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Tea Party Movement Forgets That The Bush Administration Started The Bank And Auto Bailouts And Other History

Like many purely partisan and overly-simplistic political movements, The largely Republican lead Tea Party protests are attempting to rewrite recent history. It was only months ago that the Bush Administration had proposed the bailouts of banks and the auto industry as the American economy slipped into disaster after months of inaction by the Bush White House that only allowed so many banks to collapse and for the American auto industry to fall into near bankruptcy conditions. Only when the financial system and many banks teetered on complete financial collapse did the Bush Administration begin to consider action back around early September when the problems reached near critical mass.

In fact, it was on September 30, 2008 that the stock market fell by a record 777.68 points for a single day as many Republicans in congress opposed the financial industry bailout plan proposed by their own Bush White House and congress voted by a 228-205 margin to oppose the legislation.

And it was well before this entire financial mess developed, that the Bush Administration compounded the huge American financial loses resulting from the 9/11 attacks of 2001 and all of the huge resulting security spending with the huge mistake of the very costly new war in Iraq, leading to record deficit spending. For much of the Bush years, Republicans controlled the White House, senate, congress and the Supreme Court, each only rubberstamping the same economically disastrous record spending or legislation. It was only since 2006 and 2008 that the Democrats even began to retake portions of government back with two successive election wins.

But these largely partisan Republican Tea Party protesters don't want to hear a word of any of this recent history of their own creation. In their own imaginations, President Obama isn't just attempting to manage all of the serious problems he inherited from the previous Bush Administration and the Republican lack of economic direction of past sessions of congress and to bring these economic crisis issues they wrought for the nation under control. Like all simple minded persons, these Tea Party folks have no real working knowledge of economics for the most part and simply fail to grasp the complexity of issues hurting the financial and automobile sectors that years of Republican economic mismanagement created.

These tax protesters also fail to note that President Obama has long proposed a middle class tax cut to further spur spending and the economy, however it is congress that has failed to pass this proposal and pretty much tabled that proposal as they grapple with big shortfalls in revenue caused by this economic slowdown for business and so many workers now out of work now requiring unemployment benefits instead of being able to pay taxes to help lighten the tax burden for others and to keep the system well oiled and solvent.

And in the U.S. senate, six of the 10 largest earmark spenders continue to be Republicans, such as Thad Cochran. Many of these big earmark spenders come from mainly poor Southern states with very high poverty rates and low wages, and few labor unions due to "right to work" state labor laws suppressing earned per capita income. Democrats aren't even the worse of the earmark spenders in the senate.

Yet these tax revolt, Tea Party Republicans don't want to hear a word of this either. But the fact of the matter is that it was the Republican George Bush White House that allowed this whole economic mess to fester and develop into this current crisis instead of taking steps to prevent this serious recession despite global warnings for months from other nations with a great deal of investment or trade in the United States. Now, despite being the party whose White House had a large hand in creating this whole global economic crisis, many Republican leaders are trying to suddenly pass themselves off as being the solution to this crisis, when all that they have to offer is obstruction to the efforts of President Obama to resolve this crisis and get credit flowing again to spur home, auto and retail sales.

The Tea Party revolt is a wholly directionless political movement, with no real sense of recent history, and long on political hypocrisy, that seeks to offer the overly simplistic complaint of high taxes being the root of all evils. To say that this fails to grasp any decent understanding of the complexity of all of the serious economic issues currently at hand is to say the very least for the intellectual shortcomings of this new right wing movement.


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Comments (22)

Lee Ward:

They're rewriting history in an all out effort to lie to the American public and convince them 'we're doomed" under an Obama administration.

They're liars - that's all they know how to do.

Counting down to the the trolls repeating the lies told to them by the right wing extremist media machine in 5... 4... 3...

J.R.:

Like all simple minded persons, these Tea Party folks have no real working knowledge of economics for the most part and simply fail to grasp the complexity of issues hurting the financial and automobile sectors that years of Republican economic mismanagement created.

Please, not a one huh? But you know it all, right Paul? You can explain to your detractors here the complex reasoning of the failures of the automoblie (U.S. only mind you) and the financial sectors and why it was only Republican caused?

Give me a break. You can't even get the facts straight in your posts here on the Blue page, but you are the economic sage sent to show us the light.

You're too filled with Obama love to understand what happened yesterday and who was involved, let alone complex economics. Stick to what you understand..mopeds.

Maynard:

Nope, didn't forget that. I was against it then, I'm against it now.

I think the reason folsk weren't in the street was because there was an election in a few months. We could get rid of the troublemakers and have our choice of Change or Maverick (not realizing that they are sides of the same coin).

No reason flogging a lame duck.

After the election, we thought we would see what would happen and now we are seeing it and now we're in the streets voicing our opinions.

Bush and Congress were a bunch of asses. Obama & Congress are a bunch of asses.

Samuel Pike:

well the problem is that I dont see anything worthwile that Obama along with his phonies have done since theyve been in office. And this Janet Napolitano,more like a dictator who also likes to lie in case you liberals tend to forget that. Liberals want to take away our personal freedoms that are guaranteed,guaranteed under the Constitution. Maybe its people like this that get to read the Constitution and let it sink in what it stands for. Our founding fathers warned us about people like Obama and all his little Socialist buddies that like to trample all over it (the Constitution),as well as slap all our good men and women serving our country proudly overseas and keeping us safe,maybe you need to remember them before you start justifying what Washington is doing to this country. This country was founded on right,just principles,do you want to see these taken away? Do you want all these rights to be trampled on by Obama who clearly doesnt care anything about you or anyone else but his special interest radical groups? This is why the Tea Party rallies took place yesterday because people are tired of the spending in Washington and the carelessness in which Obama and the rest of these losers dont seem to comprehend at all. Government is the problem,it is NOT the solution. Wake up and smell the roses before its too late. I am a Conservative for positive change,not Socialism.

Samuel Pike:

oh before I forget,shall I start listing the lies that the Liberals have been telling the last few months?

Steve:

Paul, you'll be relieved to know that at the Columbus, Indiana, Tea Party we talked about all kinds of history. And mention of Bush's bailouts and spending drew just as loud of boos as any mention of recent stimulus and other pork spending.

Someone was spotted at one of the Tea Parties carrying a sign with pictures of Bush and Obama, labeled "Dumb and Dumber". That about sums up what hardcore fiscal conservatives and libertarians think of Bush's budgets.

It's also generally well known (particularly with respect to the GM and Chrysler bailouts) that president-elect Obama's economic team made it clear that they would give the bailout money whether Bush did it or not. There's really not a lot you can do as a lame duck when your successor promises a specific course of action. If Bush hadn't given the money to Detroit he would have been savaged as a heartless greedy bastard by the media and by Democrats.

Lee Ward:

A new low for Laprarie:

"If Bush hadn't given the money to Detroit he would have been savaged as a heartless greedy bastard by the media and by Democrats."

You're suggesting Bush was forced to do it? Seriously?

At the same time you suggest conservatives opposed Bush you come up with a lame excuse to excuse his typically Bushy behavior. "Obama made him do it"....


Mac Lorry:

As with any grassroots movement, it takes time to organize and that's the main reason there were no TEA parties prior to Obama taking office.

The point of some of the TEA party protesters that I heard was that overspending by Bush doesn't excuse even more overspending by Obama. The fact that Bush initiating bailouts doesn't absolve Obama of doing the same.

Here's a question. What's the optimal tax rate for generating the most tax revenue? Obviously, a 0% tax rate wouldn't generate any tax revenue. Just as obvious, a 100% tax rate wouldn't generate any tax revenue because there would be no economy. Thus, there has to be some optimal rate between 0 and 100%. Any ideas on what it is?

Lee Ward:

"As with any grassroots movement, it takes time to organize and that's the main reason there were no TEA parties prior to Obama taking office."

8 years wasn't long enough, but 8 years and 1 month was... got it.

"The point of some of the TEA party protesters that I heard was that overspending by Bush doesn't excuse even more overspending by Obama. The fact that Bush initiating bailouts doesn't absolve Obama of doing the same."

It just points our that this isn't tax-based at all - but discord fomented by right wing extremists determined to regain political power.

It's an attack on the party in power bu the right wing fringe, using the needed recession-fighting that's taking place as an excuse for the attack - and using the lie that it's a tax revolt as a cover.

Mac Lorry:
8 years wasn't long enough, but 8 years and 1 month was... got it.

Sorry Lee, but the 1.5 trillion in bailout spending (TARP and the Stimulus bill) is unprecedented in history. Add to that the bloated budget signed by Obama and the ballooning budget proposed by Obama and you are going to get a response by taxpayers who don't think such spending is sustainable. If it is sustainable, Obama hasn't done a good job of convincing many taxpayers.

Any ideas on what the optimal tax rate is?

Lee Ward:

Nope, I'm sure someone has studied it.

Probably a study paid for by the rich which determined that the progressive tax structure should be flipped and the rich should pay less and the poor pay more..

Oh, wait - that's the GOP platform - my bad.

Mac Lorry:

Lee, I don't know what the optimal tax rate is either, just that it must exist. I don't have a problem with the progressive income tax structure as many other taxes are regressive, particularly payroll taxes.

Thing is, if no one knows the optimal tax rate(s), then no one can say that raising or lowering tax rates will increase tax revenues. It's all voodoo economics without knowledge about optimal tax rate(s).

Allen:

I still don't think the GOP and their rich backers realize what they started with the "tea baggers." (also look up tea bagger in the urban dictionary, good for a laugh)

It wasn't just the GOP protesting, people from all political parties, from all walks of life were out. I can agree that Congress needs to start spending our tax money correctly. I don't agree with bashing the President, past and present for this mess. The greedy CEO's caused this mess, along with the crooks in Congress and the Senate, and they belong to both parties.

Paul, an example close to your home, the I5 Bridge. Neither your mayor (Adams) or the mayor of Vancouver (Pollard) are listening to the people that will end up paying for this joke. Both of them are having their pockets filled by special interest parties.

This Saturday, the 18th, a protest is planned at Esther Short Park in Vancouver. BE THERE. It's not a (joke) tea bagging party, it's a PORK PARTY. You don't realize just how mad all the taxpayers are.

The people are determined to take back our country from the crooks. And yes, look at the lists of each party who has members convicted of crimes. The GOP has about a 2 to 1 advantage of being crooks, as they lead the convicted people.

And no, the GOP is not going to be leading this country, neither is the Demo's going to be leading. The people will, and when they (either party) want's to waste our tax money, they will be removed, along with their supporters. We the people have the Constitutional right to remove them by ANY MEANS that includes shooting the SOB's.

Give the GOP credit for ending both their party and the bleeding heart party. Because it is going to happen, and it may not be nice, and some people may be killed, on both sides of the existing parties. So thank the GOP for that, but realize they are to dumb to realize what they started.

Lee Ward:

"We the people have the Constitutional right to remove them by ANY MEANS that includes shooting the SOB's."

You're kidding, right?

Mac Lorry:

Allen,

Sounds like you're a mix of libertarian and hell's angel. It's unlikely many conservatives are going to join any movement that advocates shooting people. If conservatives are anything they're law-abiding; at least the ones not in congress.

The fundamental problem with all forms of government is that humans run them. People who formulate a winning government, like our founding fathers, get old and die. They are replaced by other's who's vision of that winning formula is less and less clear. Over time, lust for power and riches becomes the motive for those in government; it's just human nature. The transformation from a set of ideals to the desires of human nature is "progressive" and those who push that transformation along describe themselves as progressives.

Allen:

Mac, I am neither of the two you mentioned, I am just a pissed off taxpayer. Lee, I'm not kidding. I won't shoot anyone, but I sure will guide their crooked ass out of office. The constitution gives me and others that right. READ IT. It says any means necessary. I watched and listen to the ultra right when Sarah was campaigning, and those nuts were yelling to kill President Obama.

And Paul, where is your take on the I5 bridge that I mentioned? You know that I am correct on that neither mayor will listen to the people. Plus Adams has a sex problem with young people, doesn't he. And I have not mentioned what party he leans to, have I?

Like I said, the GOP and the Dumo's do not realize what the GOP started. Hell of a note, but it's about time. And also, where was the GOP during the last years when they had complete control?

The lousy excuse of grass roots takes time is pure BS. They didn't care about President Bush's spending, but now they complain about President Obama's. Ha ha ha. To bad, but the GOP started this, and they will end up extinct unless they stop the taxpayers. And that I will love to watch. GOOD LUCK, GOP.

Paul Hooson:

Hello Allen. I'm no Adams fan, myself. His lack of good judgment on many issues I find very troubling. I'm in favor of building a wide and big bridge between Oregon and Washington myself as many people get caught in a two hour slow commute just to drive home each night which is completely unacceptable.

One of my least favorite Sam Adams specials right now to fill the empty city coffers is a "construction zone" speed trap over near where I drive my brother home each night. I'm careful and know about it so I've never been caught in it, but others who don't get caught in it and pay enhanced fines even for speeding at 9 or 10 at night, well past the time that any construction workers have long gone home. It's a real Sam Adams special to raise city revenues, where they usually have two motorcycle police and one police car working the one area for weeks now. Adams was unable to plug holes in the streets as a city commissioner, although he did manage to plug a young intern. The guy is in way over his head as mayor in my view. But his only real opponent, a Japanese-American businessman hardly put any effort to oppose Adams. Adams is pretty hard for me to stomach, although I've offered him constructive advice on his website on some issues. Since he's the mayor, I'm willing to work with him. But I don't feel that listens very well, personally. Certainly I'm concerned that he will allow a bunch of bicycle jerks, who don't even pay road taxes decide what sort of bridge will be built between Oregon and Washington.

Mac Lorry:
The lousy excuse of grass roots takes time is pure BS. They didn't care about President Bush's spending, but now they complain about President Obama's. Ha ha ha.

If that's the extent of the intellect behind the "PORK PARTY" it won't last a month

Robert:

There seems to be a lot of confusion over these Tea Parties. They are not specifically anti Obama. In fact I am disgusted that the GOP is hoping to gain some momentum from them. They are opportunistic parasites. The GOP was largely responsible for the mess we are in today. With their blown budgets and do nothing approach to the coming crisis. But to be fair, BOTH parties screwed us. The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 was supported by both parties, and was at the heart of the housing disaster. Former HUD Secretary, Alphonso Jackson, a Bush Appointee firmly supported Pres. Bush's goal of creating 5.5 million new MINORITY homeowners by the end of the decade. So they lowered the lending bar, and all hell broke loose. Government manipulation of the free market, caused this mess.

Out of control government is what these Tea Parties are really about. Nobody waited until Bush was out of office to do this. Nobody forgets Bush's out of control spending. It lead to this. Now it appears to be getting even worse.

Its fast reaching critical mass. Americans are finally running out of patience. Its not partisan.
I am not overly critical of President Obama's efforts. I think he's wrong in his approach, but I see he's trying. Its possible he can succeed, but historically printing money they way we are right now, and monetizing our own debt, has lead to currency collapse. There is far too much debt behind the dollar anyway for it to ever fully recover. That took decades of irresponsible abuse from both parties. Clinton actually did get the budget balanced, and I really wonder had we kept up with that, how would we fair today? President Obama is playing with fire, and I just hope he knows what he's doing. I have my doubts in a government solution, because it was government that brought us here in the first place, and they seem to be taking advantage of the crisis to further political agendas.

I just don't understand the criticism of the Tea Parties. It has to be based on misunderstanding of what they are really about. If you oppose the Tea Parties, then you must be in favor of massive federal debt, and a government that is deaf, dumb and blind to the will of its people.

Its time to stop polarizing and politicizing. Those games got us nowhere. I fully expect this post to be attacked by insecure persons on this site who cannot handle anything they don't agree with. I know the mentality here. This is not a game, this country is in serious trouble, and game playing will only make it worse.


Maynard, you are exactly right, about Change or Maverick being 2 sides of the same coin. Pick your poison.


Quote from Maynard: "I think the reason folsk weren't in the street was because there was an election in a few months. We could get rid of the troublemakers and have our choice of Change or Maverick (not realizing that they are sides of the same coin)."

Mac Lorry:

Robert,

As long you are citing facts about Bush's involvement in the housing bubble please don't forget that in 2001 Bush correctly called the eventual collapse in his first budget and asked congress to act. It's a matter of public record that Bush was one of the first politicians to issue that warning.

Then there's this little
tidbit.

. . .it isn't only Republicans who pushed for deregulation of the financial industries. The Clinton administration championed an easing of banking regulations, including legislation that ended the barrier between regular banks and Wall Street banks. That led to a deregulation that kept regular banks under tight federal regulation but extended lax regulation of Wall Street banks. Clinton Treasury Secretary Robert Rubin, later an economic adviser to candidate Obama, was in the forefront in pushing for this deregulation.
Christina Viering:

So 60's. How cool!


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Publisher: Kevin Aylward

Editors: Lee Ward, Larkin, Paul S Hooson, and Steve Crickmore

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