Wednesday, August 11, 2010

David Stockman - Republicans Should Declare Bankruptcy

In an a NY Time OpEd piece, Four Deformations of the Apocalypse Reagan's former Director of the Office of Management and Budget, David Stockman blames extreme Republican ideology for the coming American economic apocalypse and states that their current insistence on extending the unaffordable Bush tax cuts so that the weathiest among us don't have to bear a mere 3% more in righting what's wrong is tantamount to the GOP declaring bankruptcy.

Deformation #1: At the urging of Failed Free-Market Fundamentalist Milton Freidman, Nixon takes us off the gold standard resulting fiscal irresponsibility and the rampant printing of money.

Deformation #2: Crushing debt from domestic excesses war mongering and the adoption three decades ago of the Republican religion that deficits don't matter if they result from tax cuts.

Deformation #3: The vast, deadly and unproductive expansion of Wall Street and the too greedy to fail banksters, whome he calls "wards of the state". (Or is it the other way around?)

Deformation #4: A war on the middle class and working families where the
top 1 percent of Americans received two-thirds of the gain in national income from the failing Wall Street casino while the bottom 90 percent got only 12 percent from Main Street. (Don't believe in the redistribution of wealth? There it is!)

Conclusion: The day of reckoning is close at hand and the Republican Party offers an irrelevant platform of ideological, bankrupt policies.

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