The 21 craziest quotes from the campaign trail

Politico.com By Nick Gass 11/25/15 And they’re not all from Donald Trump. 1. ‘I would bomb the sh– out of them’ Trump has made no effort to tone down his fiery rhetoric when it comes to fighting the Islamic State, … Continue reading

Yesterday’s GOP debate: Minimum Wage, Balanced Budget, Economy, Taxes, Immigration, ACA, Military, Trade

A transcript of yesterday’s main GOP Debate in Milwaukee, WI will be found here. I mention this at the outset so those who desire can read the candidates’ comments unfiltered by media reports.

Following are several snippets from the debate:

  • Carson: “Every time we raise the minimum wage, the number of jobless people increases.”
  • Rubio: “If you raise the minimum wage, you’re going to make people more expensive than a machine. And that means all this automation that’s replacing jobs and people right now is only going to be accelerated.”
  • Bush: “Hillary Clinton has said that Barack Obama’s policies get an A. Really? One in 10 people right now aren’t working or have given up altogether, as you said. That’s not an A. One in seven people are living in poverty. That’s not an A. One in five children are on food stamps. That is not an A. It may be the best that Hillary Clinton can do, but it’s not the best America can do.”
  • Fiorina: “Well, first Obamacare has to be repealed because it’s failing… [applause]…it’s failing the very people it was intended to help, but, also, it is croney-capitalism at its worst. Who helped write this bill? Drug companies, insurance companies, pharmaceutical companies, every single one of those kinds of companies are bulking up to deal with big government. See, that’s what happens. As government gets bigger, and bigger — and it has been for 50 years under republicans and democrats alike — and business have to bulk up to deal with big government.”
  • Paul: “No. I don’t think we’re any safer — I do not think we are any safer from bankruptcy court. As we go further, and further into debt, we become less, and less safe. This is the most important thing we’re going to talk about tonight. Can you be a conservative, and be liberal on military spending? Can you be for unlimited military spending, and say, Oh, I’m going to make the country safe? No, we need a safe country, but, you know, we spend more on our military than the next ten countries combined?”
  • Cruz: “You know, I mention that the 25 programs that I put today, that I would eliminate them. Among them are corporate welfare, like sugar subsidies. Let’s take that as an example. Sugar subsidies. Sugar farmers farm under… [bell ringing] …under roughly 0.2% of the farmland in America, and yet they give 40% of the lobbying money. That sort of corporate welfare is why we’re bankrupting our kids, and grandkids. I would end those subsidies to pay for defending this nation…”
  • Trump: “The TPP is horrible deal. It is a deal that is going to lead to nothing but trouble. It’s a deal that was designed for China to come in, as they always do, through the back door and totally take advantage of everyone. It’s 5,600 pages long. So complex that nobodies read it. It’s like Obamacare; nobody ever read it. They passed it; nobody read it. And look at mess we have right now. And it will be repealed. But this is one of the worst trade deals. And I would, yes, rather not have it. With all of these countries, and all of the bad ones getting advantage and taking advantage of what the good ones would normally get, I’d rather make individual deals with individual countries. We will do much better. We lose a fortune on trade. The United States loses with everybody. We’re losing now over $500 billion in terms of imbalance with China, $75 billion a year imbalance with Japan. By the way, Mexico, $50 billion a year imbalance.”
  • Kasich: “Well, look, in 1986 Ronald Reagan basically said the people who were here, if they were law-abiding, could stay. But, what didn’t happen is we didn’t build the walls effectively and we didn’t control the border. We need to. We need to control our border just like people have to control who goes in and out of their house. But if people think that we are going to ship 11 million people who are law-abiding, who are in this country, and somehow pick them up at their house and ship them out of Mexico — to Mexico, think about the families. Think about the children. So, you know what the answer really is? If they have been law- abiding, they pay a penalty. They get to stay. We protect the wall. Anybody else comes over, they go back. But for the 11 million people, come on, folks. We all know you can’t pick them up and ship them across, back across the border. It’s a silly argument. It is not an adult argument. It makes no sense. [applause]”

Ben Carson: “…get rid of all government subsidies…”

By Russ Phillips During the 10/28/15 GOP Debate Carson said, “Well, first of all, I was wrong about taking the oil subsidy. I have studied that issue in great detail. And what I have concluded is that the best policy … Continue reading

The Great Depression: Bank Failures

(Presidential candidate Jim Webb ended his bid for the Democratic nomination yesterday as noted here. – Admin.)

By Russ Phillips

(Earlier postings: One and Two)

As mentioned yesterday, “Those who cannot remember the past are condemned to repeat it” (George Santayana) and it appears that many events in history repeat. This cyclical nature of history, in part, suggests the lack of mindfulness of the past and a lack of action to prevent its recurrence.

America’s banking system began to collapse in the early 1930s, in part, because so many commercial banks had speculated in stocks. After several prominent banks collapsed depositors rushed to withdraw funds from remaining banks. In the first two months of 1933 four thousand banks were forced out of business. Because accounts were not government-insured millions lost their life savings.

As a result of the Banking Act of 1933, bank deposits since have been insured by the Federal Deposit Insurance Corporation (FDIC). However, the Financial Crisis of 2007-2008 manifested itself in some ways very different from The Great Depression.  One significant factor was the housing market.

“The bursting of the U.S. (United States) housing bubble, which peaked in 2004, caused the values of securities tied to U.S.real estate pricing to plummet, damaging financial institutions globally. The financial crisis was triggered by a complex interplay of policies that encouraged home ownership, providing easier access to loans for (lending) borrowers, overvaluation of bundled subprime mortgages based on the theory that housing prices would continue to escalate, questionable trading practices on behalf of both buyers and sellers, compensation structures that prioritize short-term deal flow over long-term value creation, and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making.” (Source)

This 2:18 video clip, “Worsening Crisis,” appears on the Franklin D. Roosevelt Presidential Library and Museum website as part of its “Virtual Tour.” BTW, this is an excellent website that gives great insight into our nation’s history during the Roosevelt Presidency of twelve years.

What caused the Great Depression?

By Russ Phillips

“Those who cannot remember the past are condemned to repeat it” (George Santayana) and it appears that many events in history repeat. This cyclical nature of history, in part, suggests the lack of mindfulness of the past and a lack of action to prevent its recurrence.

Two momentous events that can be instructive for the future are The Great Depression (1929-1939) and the Financial Crisis (2007-2008).

Several days ago I posted about the Glass-Steagall Banking Act that was referred to in the October 13, 2015 Democratic Debate as well as by Ben Carson on ABC “This Week” two days ago.

This 2:58 video clip, “What Caused the Great Depression,” appears on the Franklin D. Roosevelt Presidential Library and Museum website as part of its “Virtual Tour.” BTW, this is an excellent website that gives great insight into our nation’s history during the Roosevelt Presidency of twelve years.

Here Are 21 Policy Highlights From the First 2016 Republican Debate

The Daily Signal By Melissa Quinn and Natalie Johnson, News Reporters 8/7/15 The 2016 primaries are in full momentum following months of build-up, officially kicking off on Thursday night in prime-time as the ten leading Republican candidates squared off for … Continue reading

Indiana’s mixed bag: unemployment, economic performance, manufacturing, trade agreements and wages & benefits

(Links, parenthetical comments and highlighting were done by the Admin.) Business Insider: Power of partnership can help Indiana IndyStar.com By John Ketzenberger 6/19/15 Juan Pablo Montoya had barely finished his victory lap after this year’s Indianapolis 500 when the news … Continue reading