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Valued Social Butterfly

Re: Turning Back Progress Has Never Worked

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Message 41 of 51

Amazing EasyEd !!! In less than 1 year Trump did all that and Obama had nothing to do with the Black Unemployment numbers dropping from 2010 until Jan. 2017 , even though Obama was the President.

Amazing Trump must have covertly worked miracles tweeting policy from his Tower for those previous 7 great years of success. 

Come On EasyEd at least keep your bias somewhat believable !!!

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Treasured Social Butterfly

Re: Turning Back Progress Has Never Worked

382 Views
Message 42 of 51

This is my latest column from a local newspaper. Keep in mind that this is copyrighted material; but since I am the author and wish to protect my identity, I am not enclosing the link to the column. 

 

That's okay, Lee, I found your bio. You have quite a record - and awards.

I don't see anything in your post that can be disputed. Very nice post. Thanks for sharing it.

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Trusted Social Butterfly

Re: Turning Back Progress Has Never Worked

366 Views
Message 43 of 51

Mand wrote-Sorry but what you just stated makes no sense and  If what you stated were even true , which it's not ,  about the black unemployment problem , where does that put the 8 years under G.W. Bush ?---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Bush`s economy started going bad in the last 6 months of his Presidency and started with a Democrat congress who pushed through Dodd Frank which allowed poor people who couldn`t afford to buy  a house to buy one with a government guaranteed.The present  black unemployment is the lowest  it has been in history under Trump.    Gee, It is great to have a real President again!!

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Valued Social Butterfly

Re: Turning Back Progress Has Never Worked

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Message 44 of 51

Sorry but what you just stated makes no sense and  If what you stated were even true , which it's not ,  about the black unemployment problem , where does that put the 8 years under G.W. Bush ?

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Trusted Social Butterfly

Re: Turning Back Progress Has Never Worked

374 Views
Message 45 of 51

Mand wrote-The trend of lowering Black Unemployment that started back in 2010 , is now Trump's accomplishment - LOL I Love It !!!

 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------The blacks suffer the highest unemplyment under Obama than any other President since Johnson , Apparently you must have been living out of the country for the last 9 years. Guess you will be giving Obama credit for everything Trump accomplish for the next 7 years.

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Valued Social Butterfly

Re: Turning Back Progress Has Never Worked

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Message 46 of 51

The trend of lowering Black Unemployment that started back in 2010 , is now Trump's accomplishment - LOL I Love It !!!

 

 

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Valued Social Butterfly

Re: Turning Back Progress Has Never Worked

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Message 47 of 51

easyed, I would be the first to say that there can be over regulation and that many regulations often don't make any sense at all. But most regulations are written by career bureaucrats, many who often lack experience in the field or area where they are regulating. There must be some input from the businesses and community as far as regulations, but we cannot allow businesses and industry write regulations since there is a great potential for abuse and disregard for the welfare of the public. 

 

Environmental regulations should be written on the basis of scientific evidence. But under the current administration such terms as "science based" and similar terms are banned by the agency. It is clear that current EPA head Scott Pruitt is owned by the oil and gas industry. He has been a shill for that industry for most of his career and is completely the wrong person to head the EPA. 

 

Financial services has to be tightly regulated and not done by the banks, insurance companies or investment houses. This country had a fairly well regulated financial sector for more than fifty years. Although there were periodic recessions and downturns, recovery was fast and the economy emerged much stronger. But beginning in the 1980s, the financial services industry began to be deregulated. The result was a series of crises culminating in the great recession of 2007 to 2009. 

 

The sad thing was that the great recession could have been avoided had the congress not caught deregulation fever. The Gramm-Leach_Bliley bill never should have been passed. President Bill Clinton should have vetoed it when it came across his desk. There are solid reasons why consumer banking and investment banking must be kept separate, just as there are solid reasons why insurance companies and investments should also be kept separate.

 

The investment business is inheriently risky. But when big banks and insurance companies are using consumer's money to gamble on investments of questionable risk; that is exposing the public to more risk than necessary. It took quick action by the government in the TARP bail out to prevent an entire collapse of the financial and credit system that would have brought on another great depression. But the United States refused to prosecute those who caused the problem. 

 

Now what I am deeply afraid of is that under the current administration with the foxes securely inside the hen house; the United States is headed toward another financial collapse in the future. They want to repeal the Dodd-Frank Act and do away with the Consumer Financial Protection Bureau. That would allow the predators to again prey on gullible and unsophisticated consumers like what happened in the 2000s. 

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Valued Social Butterfly

Re: Turning Back Progress Has Never Worked

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Message 48 of 51

In 1924, Republicans slashed income tax rates from 65% to 25% and deregulated Wall Street. it took just 5 years for the rampant rapacity of the rich to utterly destroy our financial system. The destruction lasted 14 years

 

In 1932, Democrats raised the income tax back to and re-regulated Wall Street and the Banksters with Glass-Steagal and regulations on margin trading. The recovery lasted 70 YEARS

 

In 1982, Republicans slashed the income tax rate and deregulated the Savings and Loan industry. The S&L crash caused by the rampant rapacity of the rich destroyed the lives of millions of Seniors, but at least 200 of the criminal financiers went to jail. But Republicans took a very different approach to this disaster than was taken by Democrats back in 1932. The GOPers slashed the income tax rates AGAIN, and made legal all the things that had sent those 200 scumsuckers to the clink. 

 

So in 2008 when unregulated Wall Street and the Banksters destroyed THE WORLD economy, nobody went to jail, no unrich people got their money back, but jrbush made sure a trillion tax dollars when straight into the pockets of the Wall Streeters who caused the disaster.But giving money to unrich people was deemed a "moral hazard" that would make unrich people reckless with their money in the future, so they got not a dime and 8 MILLION of them lost their homes.

 

In an attempt to keep another 2008 from happening, Democrats passed Dodd-Frank which was much less restrictive than Glass-Steagal, but better than the NOTHING the GOPers had used to replace it. Then the income tax was raised back to 39.6%, but President Obama wanted to END the worthless wars jrbush had lied us into, so the economic boost FDR had from having to fight WWII wasn't there. GOPers slashed Government spending (Govt spending  is what got us out of the economic disaster Republicans had created in 1929) and blamed President Obama for the slow recovery.

 

Now Der Trumper is telling us he'll get rid of ALL those bothersome regulations that gave us cleaner air and water, safer cars and food and trustworthy investments, so he can cut more taxes and make America White Again, just like it was in the 1960's because back then minorities were INVISIBLE - never saw them in your schools or your neighborhood and definitely not on TV or the movies. THAT is the 1960's Republicans all long for.

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Trusted Social Butterfly

Re: Turning Back Progress Has Never Worked

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Message 49 of 51

While interesting reading it is not what Trump is attempting to do when when trying to make Great again. Both Democrats and Republican Presidents had their problems back in the bad old days(as you want us to believe) Regulations hindered our economy for the past  8 years and getting rid of a lot of them is great for both large and small businesses. BTW-the black population is now doing very well  job wise since Trump is now President.
Black unemployment rate falls to record low     -----Good to see you back posting (lk152)

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Valued Social Butterfly

Re: Turning Back Progress Has Never Worked

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Message 50 of 51

During the "roaring 20s"; there were almost no regulations on the stock market. Shady speculators routinely took advantage of unsophisticated investors. Even honest stock brokers and traders sold stocks on "margin". People could invest in stocks by only putting up as little as 10% of the cash needed to purchase the stock. The broker would put up the remainder and as the stock increased in value the broker's loan would be paid back. This worked as long as the stock merket kept rising. 

 

But in the fall of 1929, the stock market stopped rising. Stocks were way over valued and a flood of margin created a cash crunch. The result was the stock market crash and ensuing Great Depression. 

 

Then in 1933 through 1940 under the administration of FDR, congress passed a series of laws and regulations to prevent such abuses and rampant speculation. Investing in stocks always carried risks, but at least people investing in stocks knew about the risk that they were taking. A federal regulatory agency was created to oversee the investment market and a host of regulations was enacted to prevent abuses and stabliize the market. 

 

Since then, although the economy has undergone several recessions and some stocks tanked; a repeat of the 1929 stock market crash and Great Depression was avoided. 

 

Then beginning in the late 1970s and accelerating in the 1980s and later; congress deregulated several industries. Some deregulation like in airlines and trucking helped the economy and allowed more competition, making air fares more affordable for consumers. 

 

However in the 1990s and especially in the 2000s; congress began deregulating financial services. One key act was the Gramm-Leach-Bliley Act that repealed the Glass-Steagall Act that required banks to completely separate their investment banking from consumer banking; essentially banks to use consumer deposits to finance inherently risky investment banking.

 

At the same time new types of securities, based on consumer mortgages became a popular form of investment by many banks. Consumer mortgages were another business that was deregulated as well and instead of local banks handling mortgages, there developed mortgage companies that loaned money out for mortgages but did not take in consumer deposits. Thus those mortgage companies were not subject to any banking regulations. 

 

This created a housing bubble in the 2000s that eventually burst in 2007. As a result, mortgages began defaulting and those investments based on mortgages also lost money - big money. Banks that had invested in those securities were suddenly on the ropes and some banks were on the brink of insolvency. The spectre of another great depression was looming. Only swift action by congess and the President prevented another financial crisis like what followed the 1929 stock market crash. 

 

The point of all this is that regulations are necessary for a functioning society and to protect the public. If you live along a river or stream, you wouldn't want your neighbor upstream dumping sewage in the river that flowed past your property. Nor would you want a manufacturing plant to dump their waste in the air that you and your children breathe. 

 

Our society and country is much more complex than it was when it was founded. Laws and regulations are necessary to prevent abuses and to maintain order. Unfettered capitalism can lead to all sorts of abuses of the powerful on the rest of the country. Donald Trump's call for rolling back regulations may have some appeal to the wealthy, but at the same time, it could hurt far more Americans than it would benefit. 

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