Iacco Revisited

From the DC underground:

We all know Iacco is talking about Bush, the most incompetent President and administration ever. Just ponder this:

1. when Iacco received a $ 2 billion dollar bailout of Chrysler in the early 1980s it was as a loan and was repaid completely with the U.S. Government and taxpayers earning some $400 million in interest. When Bush, his Treasury secretary Paulson and the FED rescued Bear Sterns just this month it was with a $28 billion bailout that obligates the taxpayer to all the losses that will occur as a result of these subprime loans many of which are or will be in default. No interest will be collected for taxpayers like in Chrysler's case.

2. Bear Stearn's got into the mortgage business late in 2001 when former Senator Phil Gramm of Texas, John McCain chief economic advisor today, proposed a bill deregulating the banking industry and repealing the Glass Steagel Act. This act allowed investment bankers who sell stocks, do IPOs and run hedge funds to enter the mortgage business that was the domain of conservative traditional banks. Bush and we all know that regulations particularly of the investment banking industry and its hedge fund cowboys is a bad thing, don't we.

3. It was reported today after tax day that the top five hedge fund managers earned from $1.5 to $3.7 billion last year . that's right it's billion not millions. They don't pay taxes like you or I but pay at capital gains tax rates of 15% and Republicans have refused to change how hedge fund managers are taxed. It's only fair .. they are the deserving rich. A consultant to the the industry Daniel Strachman commented that people will say" Oh my God . Look how much money these guys are making while people are losing their homes and complaining about the cost of sugar and eggs. But so What? " Just like Dicko.

It was also reported today Treasury Secretary Paulson rejects further regulations on these cowboy investors that are driving up the prices of all commodities including gasoline and food. Regulation is bad.

4. Meanwhile John McCain unveils his economic plan ( Washington Post 4/16/08, p.A7) which could be labeled as McSame, as a rehash of Bush's economic policies with tax cuts at its centerpiece mostly for corporations and wealthy individuals. McSame favors: a. the corporate tax rate would be lowered from 35% to 25%

b. the alternative minimum tax AMT would be eliminated. Of the 4 million taxpayers who pay AMT 93% earn between $200,000 and $1 million. Full repeal of the AMT will cost the Treasury $1.6 trillion over 10 years

c. the Bush tax cuts which are due to expire would be made permanent. This includes the lowering of the taxes to the top 38.5% bracket by 3.5 points to 35% while other brackets only got half that reduction of 2 points. It's only fair that the deserving rich get more. These tax reductions and war spending resulted in a ballooning of the federal deficit which had been reduced to zero under Clinton to record highs. In essence Bush broke into Al Gore's 'Social Security Lock box'. You remember that expression that Gore used.

d. taxes on dividends and capital gains would stay at 15%. Most middle class investors have their stock and bond holdings in IRAs which are taxed at regular income rates on withdrawal. Last year those with incomes between $50,000 and $75,000 and having stock transactions received an average tax cut of $43 from the 15% tax rate. Those with incomes over $1 million saved $38,000 thanks to the Bush 15% rate.

To amplify on Iacco's remarks, let's remember some specifics

1. We've got a gang of clueless bozos steering our ship of state right over a cliff we can't even clean up after a hurricane ... Heck of a job Brownie said Bush
2. much less build a hybrid car.

GM in 1994 received $140 million from the Dept. of Energy to build a hybrid car. What did they do with the taxpayer's money? Why does the CEO of Gm, Rick Wagner make $10 million a year while Toyota's CEO makes $900K and produces fuel efficient hybrids today that can get 46 miles/gallon? Don't believe the GM inspired hype that hybrids cost $7000 more than conventional cars. Toyota is making a profit on them.

Why does Bush put off to 2020 changes in mileage standards that could help to reduce the U.S. dependence on foreign oil now when the technology is here today.

3. The most famous business leaders are not the innovators but the guys in handcuffs.
Do you remember Kennie Boy Lay, W's good friend and chief financial contributor. As president of Enron he presided over Enron's bankruptcy, the biggest in U.S. history when it was filed in December 2001, cost 20,000 employees their jobs and many of them their life savings. Investors lost billions. In addition to being one of the single largest financial backers of George W. Bush's political career, Ken Lay can count himself among the president's closest friends. Letters written while Bush was governor of Texas reveal that the Enron Corp. chairman regularly wrote Bush and called upon the governor for favors. You can see W 's letters to Kennie Boy by googling Ken Lay Bush

4. Iacco says that We're immersed in a bloody war with no plan for winning and no plan for leaving We'rerunning the biggest deficit in the history of the country. Stay the course? You've got to be kidding. This is America , not the damned "Titanic" Petraeus refused to answer the question as to what is victory in Iraq and McSame is planning for a 100 year occupation. The cost of this war is ruining this country economically with costs estimated at $1 to 3 trillion. Meanwhile Al Qaeda and Osama Ben Ladin are free and growing in Afghanistan.

I agree with Iacco that "Let's tell 'em all we've had "enough."For much of the last 8 years we have had a Republican president who answers only to God and a Republican Congress. It's time, as Iacco says to "throw these bums out".