEA-BAGGERS actually, quite a few people will be paying less taxes, not thanks to Obama

[JohnWxy]

2.6 million people lost their jobs in 2008. http://money.cnn.com/2009/01/09/news/economy/jobs_december/">This is the worst job loss since 1945. These people will be paying less taxes. Do you hear them celebrating?

These people will be paying less or no taxes but not thanks to Obama and the Democrats. All the credit goes to the Republican party who doubled the national debt in the 8 years of the Cheney Rove regime and with easy money policies inflated the housing market and refused to regulate financial markets (when 50 states attorney's general tried to take action in 2004 using Consumer Protection laws to reign in Predatory Lenders the Office of the Comprtroller of the Currency (OCC) prevented them by using a 100 year old law. When Eliot Spitzer, then Attorney General of the state of New York, began an investigation of predatory lenders in his state, the OCC sued him in Federal Court to stop him.) and passed laws (Commodity Futures Modernization Act) which made trading in Credit Default Swaps legal AND UNREGULATED - all which (along with decades of Republican policies which reduced the real incomes of everybody but the wealthiest in our nation) brought about the greatest economic calamity this nation has seen since the Great Depression.

Tea-baggers you can give special thanks (for reducing the taxes of those 2.5 million jobless) to Phil Gramm for sneaking the Commodities Futures Modernization Act (2000) in as a rider (basically an earmark) to the Omnibus Spending bill in December of 2000. The Omnibus Spending Bill was must-pass legislation to keep the government running and virtually nobody in Congress even knew the CFMA was in there and that they were voting on it. THE CFMA LEGALIZED TRADING IN CREDIT DEFAULT SWAPS AND MADE THEM TOTALLY UNREGULATED.

It was the use of CDSs which lead banks to think they needed almost no reserves in 2004 Wall Street bankers, lead by Hank Paulson - Goldman Sachs, told the SEC that they didn't need to keep a 12:1 Debt to Equity ratio but could go to 30:1 DtE). The CDSs also made Higher rate Mortgage Backed Securities (MBS)(read sub-Prime loans) much more popular with institutional investors as the Institutional Investors were told by the banks that by buying a CDS with the high rate (and higher risk) MBS they would get insurance against loss of their investment due to default of the mortgages comprising the MBS. In fact the 'insured' (and ostensibly risk free) MBSs were so popular that this lead to a huge increase in demand, not for regular low rate MBSs, but for the High-rate (sub-Prime) MBSs. This incentivized the lenders (in particlar predatory lenders out to make a faster, bigger buck) to beat the bushes for anyone they could sign up to a mortgage - even if the predatory lender filled out fraudulent loan applications to do it.) Thus, CDSs lead to millions of mortgages being written which were destined to go into default.

The UNREGULATED Trading in Credit Default Swaps by banks that didn't understand them along with the fraudulent lending practices of unregulated predatory lenders along with the inflated housing prices due to cheap money policies of the Cheney-Rove regime produced the greatest economic calamity since the Great Depression. Actually, were it not for the existence of the FDIC, Unemployment Insurance and quick action with a stimulus package and yes, a bank bailout (flawed though it may have been ($.60 of Equity share for every dollar of bailout money, in any bank recieving bailout money - thank you Hank Paulsen)) we would now most likely, be going into another Great Depression fully as bad as the original.

So let's give thanks to where it is due. Thank the Republican Corporate Lobbyist party for deconstructing our regulatory system, in creating more opportunities for people to run amok (who would ever think people would take absurd risks hoping to make beaucoup bucks!?!) and for fighting those who were trying to bring some control to the situation when it could have made a difference. Thanks to the REpublican corporate lobbyists (lets not call them legislators - John Boehner said they weren't going to be legislators - just say "no" to anything the Democrats try to do.) for the calamity that has made it necessary to orchestrate a bailout of greedy bankers and a stimulus package which all economists in the known world say is necessary to preclude another Great Depression. Thanks to the Republican Corporate Lobbyist party for this Deregulation Disaster.

And Tea-baggers, if you long for the good ole days of Herbert Hoover, we could cut Government Disaster Relief actions - and then we could dust off that old depression ditty and sing, "Buddie, could you spare a dime?"

[Doctor_J]

1. A lot of them WERE there celebrating yesterday

hate radio convinced them that fair taxes for the zillionaires that outsourced their jobs are a threat to their "way of life" such as it is. Their ignorance dwarfs that of the Soviet proletariat during Pravda's heyday.

[JohnWxy]

2. the Corporate Lobbyist Party counts on them. image -

http://www.geocities.com/jwalkerxy/Republican_sucker.htm