Re: Fiscal Cliff Deal: $1 in Spending Cuts for Every $41 in Tax Increases

Trust me. I know more about the fed than any one person should. But they are currently toothless since both reserve requirements and the prime trays are at all time lows. They are stress testing banks as part of their regulatory powers but seems they are keeping the results secret.

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plainolamerican <plainolamerican@gmail.com> wrote:

>Then we can pay down the debt.
>----
>Ever since the Federal Reserve was created, there have been members of
>the U.S. Congress that have been trying to warn the American people
>about the insidious nature of this institution.
>Just check out what the Honorable Louis McFadden, Chairman of the
>House Banking and Currency Committee had to say all the way back in
>the 1930s....
>"Some people think that the Federal Reserve Banks are United States
>Government institutions. They are private monopolies which prey upon
>the people of these United States for the benefit of themselves and
>their foreign customers; foreign and domestic speculators and
>swindlers; and rich and predatory money lenders."
>
>
>On Jan 1, 11:33 am, lynn...@aol.com wrote:
>> Excellent. Then we can pay down the debt. Sounds like a plan
>>
>> Sent from my Samsung smartphone on AT&T
>>
>>
>>
>>
>>
>>
>>
>> lew <lewc...@aol.com> wrote:
>> >Fiscal Cliff Deal: $1 in Spending Cuts for Every $41 in Tax Increases
>>
>> >by Matthew Boyle31 Dec 2012
>> >biggovernment.com
>>
>> >According to the Congressional Budget Office, the last-minute fiscal
>> >cliff deal reached by congressional leaders and President Barack Obama
>> >cuts only $15 billion in spending while increasing tax revenues by
>> >$620 billion—a 41:1 ratio of tax increases to spending cuts.
>>
>> >When Presidents Ronald Reagan and George H.W. Bush increased taxes in
>> >return for spending cuts—cuts that never ultimately came—they did so
>> >at ratios of 3:1 and 2:1.
>>
>> >"In 1982, President Reagan was promised $3 in spending cuts for every
>> >$1 in tax hikes," Americans for Tax Reform says of those two
>> >incidents. "The tax hikes went through, but the spending cuts did not
>> >materialize. President Reagan later said that signing onto this deal
>> >was the biggest mistake of his presidency.
>>
>> >"In 1990, President George H.W. Bush agreed to $2 in spending cuts for
>> >every $1 in tax hikes. The tax hikes went through, and we are still
>> >paying them today. Not a single penny of the promised spending cuts
>> >actually happened."
>>
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