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Gingrich Says Obama Drove Up Gas Prices

By Peter Le Force — Newt says when Obama took office gas was $1.69 / gallon. Enter Obama: $4 to $5 a gallon gas. Maybe Newt’s short – term memory has failed. The economy had crashed! Banks were failing, businesses were facing bankruptcy. Credit was frozen. We were losing jobs at a rate of 750,000 per month.  So, yes, Newt, gas prices had drifted lower. Should Obama have kept gas prices from going up? You mean price controls? Or through Obama socialism? Government
take-over? Now Newt’s not an idiot, is he? Naw…just disingenuous!

If the Federal Reserve Had Bailed Out the Homeowners Instead of Wall Street Banks, the Country Would Be Booming Now!

By Frank GlennIf the Federal Reserve had taken the $16 trillion dollars it used to bail out Wall Street banks and giant corporations and bailed out Middle Class homeowners instead, it could have paid off every mortgage owed by everybody in America and still had enough money left over to buy anybody who didn’ t have a house but wanted one — a free and clear house.

Think of it.  All the banks,  their credit swap insurers, and anybody else who was on the hook for mortgage loans that went bad –  would have been saved!

It would not have cost a dime more.  And everybody in America owned their homes “free and clear” — and would have had tons of equity to do whatever they wanted –  and the economy would have been booming!  I repeat — it would not have cost one penny more than the Federal Reserve already loaned out.  Just used it differently!

Too bad they didn’t use the money that way.  The recession would be long past.  And even the 1% would be raking in     the money like legal bandits they have always fancied them to be.  And the license to steal would again have become the license to strike it rich — legally.  Only they would have had to do it the old-fashioned way.  Work for it and earn it.

Maybe that would have taken too long?

 

Obama Proposes Tax Cut for Corporations in Response To Taxation and Income Inequality

By Frank Byronn Glenn President Obama’s proposal to lower the corporate income tax rate is fraught with peril.  It may even be disingenuous.

The marginal tax rate today is 35%.  When John F. Kennedy was sworn in as President in 1960, the marginal tax rate was 91%.  He proposed that because of the excessive tax breaks and loop-holes enjoyed by corporations and wealthy individuals we could lower the official marginal tax rate to, say, 72%, eliminate the loop-holes and come out the  same or  perhaps with even more revenue.  Cut the tax rate, he said, and broaden the base.

That’s what Obama is saying.

It is true that the idea could work – in a vacuum.  The reality is that once you lower the marginal tax rate and change or eliminate a few loop-holes, the inexorable process of lobbyists pressing for new loop-holes and tax breaks – or restoration of the old ones – begins in earnest.

That same mantra has been used by the spend and cut Republicans since the 1960′s.  It never works. The end result is just lower tax rates and the same or more tax breaks and loop-holes for rich people, because Congress, when the curtain is drawn back, basically represent the interests of their largest campaign contributors.

There may be a carrot and a stick silver lining, however, and that’s what I am hoping.  If, as the pre-release press suggests, the incentives to out-source jobs to an incentive to bring jobs back to the United States, then this deal with the devil still may benefit American workers to some degree — over time.