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

[churchillbuff]

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.

[Desdemona]

"The steel tariff was done both as a campaign promise fulfilled and in the interest of national security."

I wondered when somebody on FR would state this. Why would any country wanting to see us destroyed, sell us the steel we would need to build an arsenal?

I was under the impression that the Pres is signing what Congress sends him with the idea that if the people want something else, they'll elect different representatives. That's been his MO. Maybe I'm wrong.

Another thing, why would anyone on their right mind invest, if any profits are confiscated? Just wondering (and voting for a different Congress Critter and Senator this time).

[reformedliberal]

Your #32:

Thank you!! Saved me the trouble.

[justshe]

EXACTLY right, Dane. The sky is NOT falling...even if the cable news channels try to convince us it is. And even if the newsies managed to get an editorial opinion (NOT hard news) right, like the sky is falling, 98% of the populace wouldn't have advance warning.

[mdwakeup]

I'm not sure a capgains cut would help. Who's got gains?

[Freee-dame]

The Washington Post pushing for tax cuts?

only so they can then bash Bush for "tax cuts for the rich."

[Freee-dame]

The traditional networks(ABC, NBC, and CBS) garner about 25% of the audience for their nightly news

If Sean Hannity is really questioning regular, often supposedly educated Americans, even these newswatchers don't know much. Very few can identify the Vice President of the US. Today a girl thought the VP is Al Gore.

[Jim Robinson]

Well, I don't know much about the Vice President, but I think the President is that cowboy guy. You know, the one from Death Valley Days.

[churchillbuff]

Reuters Business Report

July 18, 2002

Stocks Hit 5-Year Low on Dismal Profits

By Chelsea Emery

NEW YORK (Reuters) - The broad market tumbled to 5-year lows on Thursday as a flurry of dismal corporate earnings reports pummeled hopes company profits were on the mend.

Surprisingly weak reports from health products company Baxter International Inc. (NYSE:BAX - News) and others slammed stocks, disappointing investors after major market gauges had climbed a day earlier. On Wednesday, the blue-chip Dow Jones industrial average (CBOT:^DJI - News) had snapped a seven-session losing streak.

"The lack of any positive news is derailing any sort of market gains," said Michael Palazzi, head of Nasdaq trading for SG Cowen. "The market is way beyond rhetoric and needs to see concrete hard evidence that earnings are improving." --------------------------- Looks like Bismarkian economics may prove politically suicidal.

[churchillbuff]

From ABCnews.com

Lawrence Lindsey: Supply-Side Economist

Bush Economic Adviser Pick is Outspoken

Larry Lindsey comes to the new Bush administration straight from the old Bush administration, ... He opposes cutting the capital gains tax rate, something of an oddity among conservatives.....

[habaes corpussel]

How do you cut taxes and gains with a $165 Billion deficit?
Especially with Congress spending money we just don't have. I know deficit spending! Not a good position to be in. The President really has to pull the stops out now.

[Sonny M]

Bush learned the wrong lesson from Reagan. Reagans tax cuts were very successfull and they did work, it took some time, but his tax cuts resulted in a strong economy, that breifly went down under Bush, and then as he was leaving office went back up again and was strong even under an incompetant clinton. Bush seems to think that his tax cuts will work (which they will), but he isn't seeing that he can get even mroe from cutting the capital gains tax. Settling for something that is long term when you can have long term and short term is stupid. He can have both, made the economy strong now and then watch it get even stronger and better when the tax cuts start to really take a strong effect even though they should be cut more. Just cut the god damn thing already.

[churchillbuff]

I think he could unilaterally order a recalculation of cap gain rates so they'd be indexed to inflation. That would amount to a big cut for people who've held assets for decades. WHY IS HE SO LIBERAL ON THIS ISSUE, REFUSING TO CUT AN ONEROUS AND UNJUST TAX????????

[churchillbuff]

How do you cut taxes and gains with a $165 Billion deficit?

You sound like a Democrat. Funny how freepers start sounding like Democrats when they have to defend Bush's liberal policies.

[habaes corpussel]

"You sound like a Democrat. Funny how freepers start sounding like Democrats when they have to defend Bush's liberal policies."

I am not defending any policy. I will say this. This is not a result of any Bush Policy. This is a result of an out of control Congress and eight years of bad domestic policy.

[Freee-dame]

Well, I don't know much about the Vice President, but I think the President is that cowboy guy. You know, the one from Death Valley Days.

LOL

Reagan wrote over 600 daily radio broadcasts in his own handwriting on yellow legal pads. The book Reagan In His Own Hand, compiling many of them, is now on bargain tables. Out of respect for a great president, I hope they never get to the remainder sales.

[FreeReign]

"The steel tariff was done both as a campaign promise fulfilled and in the interest of national security."

I wondered when somebody on FR would state this. Why would any country wanting to see us destroyed, sell us the steel we would need to build an arsenal?

I too believe that national security considerations are the primary reason why Bush did the steel tariff. Disinformation says otherwise -- even here at FR.

[churchillbuff]

How do you cut taxes and gains with a $165 Billion deficit?

Didn't stop Reagan - - - thank G-d

[JohnGalt]

Funny that ABC labels him a supply sider but, straight from the horses mouth, he lacks the credentials...

From: Jude Wanniski
Re: Taxing Capital Gains

The biggest hole in President-elect George W. Bush's agenda is his failure to include a cut in the capital-gains tax in his tax program. One of the reasons it isn't there is that his economic advisors, led by former Fed Governor Larry Lindsey, are not particularly interested in a lower capital gains tax. Demand-side Keynesians -- whether Republican like Lindsey or Democrat like Treasury Secretary Larry Summers -- have not been taught the supply-side effects of taxing capital-gains and so tend to minimize the importance of the issue.

[churchillbuff]

IN EARLY TRADING, the Dow Jones Industrial Average was down about 178 points after shedding 132.99 points Thursday. It was the lowest level for the blue-chip measure since trading resumed after the terrorist attacks last September when it closed at 8235.80. It’s intraday low last September was 7926.90. The tech-heavy Nasdaq Composite Index was down around 15 points. """"

Another banner day in what may soon be know as the BUSH BEAR MARKET

[habaes corpussel]

"Another banner day in what may soon be know as the BUSH BEAR MARKE"

I will say this much. The Bush clan seems to have a family problem when it comes to the economy, whether or not its their fault or not.