DJIA
10/09/08
Dow Jones Industrial Average closes down 679 points to 8579. After reaching an all time high of 14164 one year ago today, the Dow is now at a 5 year low. (May, 2003)
Does this signify the end of free market trickle down deregulated economics?
President Ronald Reagan proposed three major domestic economic policies; (1) less government, (2) free markets, and (3) Lower taxes. These ideas were strongly promoted by a coterie of conservative ideologues who built several conservative think tanks; American Enterprise Institute, Hoover Institute, Cato Institute, etc. They also mobilized large groups of college students through the establishment of on campus "College Republicans" and other Republican youth groups through the Young Republican National Federation. These groups popularized and spread the Republican agenda throughout the country.
It was President Ronald Reagan who proclaimed that: "government is not the solution to our problem; government is the problem", and "The federal government has taken too much tax money from the people, too much authority from the states, and too much liberty with the Constitution." Later, under President George W. Bush, V.P. Cheney stated: "Reagan taught us that deficits don't matter."
"Trickle Down" economics was proposed as the way to invigorate the U.S. economy following the Presidency of Jimmy Carter. Milton Friedman, who advocated a Keynesian policy of taxation as a New Dealer economist under FDR converted to libertarianism was considered one of the founders of the Chicago School of Economics. (For a detailed review of the influence of the Chicago School of Economics, SEE: Shock Doctrine: The Rise of Disaster Capitalism, Naomi Klein; 2008, Picador, NYC, NY), He was a major economic adviser to Ronald Reagan.
The primary proponent for lower taxes that matched President Reagan's economic doctrine was Grover Norquist. After leaving Harvard Business School with an MBA, Norquist became executive director of both the National Taxpayers Union and the national College Republicans organization, holding both positions until 1983. In 1994 he worked with Newt Gingrich and the Heritage Foundation to draft the Contract with America. The National Taxpayers Union has been a proponent for a Balanced Budget Amendment (BBA) to the Constitution. It favors either a Flat Tax or the Fair Tax (a national sales tax with rebate) for the United States, as opposed to the current income tax system now in use. The organization argues in favor of the line-item veto for the president, and generally opposes crop subsidies by the government (such as for sugar and ethanol). The organization's briefs and policy papers decry the "death tax," (a tax on estates) and supports deregulation.
Does this crisis mark the end of the Republican economic agenda? Will the populace now move away from free market deregulated economics? Is run away capitalism finished? Will the middle class stop voting against their own self interests? (SEE: What's the Matter With Kansas; Thomas Frank, 2004, Henry Holt and Co., NYC, NY.)
It's time for a firing squad:
Bush, You're Fired!
Cheney, You're Fired!
Paulson, You're Fired!
Bernanke, You're Fired!
Republican Senate Minority Leader Mitch McConnell, You're Fired!
Republican House Minority Leader John Boehner, You're Fired
and many ineffective Democrats, You're Fired too!
etc. etc. etc.
NOTE: Much of the material in this article was either quoted directly or summarized from content on Wikipedia. The links on this page are to the Wikipedia articles from which the material was extracted.
Michael
Dow Jones Industrial Average closes down 679 points to 8579. After reaching an all time high of 14164 one year ago today, the Dow is now at a 5 year low. (May, 2003)
Does this signify the end of free market trickle down deregulated economics?
President Ronald Reagan proposed three major domestic economic policies; (1) less government, (2) free markets, and (3) Lower taxes. These ideas were strongly promoted by a coterie of conservative ideologues who built several conservative think tanks; American Enterprise Institute, Hoover Institute, Cato Institute, etc. They also mobilized large groups of college students through the establishment of on campus "College Republicans" and other Republican youth groups through the Young Republican National Federation. These groups popularized and spread the Republican agenda throughout the country.
It was President Ronald Reagan who proclaimed that: "government is not the solution to our problem; government is the problem", and "The federal government has taken too much tax money from the people, too much authority from the states, and too much liberty with the Constitution." Later, under President George W. Bush, V.P. Cheney stated: "Reagan taught us that deficits don't matter."
"Trickle Down" economics was proposed as the way to invigorate the U.S. economy following the Presidency of Jimmy Carter. Milton Friedman, who advocated a Keynesian policy of taxation as a New Dealer economist under FDR converted to libertarianism was considered one of the founders of the Chicago School of Economics. (For a detailed review of the influence of the Chicago School of Economics, SEE: Shock Doctrine: The Rise of Disaster Capitalism, Naomi Klein; 2008, Picador, NYC, NY), He was a major economic adviser to Ronald Reagan.
The primary proponent for lower taxes that matched President Reagan's economic doctrine was Grover Norquist. After leaving Harvard Business School with an MBA, Norquist became executive director of both the National Taxpayers Union and the national College Republicans organization, holding both positions until 1983. In 1994 he worked with Newt Gingrich and the Heritage Foundation to draft the Contract with America. The National Taxpayers Union has been a proponent for a Balanced Budget Amendment (BBA) to the Constitution. It favors either a Flat Tax or the Fair Tax (a national sales tax with rebate) for the United States, as opposed to the current income tax system now in use. The organization argues in favor of the line-item veto for the president, and generally opposes crop subsidies by the government (such as for sugar and ethanol). The organization's briefs and policy papers decry the "death tax," (a tax on estates) and supports deregulation.
Does this crisis mark the end of the Republican economic agenda? Will the populace now move away from free market deregulated economics? Is run away capitalism finished? Will the middle class stop voting against their own self interests? (SEE: What's the Matter With Kansas; Thomas Frank, 2004, Henry Holt and Co., NYC, NY.)
It's time for a firing squad:
Bush, You're Fired!
Cheney, You're Fired!
Paulson, You're Fired!
Bernanke, You're Fired!
Republican Senate Minority Leader Mitch McConnell, You're Fired!
Republican House Minority Leader John Boehner, You're Fired
and many ineffective Democrats, You're Fired too!
etc. etc. etc.
NOTE: Much of the material in this article was either quoted directly or summarized from content on Wikipedia. The links on this page are to the Wikipedia articles from which the material was extracted.
Michael
posted by Michael | 6:45 PM
0 Comments:
Post a Comment
<< Home