12/12/10

Tales From The Crypt - Tax Cuts and Bond Markets Edition


Markets screeched in horror at the mere mention of conservative ideas like tax cuts, a GOP "free market" and glibertarian favorite stump speech talking point that should be laid to rest permanently:
For the past several months, we've been told by various Serious People that European governments were being punished by markets for being too lavish on social spending, despite bond rates being at record lows (other than in peripheral countries subject to more specific attacks) - or would be punished if they didn't "reform" and lower taxes. The same has been promoted in the US, via the Catfood Commission and the whole noise machine against deficits and stimulus packages... Well, the US government did just what the Serious People wanted, with a nice fat tax cut for the rich, and bond rates jumped - ie markets actually literally hated the measures, selling off US bonds violently.
Bwahahaha! RIP conservative tax cut kool-aid.
Considering al Qaeda's stated goals of destroying America economically... This kind of puts the conservative ideology of never-ending tax cuts firmly in the arsenal of a terrorist's financial Weapons of Mass Destruction (right up there with Credit Derivatives and Credit Default swaps) and those that support them... Well? In the words of an American idiot, "if you aren't with us, yer against us."

1 comment:

franklinmarshall said...
This comment has been removed by a blog administrator.