True/False: The Republicans Drive The Economy Into A Ditch

Tuesday, October 05, 2010

Obama said they did. What do you think? Post your comments below.

Jim Himes, Congressman for Connecticut's 4th District who's running for his second term, and Charles Gasparino, senior correspondent for Fox Business NetworkNew York Post columnist and author of Bought and Paid For: The Unholy Alliance Between Barack Obama and Wall Street were guests on The Brian Lehrer Show today to talk about if it's right to blame the economic crisis on the GOP.

"It is absolutely fair to say that both parties bear some blame for being seduced by the notion that Wall Street and banks could effectively regulate themselves. Seven hundred years of financial history disproves that, and people on both sides got too comfortable with that notion."

--Jim Himes on The Brian Lehrer Show, October 5. Himes' opponent in the race to represent Connecticut's 4th U.S. Congressional District is Dan Debicella, who was a guest on The Brian Lehrer Show in September.

"If you look at what happened with Wall Street risk taking, tax cuts don't even begin to explain why all these banks went out there and started rolling the dice. Listen, they got rid of Glass-Steagall. It wasn't a Republican thing. It was clearly signed into law by President Clinton."

--Charles Gasparino on The Brian Lehrer Show, October 5.

"The difference is for the Republicans, deregulation is a religion: all regulations are bad, all regulations stay in the way of economic growth, which is just plain wrong! This is the song that they sang in the 1930s when they said that the SEC and all the other regulatory institutions put into place to prevent another depression would crush the economy. It was the end of capitalism. In fact, the exact opposite happened."

--Jim Himes on The Brian Lehrer Show, October 5.

"For all his community organizing and all his left wing background, [Obama] did embrace the same notion that Wall Street is part of the administration, almost as an adjunct of the administration."

--Charles Gasparino on The Brian Lehrer Show, October 5.

Listen to The Brian Lehrer Show segment:



More in:

Comments [4]

Jack Jackson from Central New Jersey

The GOP was definitely behind the wheel when 'tax cuts' were enacted without cutting spending. The required borrowing increased the debt burden for future generations that the Tea Party is now crying about. Doing one without doing the other is just some form of magic.

And then 2 wars without a single tax increase to pay for it. GOP owns that, too.

Banking dereg that permitted securitization and over-leveraging of mortgage debt. Followed by six months of $4 per gallon of gasoline that absolutely knocked the stuffing of those segments of the middle class who were just barely hanging on.

The GOP did it, They need to own up to it.

Oct. 11 2010 10:29 AM
giovanni buscemi from brooklyn

there is a rational answer to the question of who drove the car into the ditch, how far, and how deep.
The ditch being a metphor for the National debt. This the meaningful measure. There seems to be a big debate about deficits but
they are acomponet of the debt and only part of teh answer.
Fortunately we can measure both.
There is a verified non partisian historical
accounting that goes back to 1776.
I would suggest that your listners partcipate
in study of it then answer the question.
Go to, There there graphs, tables and cedrtfied reports on budgets
Go to 1981 budget year
N.B. the first year of the GOP supply side
economic program write the debt figure
down [try guessing it first] then follow year by year, deficit by deficit.
N.B. deficits are yearly calculations as are surpluses and are added or subtracted to the National debt every year.
The last year to be certified is 2009.
the budet for 2009 was set in october/2008
under then sitting presdent, GWB.
ry guesing what the debt was in 2009 before looking it up.
Then compare to the budget prepared for
when you this you can address the question armed with the facts.
good luck and register your bopion. i would like to know

Oct. 07 2010 12:01 AM
Paul Dougherty from NYC

I think Brian Lehrer let Charles Gasparino off very easy with his assertion that the mess on Wall St. is equal parts the love-child of Dems and Republicans. I'm a middle-of-the-road Democrat and not terribly partisan but the culture of deregulation really took off in the Reagan era. Yes the Dems drank the Kool-Aid but the pace car was/is clearly Republican.

Oct. 06 2010 01:02 PM
ccdemuth from Connecticut

“…I am proud as hell of what we have accomplished...
…I stand behind what we have done and what we have voted for...
…I stand behind what this president and this congress has been able to do…
…I am proud as hell, not just on the economy…
…I am proud as hell...I’m just proud as hell.” – Jim Himes

Jim Himes voted in favor of the $787 billion dollar stimulus plan. After saddling your family with over ten thousand dollars in additional debt, we still have a ten percent unemployment rate.

Himes voted the healthcare bill into law, a law which is already projected to cost more than was advertised.

Himes voted to increase our national debt by a record $1.9 trillion dollars, bringing our total debt to a new high of $12.4 trillion dollars.

Himes voted with Nancy Pelosi-led Democrats 95% of the time.

After two years of votes that create too few jobs but too big a role for government, most voters in Fairfield County disagree with each of these votes. Two-thirds of these voters think that Washington is on the wrong track. If you want more of the same, then there is an incumbent congressman who is “proud as hell” of our current direction, but if you think that there is a better way, then you should know that Dan Debicella ( thinks so too. If you would like to help Dan get across his message of free enterprise and individual liberty, than you can do so here: Please give what you can because Fairfield County deserves better.

Oct. 06 2010 09:40 AM

Leave a Comment

Email addresses are required but never displayed.

Get the WNYC Morning Brief in your inbox.
We'll send you our top 5 stories every day, plus breaking news and weather.


About It's A Free Country ®

Archive of It's A Free Country articles and posts. Visit the It's A Free Country Home Page for lots more.

Supported by

WNYC is supported by the Charles H. Revson Foundation: Because a great city needs an informed and engaged public.  Learn more at


Supported by