Wednesday, October 28, 2015

Economy Does Better With Democrats?

___Hillary offered this lie on Colbert's show - a comedy show. Obviously the liberal audience - being the stupid voters described by MIT Professor Gruber - applauded. I have posted (13 Mar 2015) the facts from a NY academic:

___The economy did best with Republican President Coolidge and a Republican-controlled House and Senate in the "roaring" 1920s. The Reagan years and decades afterward were good years, and Democrats controlled the Congress from 1955 to 1995. The United States ran a surplus with a Republican-controlled House and Senate in the latter 1990s. Clinton was quick to take credit, buy he vetoed welfare reform twice before finally signing it. That was a major reason for the surpluses. Clinton ran big deficits (by 20th century standards) before the Republicans took control of Congress. Democrats controlled the Congress from FY2007 to FY2011, so they are partly responsible for the financial crisis. Republican Senator Phil Gramm got the legislation repealed (Glass-Stiegel) which had prevented the financial misdeeds up to that point. Certainly Clinton and following administrations put intense pressure on the mortgage loan industry to make poor loan decisions - threatening racism lawsuits if the loans were denied. Large banks then grouped these loans into derivatives which the bond raters overrated. Taxpayers lost at least $1Trillion when the house of cards collapsed.

___The economy does better in a free market. Centrally planned economies with overregulation do poorly at best!

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