History is repeating itself

[wildfood]

The Democrats took control of congress after 8 years of Reagan and 4 years of Bush (41).



Then as now, not only did the Republicans increase the deficit to unprecedented levels when in power but then too there was the financial bailout of financial institutions necessitated by the de-regulation championed by said Republicans.



That financial crisis was called the Savings and Loan crisis, one in which John McCain was spanked by investigators for using his congressional position to unfairly help Charles Keating's Savings and Loan (Lincoln S&L) and Chip Bush was lucky not to go to jail for loaning his business partner $100 million without telling the bank he owned that the loan they were voting on was for Chip's partner. That S&L (Silverado) failed too costing the taxpayers over a billion.



Years of deficit spending followed by a very expensive bailout of Wall Street.

Sound familiar?



And what did the Democrats do when they inherited this mess?



The new Democratic Congress enacted the Budget Enforcement Act of 1990  requiring all increases in direct spending or revenue decreases to be offset by other spending decreases or revenue increases.


This somewhat capped deficit growth while the economy grew during the 1990's.


(What happened to this nice cap on deficit spending?

The (later) Republican controlled congress did not renew it in 2002 so Bush could return to  the old ways of deficit spending leading to the current mess we find ourselves in today.)

Then the Democrats also enacted the 1993  "economic package which raised taxes on upper-income Americans and cut spending as a step toward reducing budget deficits, which his economic advisers said were keeping interest rates high.

It passed Congress without a single Republican vote, and Vice President Al Gore had to break a tie in the Senate."

So Democrats have had experience cleaning up the mess Republicans have left in their wake...the extent to which the mess Bill Clinton inherited from Reagan/Bush mirrors the current mess is uncanny (years of deficits, financial meltdown and bailout costs due to deregulation).


In fact Democrats were so good at cleaning up after the Republicans that the 1990's is remembered as one of America's most prosperous eras.



My how history repeats itself.

[Sbane]

I wonder if republicans will still push for more deregulation. They f**ked up California in 2000 with the energy crisis and now it seems like they are going to screw over all of America with this. Idiots.

[○∙◄☻¥tπ[╪AV┼cVê└]

I wonder if republicans will still push for more deregulation. They f**ked up California in 2000 with the energy crisis and now it seems like they are going to screw over all of America with this. Idiots.

Why do you wonder? Of course, they use any screw ups caused by deregulation as "evidence that we need more deregulation".

[Stranger in a strange land]

I wonder if republicans will still push for more deregulation. They f**ked up California in 2000 with the energy crisis and now it seems like they are going to screw over all of America with this. Idiots.

Why do you wonder? Of course, they use any screw ups caused by deregulation as "evidence that we need more deregulation".

[Nym90]

These bailouts would seem a good time to remind voters of McCain's Keating connections.

Also, I'd think some hay could be made out of his vote against the 1993 economic plan that cut spending and led to the biggest surpluses in history. You'd think a so called deficit hawk and anti-spending Senator would've voted for that one.

[WalterMitty]

Also, I'd think some hay could be made out of his vote against the 1993 economic plan that cut spending and led to the biggest surpluses in history.

nym, dont forget, the candidate in the democrat primary that offered these kind of prudent economic plans lost.

your party chose to feel warm and fuzzy rather than be realistic.

[○∙◄☻¥tπ[╪AV┼cVê└]

Also, I'd think some hay could be made out of his vote against the 1993 economic plan that cut spending and led to the biggest surpluses in history.

nym, dont forget, the candidate in the democrat primary that offered these kind of prudent economic plans lost.

your party chose to feel warm and fuzzy rather than be realistic.

Hillary Clinton has given her strong support to fellow moderate Barack Obama.

[Ronnie]

Also, I'd think some hay could be made out of his vote against the 1993 economic plan that cut spending and led to the biggest surpluses in history.

nym, dont forget, the candidate in the democrat primary that offered these kind of prudent economic plans lost.

your party chose to feel warm and fuzzy rather than be realistic.

Hillary Clinton has given her strong support to fellow moderate Barack Obama.

Ugh.

[Sbane]

Also, I'd think some hay could be made out of his vote against the 1993 economic plan that cut spending and led to the biggest surpluses in history.

nym, dont forget, the candidate in the democrat primary that offered these kind of prudent economic plans lost.

your party chose to feel warm and fuzzy rather than be realistic.

Hillary Clinton has given her strong support to fellow moderate Barack Obama.

Ugh.

How is Obama more liberal than Clinton, especially on economic issues?

[Barack Hussian YO MAMA!!!!]

The Democrats took control of congress after 8 years of Reagan and 4 years of Bush (41).



Then as now, not only did the Republicans increase the deficit to unprecedented levels when in power but then too there was the financial bailout of financial institutions necessitated by the de-regulation championed by said Republicans.



That financial crisis was called the Savings and Loan crisis, one in which John McCain was spanked by investigators for using his congressional position to unfairly help Charles Keating's Savings and Loan (Lincoln S&L) and Chip Bush was lucky not to go to jail for loaning his business partner $100 million without telling the bank he owned that the loan they were voting on was for Chip's partner. That S&L (Silverado) failed too costing the taxpayers over a billion.



Years of deficit spending followed by a very expensive bailout of Wall Street.

Sound familiar?



And what did the Democrats do when they inherited this mess?



The new Democratic Congress enacted the Budget Enforcement Act of 1990  requiring all increases in direct spending or revenue decreases to be offset by other spending decreases or revenue increases.


This somewhat capped deficit growth while the economy grew during the 1990's.


(What happened to this nice cap on deficit spending?

The (later) Republican controlled congress did not renew it in 2002 so Bush could return to  the old ways of deficit spending leading to the current mess we find ourselves in today.)

Then the Democrats also enacted the 1993  "economic package which raised taxes on upper-income Americans and cut spending as a step toward reducing budget deficits, which his economic advisers said were keeping interest rates high.

It passed Congress without a single Republican vote, and Vice President Al Gore had to break a tie in the Senate."

So Democrats have had experience cleaning up the mess Republicans have left in their wake...the extent to which the mess Bill Clinton inherited from Reagan/Bush mirrors the current mess is uncanny (years of deficits, financial meltdown and bailout costs due to deregulation).


In fact Democrats were so good at cleaning up after the Republicans that the 1990's is remembered as one of America's most prosperous eras.



My how history repeats itself.

no TAX and spend LIBERALS  conservatives wanna shrink the size of Government
It's the liberals fault they are the big government party, Democrat party,  Democrat party
GOD DAMM LIBERALS HATE AMERICA............ UGGHHHH

[Robespierre's Jaw]

I assume you have never listened to Split Enz's 1981 song History Never Repeats? If you have, then you wouldn't go around and post threads with titles such as "History is repeating itself" and you would know that history never repeats

These bailouts would seem a good time to remind voters of McCain's Keating connections.

Indeed it would Nym. I'm surprised that the Obama campaign hasn't brought the issue of Senator McCain's connection to the Keating Five thanks to the ongoing Subprime Mortage Crisis, you would have at least assumed that the Obama campaign would have, even if it wasn't connected to the Subprime Mortage Crisis. Attacking his "maverack" stance would have been a perfect place to start if the Obama campaign wanted to bring in the issue of the Keating Five.

[Nym90]

Also, I'd think some hay could be made out of his vote against the 1993 economic plan that cut spending and led to the biggest surpluses in history.

nym, dont forget, the candidate in the democrat primary that offered these kind of prudent economic plans lost.

your party chose to feel warm and fuzzy rather than be realistic.

Obama wouldn't have supported the 1993 economic plan?

I agree that hatred of Clinton by Obama supporters is a bit ridiculous given that they agreed on at least 95 percent of the issues. Of course, goes both ways there.

[WalterMitty]

Also, I'd think some hay could be made out of his vote against the 1993 economic plan that cut spending and led to the biggest surpluses in history.

nym, dont forget, the candidate in the democrat primary that offered these kind of prudent economic plans lost.

your party chose to feel warm and fuzzy rather than be realistic.

Obama wouldn't have supported the 1993 economic plan?

I agree that hatred of Clinton by Obama supporters is a bit ridiculous given that they agreed on at least 95 percent of the issues. Of course, goes both ways there.

of course he would have 'supported' it.

would he propose such a prudent plan if he were president?  probably not.

[tik 🪀✨]

The American people are too fickle and stupid to ever accept this kind of connection. Making a race about something besides wedge issues and personal attacks, such as actual issues and proposed solutions, is too "elitist."

Basically, if Joe Sweatpants doesn't understand, someone must be making fun of him.

WalterMitty should concede that Obama ran a better primary campaign due to his use of artificial slogans of idealistic abstract nouns in this respect. If the American people are too distracted to even remember that "CHANGE" has been tattooed on the gums of every politician running against the incumbent party for decades, they won't see a pattern like market deregulation leading to deficits and bailouts.

And while Obama may not have the "experience," he at least seems to have a memory.

[muon2]

The Democrats took control of congress after 8 years of Reagan and 4 years of Bush (41).

Then as now, not only did the Republicans increase the deficit to unprecedented levels when in power but then too there was the financial bailout of financial institutions necessitated by the de-regulation championed by said Republicans.

That financial crisis was called the Savings and Loan crisis, one in which John McCain was spanked by investigators for using his congressional position to unfairly help Charles Keating's Savings and Loan (Lincoln S&L) and Chip Bush was lucky not to go to jail for loaning his business partner $100 million without telling the bank he owned that the loan they were voting on was for Chip's partner. That S&L (Silverado) failed too costing the taxpayers over a billion.

Years of deficit spending followed by a very expensive bailout of Wall Street.

...

Sound familiar?

My how history repeats itself.

This history may repeat but the sequence isn't where you seem to place it.

Let's look at your claim of deregulation. For both the S&L and current investment bank crises the starting point seen by many was industry deregulation. For the S&Ls it was under Carter in 1980, for the current situation most point to the repeal of Glass-Steagall act in 1999 under Clinton.

You also point to "Democrats took control of Congress after 8 years of Reagan and 4 years of Bush." The S&L events you describe were at the end of Reagan's second term, mostly 1986-1988 with a Democratic Congress. The key banking failures at present are in the second term of the GW Bush presidency, with a Democratic Congress.

The major remedy used to solve the S&L crisis was a package that included the creation of the Resolution Trust Corporation under GHW Bush in 1989. GW Bush just proposed a similar package that could be implemented by Congress either this year or next under the new president.

If this history were truly repeating, then that next president would be a Republican with a continued Democratic congress.