09-07-2016, 05:31 PM
(09-07-2016, 04:59 PM)Warren Dew Wrote: [ -> ]Reaganomics worked great for me in the 1980s and I was making less than median income. Or perhaps your definition of "rich" is "anyone above poverty level"?
I've heard that from more than just you. It is total absurdity. Rather than look at what is working for the people as a whole, you only look at what worked for yourself. Nonsense. You know better than that. Most people lost ground under Reaganomics; that's the fact. Their income stayed flat while expenses rose through the roof. Both parents had to start working. Opportunities shrivelled up. Jobs began their exodus overseas, and companies started concentrating. Small businesses were eaten up. We were well on our way to the mess we are in now, and that ignorant folks think Trump can fix because he knows how to game the system for himself. Absurdity; surreal blindness. Total ignorance and suicide.
Quote:The government took a huge loss on the auto equity; that will never be paid back. Frankly, though, economic stimulus is not about being paid back; the problem with the bailouts is that they didn't actually help the economy.
"We’ll note that losses from automaker loans were expected to be higher, and the action taken by the Obama administration resulted in GM and Chrysler paying back the bulk of their loans." This site concludes that the car companies paid back at least most of the Obama loans, but not those made earlier under Bush.
http://www.politifact.com/truth-o-meter/...loans-it-/
It's clear the auto companies were well managed under bankruptcy and are now profitable, and that helped the economy. I wish however that the USA would have imposed a stiffer timetable for conversion to clean energy cars. But Obama has put on many requirements and incentives since then that are a good start toward what we need.
As for the bank bailouts, most of those were paid back as well, and they certainly kept the banks and financial system from collapsing. Had they collapsed, we faced economic armageddon; total collapse, and generations of poverty and war. My problem with the bailouts is that the banks were not broken up at the time. We needed to end the banks too big to fail system, and the people seemed ready for this at that time. But Bush and Obama were too cautious, so the banks have continued much of their previous behavior, thus endangering our system again. Obama did impose stiffer requirements on the banks for the loans, at least, and did pass some financial reform that (unless some dufus Republican like Trump gets in) will prevent another too big to fail crash and will at least allow the government to break the banks up as Sanders advocates.