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WaPost: Bush Resists Taking New Economic Steps (such as cap gains tax cuts to help the market)
Washington Post ^ | July 18, 02 | Dana Milbank and Jonathan Weisman

Posted on 07/18/2002 1:35:12 PM PDT by churchillbuff

Edited on 09/03/2002 4:50:45 AM PDT by Jim Robinson. [history]

Read the story online. It says the Republican and conservative economists, and Wall Street economists, want Bush to press for more tax cuts - such as capital gains cuts - to help the tanking stock market. (And, I suppose, to make sure the GOP doesn't get clobbered in the coming election).

Unfortunately, like his dad in 1992, Bush isn't listening to these voices. He's content to let his long-term tax cuts kick in years from now - - - even though Americans are feeling the pain NOW.


(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Front Page News; Government
KEYWORDS: bush; stocks; taxes
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1 posted on 07/18/2002 1:35:12 PM PDT by churchillbuff
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To: churchillbuff
Some sample paragraphs from the article:

Some on Wall Street worry that the loss in wealth due to falling stock prices will cause consumers to spend less and save more, slowing economic growth. William C. Dudley, chief economist for Goldman Sachs and Co., said "there's disconnect" between Bush's policies -- such as extending last year's tax cut past 2011 -- and the problem. "It's the least optimal situation for an economy that's potentially in trouble to be cutting taxes not now but in the future."

Lawrence Kudlow, who was an economist with the Reagan administration, also criticized the Bush administration for its long-term view on taxes. "They seem to be a little slow reacting to changing events," he said. ...

Wall Street analysts and several economists also propose cutting the capital gains tax paid on profits from stock sales or eliminating all taxes on such profits if they are reinvested in new stocks. And some have pleaded with the White House to revisit its decision to impose steep tariffs on imported steel. "Bush's steel decision has really hurt the markets by creating a sense that we're going to have trade wars," said economist Stephen Moore of the Club for Growth.

2 posted on 07/18/2002 1:37:29 PM PDT by churchillbuff
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To: churchillbuff
Accountant for the Welfare State has always been a GOP disaster; I simply do not understand the political logic of the Bush Team's Hoovernomics.
3 posted on 07/18/2002 1:38:25 PM PDT by JohnGalt
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To: churchillbuff
I got criticized for calling it the "Bush Bear Market" on another thread, but if he insists on leaving taxes as unreasonably high levels, then that name fits.
4 posted on 07/18/2002 1:38:31 PM PDT by churchillbuff
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To: JohnGalt
I simply do not understand the political logic of the Bush Team's Hoovernomics.""""

I SIMPLY DON'T UNDERSTAND WHY THE BUSHES REFUSED TO LEARN FROM REAGAN. If it weren't for Reagan, neither Bush would ever have been president, but they still don't give him his due as the only successful Republican president in a generation.

5 posted on 07/18/2002 1:40:10 PM PDT by churchillbuff
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To: JohnGalt
"Bush's top economic adviser, Lawrence B. Lindsey, has been bearish about the economy for years and is said to oppose any meddling before the market fallout has run its course."

Is this guy's name Lindsey - or Darman?

6 posted on 07/18/2002 1:43:34 PM PDT by churchillbuff
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To: JohnGalt
"Mr. Hoover is said to oppose any meddling before the market fallout has run its course."

7 posted on 07/18/2002 1:45:19 PM PDT by churchillbuff
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To: churchillbuff
Wow you really like to hear yourself talk don't you( 5 of the 6 previous replies are by you promoting a WashCompost article).

You must have a job at the WP.

8 posted on 07/18/2002 1:46:36 PM PDT by Dane
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To: churchillbuff
A lot of 'solutions' but first define the problem. Buchanan with Press 7-17-02


       BUCHANAN: "Thank you, Bill. I want to talk today a little bit about what’s going on in the economy, because it concerns a lot of folks. And one of the reasons you have got real problems in the market, the Nasdaq has lost 75 percent of its value, and the Dow has lost about 30 percent of its value-that equals in the United States, since the peak of the market, over $5 trillion dollars in equity has been wiped out.
       Worldwide it’s over $11 trillion. Now people aren’t saying why it is. And I’ll tell you one reason they’re ignoring. It is the collapse of the American dollar overseas against the yen and the euro.
       Why is the dollar falling? Too many dollars are out there. All over the world a wash. How are they getting out there? Three ways. American foreign aid shovels them out of the United States. Second, IMF and World Bank bail-outs of year ago, they shovelled all those dollars out there. But third and most important, since Y2K began, January 1, 2000, the United States has run $1 trillion in merchandise trade deficits.
       That’s right, more goods, a trillion dollars more goods pouring into America from foreign factories than going out from America.
       What does that mean? It means manufacturing is dying in the United States of America. Jobs are going overseas. The great economic independence of the United States is being lost and, more important now, it means it’s coming right home to River City, and it’s starting to kill the American dream. Congress has got to get off this global free trade, which is killing this market. "

Since we now have an 'information-service' economy instead of an industrial, maybe we can export some information (audited) some hamburgers or some dot.gone knowhow.

9 posted on 07/18/2002 1:48:15 PM PDT by ex-snook
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To: churchillbuff
Bushes approval rating is in the mid 70 range. What is yours? The american people give him and the repubs hi marks for handeling the economy what mark do they give you? If he tried to cut the cap gains tax now the dems would beat him and the repubs over the head from now to the elections.
10 posted on 07/18/2002 1:48:35 PM PDT by cksharks
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To: Dane
No, I just know that nobody will pay attention to any criticism of Bush on this board, unless I drive home the point - - - and even then, most freepers would rather cover their eyes (while their retirement portfolios shrink and their taxes stay high)
11 posted on 07/18/2002 1:48:48 PM PDT by churchillbuff
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To: churchillbuff
Don't believe a word Dana Milbank or Jonathan Weisman writes.
Milbank just got through writing a hit piece on Chenney.
They are actively doing anything they can to undermine president Bush and his administration.
12 posted on 07/18/2002 1:50:19 PM PDT by bomper
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To: churchillbuff
The Washington Post pushing for tax cuts? Democrats want a capital gains tax cut? Did hell freeze over?
13 posted on 07/18/2002 1:50:58 PM PDT by Jim Robinson
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To: cksharks
Bushes approval rating is in the mid 70 range. What is yours? The american people give him and the repubs hi marks for handeling the economy what mark do they give you? If he tried to cut the cap gains tax now the dems would beat him and the repubs over the head from now to the elections."""
Clinton had a high approval rating, too. Clinton also opposed cutting the cap gains tax. Sorry, but a high-tax politician will earn my criticism no matter what party he belongs to - or how many sheeple don't care how high their taxes are.

14 posted on 07/18/2002 1:51:18 PM PDT by churchillbuff
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To: churchillbuff
Wall Street analysts and several economists also propose cutting the capital gains tax paid on profits from stock sales or eliminating all taxes on such profits if they are reinvested in new stocks.

I'm not sure just how effective this measure would be -- So much of the capital that is tied up in stocks today is in tax-sheltered or tax-deferred accounts anyway.

And the notion of eliminating taxes on the profits of stock sales if these profits are used to buy more stocks is nonsense -- Democrats have rightly been criticized in the past for what they call "targetted investment."

Kudlow, Moore, the Wall Street Journal, etc. are all wrong about this in one crucial respect: they are acting as if the stock market is the be-all and end-all of the U.S. economy. We are witnessing the free market at work, and they simply don't like what it is saying -- Fewer and fewer investors have any confidence in the integrity of corporate America these days.

15 posted on 07/18/2002 1:51:42 PM PDT by Alberta's Child
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To: cksharks
So you are a Bush apologist? He is not skilled enough to out flank the Dem's; is that your take?
16 posted on 07/18/2002 1:51:57 PM PDT by JohnGalt
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To: Jim Robinson
Did hell freeze over?""

Unfortunately, it looks like hell will feeze over before Bush will push for cap gains tax cuts.

17 posted on 07/18/2002 1:52:27 PM PDT by churchillbuff
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To: churchillbuff
No, I just know that nobody will pay attention to any criticism of Bush on this board, unless I drive home the point - - - and even then, most freepers would rather cover their eyes (while their retirement portfolios shrink and their taxes stay high)

Especially if that criticism comes from the WP. Wow you are a beltwayer aren't you.

JMO, but you should really get over doing a lewinsky over anything the WP posts. Enter the real world.

18 posted on 07/18/2002 1:52:55 PM PDT by Dane
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To: churchillbuff
There is NO WAY that Dasshole will ever allow a capital gains tax cut to be voted on in Congress. The Dems WANT the market to stay bad for political gain.
19 posted on 07/18/2002 1:53:34 PM PDT by Blood of Tyrants
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To: Alberta's Child
The point is that you stay on message. Who does Bush think he is appealing to when he says CEO greed is the problem? Are we accountants for the welfare state or reformers? Seriously, if this forum is reduced to debating the minutiae of cutting tax rates 5 points either way whilst we, on the other hand, debate troop movements in Jerusalem, then Leviathan has already defeated as an effective voice of dissent.
20 posted on 07/18/2002 1:54:44 PM PDT by JohnGalt
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