Speaker Boehner is Out of Touch with Reality Favoring Wealthy over Middle Class

This morning on Chris Wallace's show on Fox News, Treasury Secretary Geithner and Speaker Boehner appeared.  Just like the election the Republicans lost this debate with Wallace as Boehner refused to give specifics telling Wallace he wasn't going to debate with him.  What an arrogant fool Boehner came across this morning which makes you wonder if he is now playing to the hard right which is a prescription for disaster.    On the other hand Secretary Geithner came across with the reasoned approach.

Boehner: No ‘Difference’ If Revenue Comes From Middle Class Or Super RichBy Igor Volsky on Dec 2, 2012 at 9:46 am 

House Speaker John Boehner (R-OH), who has refused to support raising marginal tax rates on the richest Americans in order to avert the so-called fiscal cliff, told Fox News Sunday that it doesn’t matter if the government raises revenue by reducing programs or eliminating tax deductions that also benefit lower and middle class Americans or asks the wealthiest to pay more:

CHRIS WALLACE (HOST): You talked about the fact that the President won and you came out with a concession the day after the election and they point out that the president campaigned on raising tax rates, you know, and it was the big issue, between him and Romney, and, they say, just as he had to cave, after your victory, in the 2010 midterms, now, it is your turn to cave on tax rates. 

BOEHNER: Listen, what is this difference where the money comes from? We put $800 billion worth of revenue, which is what he is asking for, out of eliminating the top two tax rates. But, here’s the problem, Chris, when you go and increase tax rates, you make it more difficult for our economy to grow, after that income, the small business income, it is going to get taxed at a higher rate and as a result we’re gonna see slower economic growth, we can’t cut our way out of this problem, nor can we grow our way out of the problem, we have to have a balanced approach and what the President wants to do will slow or economy at a time when he says he wants the economy to grow and create jobs.

Despite Boehner’s rhetoric, there is no economic evidence to suggest that taxing income above $250,000 hurts the economy. In fact, business thrived during President Clinton’s tenure, as the wealthy paid more. 

There is a clear “difference” to where the “money comes from,” however, and asking higher-income Americans who have benefited the most to pay more is fairer than gutting critical entitlement programs during a slow economic recovery. While middle-class incomes have stagnated, America’s top income bracket has enjoyed a period of exceptionally low tax rates thanks largely to caps on investment income and tax cuts put in place by former president George W. Bush. These super-rich Americans have fared well under President Obama, too; corporate profits are skyrocketing and the total number of millionaires in the US has exploded during his term. 

After reading what Boehner had to say this morning, I am beginning to understand why House Republicans are blocking a bill that would keep the Bust Tax Cuts for those making less than $250,000 and get that off the table.  This group of Republican Congressman have the ability to equate raising taxes on the middle class doesn't hurt us any more then raising them on the wealthy.  Are Republicans in the House that stupid?  I can guarantee you if I lose $1,000 to taxes and more, it is going to hurt a lot more than someone worth millions losing $10,000 or even $100,000.

Boehner has officially gone over the cliff with the rest of the House GOP who are too pigheaded to see they are costing votes with Middle Class voters including this longtime Republican who right now is going to have a hard time ever voting for another Republican for Congress after what we are seeing out of this House.  The lack of empathy in the Republican Party for those less fortunate is driving a lot of us up a wall.  Yet they consider themselves Christians?

A lot of members of the House came from the Middle Class who went to Congress but are now millionaires even though the cost of living is high in DC.  Wonder how that happened?  Could it be they are bought and paid for by the wealthy Republican donors?  Think this whole mess has the capability of showing how corrupt Congressional Republicans are as they are in the hip pockets of the GOP wealthy donors, the Chamber of Commerce, Big Oil, and Casino Owners for starters.

They should be smart enough to understand that the GOP only won the House because of gerrymandering and lost the popular vote big time in House races.  Even with gerrymandering, the Democrats picked up 11 House seats, two Senate seats, and the White House yet Boehner and the GOP in Congress think they have the upper hand?  Stupid Party is the correct name for the GOP along with arrogant, boneheaded, and stubborn.  Could threw in a few more words but I will stop there on this beautiful Sunday morning.

On the other hand, Secretary of the Treasury Geithner was very articulate and represented the Middle Class taxpayers very well on Fox this morning:

CHRIS WALLACE (HOST): Last question, can you promise that we will not go over the cliff? 

GEITHNER: No, I can’t promise that. That is a decision that lies in the hands of the Republicans, that are now opposing increases in tax rates, if they recognize the reality, that we cannot afford to extend the tax rates we have the basis for an agreement that would be good for the American people.

WALLACE: And the President bears no responsibility, it is all up to the Republicans? 

GEITHNER: Chris, ask yourself this question, why does it make sense for the country to force tax increases on all Americans, because a small group of Republicans want to extend tax rates for 2% of Americans — why does that make any sense? There is no reason why it should happen, we can’t afford the tax rates, that is like the deep tragic lesson of the last decade, we and not afford them and will not get through it, to the end now, without a recognition of the Republicans to that basic reality and that will be the responsible thing to do and my judgment is, they are going to do it because there is no alternative to that. 

And then you have this from Speaker Boehner, in addition to there is no difference between tax hikes for the wealthy and middle class, where he gave no real information but seemed flustered and flabbergasted that Wallace would have the nerve to ask him for specifics:

House Speaker John Boehner (R-OH) took to Fox News Sunday to counter Treasury Secretary Tim Geithner’s fiscal showdown proposals, claiming, “We’re nowhere — period. We’re nowhere.” 

But when host Chris Wallace started to press Boehner about specific aspects of the GOP’s counter plan, Boehner avoided any details and refused to say which tax deductions Republicans could cap or eliminate: 

WALLACE: What is the biggest proposal you’ put on the table since the election in terms of raising revenue from closing loopholes and deductions?

BOEHNER: You can cap. There are a lot of different ways but you can cap deductions at a percent of income. One way to get there. You can eliminate certain deductions for those, the wealthiest in our country. You could do all of that. 

WALLACE: Let me ask you a couple of specifics: would you eliminate or lower the home mortgage deduction? 

BOEHNER: There are lots of ways to get out there, there are lots of ways to debate or negotiate with you, but if you can sign the bill into law, I would be happy to. 

WALLACE: … Charitable deductions? You are a big charity guy. 

BOEHNER: The President has seen a lot of the options from us. There are a lot of them put on the table and I’m hopeful the conversations will continue.

Boehner is avoiding specifics, just as Republicans are recycling Rep. Paul Ryan’s (R-WI) budget plan — including voucherizing Medicare and significantly cutting Medicaid — which voters largely rejected when they re-elected President Obama. Wallace went on to press Boehner about whether Republicans will allow the economy to go “over the fiscal cliff,” and Boehner acknowledged, “There is a chance.”

You just want to shout at your TV to Boehner -- Republicans LOST!  The American people had their say and chose Obama and his policies for four more years.  Republicans have shown they are a bunch of sore losers who cannot believe the American people were smart enough to see through their arrogance and support of the wealthy agenda.

The GOP war on minorities, women, veterans, poor, teachers, fire, police, civil service, and gays for starters or those of the 47% show a party that doesn't understand the middle class.  We spoke very loud in this election with our votes, our donations, and our volunteering for the Obama campaign who represents the middle class very well.  Obama didn't win by giving gifts to all of us as alleged by Romney on why he lost.  Obama won because he represents our best interest against a Party that has become the party of the wealthy donors.

When I heard that a Romney Administration planned to do away with regulations on oil and gas, it did me in as there are some pretty unscrupulous oil and gas people who would wreck the environment if they didn't have rules and regulations.  Romney it was also alleged (Republican sources) was going to stop bribery investigations in foreign countries by US citizens dead in their tracks was another reason not to vote for Republicans.  Then there was turning the National Parks back to the states so oil and gas could have their field day to make more money.  How about telling people here illegally to self deport and challenging legal Hispanic Americans on their votes as part of the GOP Voter Suppression in Battleground States?  Then there was the definition of 'rape' as another form of conception or the personhood bill granting a fetus the right to property, or denying contraceptives paid for by insurance companies, banning all abortion, treating women like second class citizens, etc.

House Republicans did a good job of telling the Country what they think of women with choosing all males for the conference chairs and then throwing a bone to a woman for the Housekeeping Chair of the House. This is not the Republican Party I grew up in and certainly not the Party of Lincoln and Eisenhower.

Republican Party still doesn't get it -- they can change some of the rhetoric but if they don't change their policy, they are not going to get back the votes of us who didn't vote Republican for the first time in our lives.   I realized how far the GOP had gone hard right after joining Republicans for Obama.  As it stands now, I will never vote for another Republican for federal office.  Today I am staying GOP to be a thorn in their side and vote for the more moderate (used to be conservative) when they run in the primary.  Because of the GOP going hard right, a lot of us who considered ourselves conservatives are now considered moderates.  You don't win elections by trashing the middle class voters who were at one-time your base but have been thrown under the bus in favor of the Tea Party, John Birchers, and wealthy donors.

Congressional Republicans deserve to lose big in 2014 after their obstructionists tactics for the past four years.  Only a few Republicans have woken up but the vast majority are sticking by their obstructionist tactics putting Party over Country.  They deserve to lose in 2014 and lose big.

Report Says New York Fed Didn’t Cut Deals on A.I.G. as Promised

There is only one problem with this statement below, the head of the Federal Reserve Bank of New York at the time  and his people lied as they said they were negotiating settlements with 16 AIG creditors which dropped to eight (8) and then only four (4) were contacted to negotiate a settlement which never happened.

The bank said in a statement Monday that it had “put together an effective lending program that minimized disruption to the economy from A.I.G. while safeguarding the taxpayer interest.” 

The NY Fed, headed by now Secretary of the Treasury, Timothy Geithner, paid full price for the AIG debt and did not negotiate a settlement for the American Taxpayers.  Is this why Geithner wanted out as Treasury Secretary as he knew the results of the investigation would be coming out?  Would suggest that Mr. Geithner's resignation now be accepted with this investigation showing he lied about the negotiations or is this one of those "I didn't know moments" that is going around with government officials and candidates now.

Once again the taxpayers got the short end of the stick thanks to the NY Fed and too big to fail mentality! 

Report Says New York Fed Didn’t Cut Deals on A.I.G.
By BINYAMIN APPELBAUMPublished: October 31, 2011 

WASHINGTON — The findings of a federal investigation released Monday raised new questions about the Federal Reserve Bank of New York’s handling of the 2008 bailout of American International Group.  

The report, by the Government Accountability Office, says that New York Fed officials have offered inconsistent explanations for their decision to pay other financial companies the full amounts they were owed by A.I.G., and that some of the explanations were contradicted by other evidence.  

The report also asserts that the decision to pay the full amounts, rather than seeking concessions as the government later did in other cases, disregarded the expectations of senior Fed officials in Washington and the expressed willingness of some of the companies to accept smaller payments.  

In one case, when a company offered to accept a smaller amount of money, officials at the New York Fed responded that they had decided to pay the full amount of the debt, the report said.
The agency’s report revisits a controversial chapter in the history of the financial crisis: the government’s decision to sink tens of billions of dollars into A.I.G., the world’s largest insurance company, which was running out of money to cover its vast and losing bets on the health of the housing market. Much of that money was then paid to other companies to honor their outstanding contracts with A.I.G.  

The basic conclusion echoes the findings of previous federal investigations. The rescue mission succeeded, but efforts to minimize the costs and risks borne by taxpayers were insufficient. But the new report also raises concerns about the explanations subsequently offered by New York Fed officials.  

For example, the G.A.O. says that officials at first told its investigators that they had initiated discussions about possible concessions with most of the 16 companies that stood on the other side of insurance-like contracts, called credit-default swaps, with A.I.G.  

Then, according to the report, the officials said they had contacted eight companies before abandoning the effort. Even then, the report said, only four of those companies confirmed that they had been contacted by the Fed.

The New York Fed declined to comment on the specific account of the negotiations. Officials of the bank, including Timothy F. Geithner, then the president of the New York Fed and now the Treasury secretary, have testified that they needed to act quickly to prevent greater damage to the financial system, and that they chose the approach that was most likely to succeed and easiest to enact.  

Source:  New York Times