Quantcast
Connect with us

Notorious right-wing economist claims Obama caused the financial crisis — two years before he was elected

Published

on

On Monday, right-wing economist Arthur Laffer went on Fox News and warned that if Bernie Sanders is elected president, he would cause a financial crash just like the one Barack Obama caused in 2007 — two years before he took office.

“By giving to those who have a little bit less, you provide them with an alternative source of income, other than working, and they too will produce a little bit less,” said Laffer, who is best known for his belief that tax revenues will go up the more you cut taxes for the rich, and who helped design the package of tax cuts that wrecked the state of Kansas. “Now this is math. It’s not left-wing, right-wing, Republican, Democrat, it’s not liberal or conservative. It’s just plain economics.”

“Whenever you redistribute income, you reduce total income, and that is what [Sanders is] doing, and I’m very afraid that if he were elected, we would have an enormous crash in the market,” said Laffer. “Now that crash would come in anticipation of his election, but it’s much like Obama, who I believe was the reason we had the Great Recession. As he got closer and closer to winning, the markets collapsed.”

The actual cause of the 2007 financial crisis and ensuing recession was a runaway mortgage market that bundled together bad loans to sell as high-yield investments on Wall Street. This problem started years before Obama was even conceived of as a presidential candidate. Moreover, the economy rebounded and then some once Obama’s policies were actually implemented.

Watch below:

Report typos and corrections to [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

People are calling Denver’s newest city council member a communist — but she’d rather be called an anarchist

Published

on

On April 10, Candi CdeBaca’s 33rd birthday, Denver’s second “bomb cyclone” of the year brought snow and heavy wind, and knocked out power in some areas, including at CdeBaca’s house in Elyria-Swansea. When CdeBaca, then a Denver City Council candidate, finally got power back and turned on her phone, she saw she had an unusually high number of missed calls and messages. Birthday wishes, she assumed.

“There was a death threat,” she said. “There were two of them within an hour. One of them said, ‘I was trained to kill commie shit like you.’”

The context: At a candidate forum on April 7, CdeBaca offered some remarks that, to many, sounded like she was advocating a Communist form of government.

Continue Reading

Breaking Banner

Iran says new ‘mentally retarded’ Trump sanctions mean ‘permanent closure’ of diplomacy

Published

on

Iran said Tuesday that new US sanctions targeting its supreme leader meant a “permanent closure” of diplomacy, while the country’s president labelled the White House “mentally retarded” as tensions between Tehran and Washington escalated.

US President Donald Trump signed an executive order imposing the sanctions against Iran's Supreme Leader Ayatollah Ali Khamenei on Monday, taking a dramatic and unprecedented step to increase pressure on Iran after Tehran’s downing of an American drone last week.

Continue Reading
 

Breaking Banner

‘Dangerous linguistic power’: A historian explains how Trump weaponizes nicknames

Published

on

Is Donald Trump the modern day Earl Long?

A three-time Louisiana governor, Long mastered the art of political ridicule seven decades ago by weaponizing nicknames. The hilarious names Long pinned on his rivals, and the rollicking stories he told about them, riveted audiences bored by puffed-up rhetoric.

While Long’s stunts may be remembered as silly hijinks, there was a sly, often deadly serious, purpose to his technique. He used it to get voters to laugh at his foes and to put them on the defensive––a place politicians never want to be. Tucked within Long’s jests were razor-sharp attacks aimed at exploiting opposition weaknesses––hidden swords inside a pea-patch cloak.

Continue Reading
 
 

Copyright © 2019 Raw Story Media, Inc. PO Box 21050, Washington, D.C. 20009 | Masthead | Privacy Policy | For corrections or concerns, please email [email protected]

 ENOUGH IS ENOUGH 

Trump endorses killing journalists, like Washington Post columnist Jamal Khashoggi. Online ad networks are now targeting sites that cover acts of violence against dissidents, LGBTQ people and people of color.

Learn how you can help.
close-link