The Wall Street Meltdown Explained: Response to mccainisthrough

This is a response to the terrible video at http://www.youtube.com/watch?v=GzKbLxJb1nQ

McCainisthrough was upset that our video was coming up in related results. She pulled her video and reloaded it at http://www.youtube.com/watch?v=BzMQCVH-w1U

This user uses George W. Bush as political fodder because he didn't know some people were projecting gas to hit $4/gallon. Well, Nancy Pelosi was only off about $1 when asked by Larry King what the national average was.

Pelosi also apparently doesn't know that natural gas is a fossil fuel.

This user also doesn't know that Clinton ran alleged surpluses for 3 years with a GOP Congress because they kept spending increases to an inflation-adjusted 1.2%. Bush's increases were 3.6% after inflation.

Clinton lowered the capital gains tax to 20%, signed welfare reform (after vetoing it) and signed NAFTA (our largest FTA) into law. Hussein Obama wants to raise the capital gains tax, his CBO projects trillion-dollar deficits this year and next year and Obama has flip-flopped on free trade numerous times--probably because he's rather clueless about it.

Obama is well to the left of even Bill Clinton and can't function without a teleprompter, unlike Clinton. This user also apparently doesn't know that the Dow Jones Industrial Average made big gains in the latter half of 1982, in the midst of a very bad economy.

Lastly, his graphs pertaining to crude oil and gasoline prices rarely extend back to the 70s and 80s--the era of price controls and windfall profits taxes.

We've responded to this video before see http://www.youtube.com/watch?v=TrdVa1cin_I and http://www.youtube.com/watch?v=cUEuEY3_kjY

http://archive.redstate.com/stories/congress/whats_the_price_of_gasoline_nancy

http://blog.heritage.org/2008/08/25/morning-bell-where-does-nancy-pelosi-thin...

Dave Kopel demolishes liberal arguments on Florida 2000 http://www.davekopel.org/Terror/Fiftysix-Deceits-in-Fahrenheit-911.htm#2000_E...

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[mrgetrealpeople]

The president, however, had difficulty grasping the possibility, even after Maer told him.

"You just said the price of gasoline may be up to $4 a gallon — or some expert told you that," Bush repeated. "That creates a lot of uncertainty."

So what, Bush is just as out of the LOOP.

[UTubekookdetector]

MRGET: You're just repeating what mcstupid said. mcstupid did a video making fun of Bush for not knowing the price of gas, but she never criticizes Dumocrats for making gaffes. The point you're making was the very point I was responding to. You don't seem too bright kid. I went over this at the very start of the video. Lastly, you've posted several of your comments numerous times. Maybe up the Ritalin dosage a bit.

[mrgetrealpeople]

Peter Maer of CBS News Radio asked: "What's your advice to the average American who is hurting now, facing the prospect of $4-a-gallon gasoline, a lot of people facing ... "

"Wait, what did you just say?" the president interrupted. "You're predicting $4-a-gallon gasoline?"

Maer responded: "A number of analysts are predicting $4-a-gallon gasoline."

Bush's rejoinder: "Oh, yeah? That's interesting. I hadn't heard that."

[hitballfootler]

If you are referring to Obama and congress then I would agree that they are doing a bad job in many areas right now.

[UTubekookdetector]

I've given Clinton credit several times for working well with Congress to control spending. If I gave sole credit to Congress I'm sorry, but they do get the lion's share because Bill can only sign what they send him.

We're headed towards an entitlement disaster and when were those programs created? Under a Dem President and under large Democrat majorities in Congress.

[hitballfootler]

Okay but if the president can work with congress then the president could be partly responsible for creating a surplus. How do you know that it wasn't Clinton and the GOP congress that created a surplus as opposed to just congress?

[UTubekookdetector]

You are correct on that FOOT, but the President can only sign or veto what Congress sends him. He can't make legislation, never has and never will.

Unless you count the time where Bush gave TARP money to the automakers when Congress stated that TARP was for financial institutions only.

That money was unconstitutional in my opinion because Congress never passed legislation giving GM any money.

Bush spent it anyway.

[UTubekookdetector]

Oil prices were high most of the 70s (and remember the high gas prices of the early 80s after windfall profits taxes) because of price controls and/or windfall profits taxes.

The economy kept humming along despite a near-tripling of oil prices under Clinton and before the housing bubble burst under Bush in 2008.

You need to phrase your question differently: You're asking me to prove a negative.

[hitballfootler]

Okay, but if it's possible then how do you know that oil wasn't a contributing factor.

[hitballfootler]

Yeah but the president can ask congress do do things and work with congress to influence their legislation.