Quick Thought on Dem Debate

I have only seen a few minutes of the Hillary-Obama debate tonight and I think ABC has actually done a pretty good job of showing that:

1) They are both socialists who want to control every aspect of people's lives, and
2) They are both deceitful who admit they will say practically anything to get elected.

Overall, the questions have been very good - everything from Jeremiah Wright to William Ayers to Hillary's Bosnia sniper fire, to Obama's not wearing an American flag, both candidates look absolutely awful.

*Update*
Charlie Gibson asked the single BEST question I have ever heard from a journalist during any debate. He pointed out to Obama that history proves that raising the capital gains tax rate lowers revenue and reducing the rate actually raises revenue. If that's the case, he asked Obama, "why raise the rate at all?" Obama bobbed and weaved and said that we needed more revenue, etc. so Gibson asked the question again, pointing out that his logic and history "proves otherwise." And Obama blundered badly. Absolutely brilliant question. I have a newfound respect for ABC News.


*Update 2*
NYTimes posted a transcript of the debate. Here is the exact exchange on cap gains taxes:

MR. GIBSON: All right.

You have however said you would favor an increase in the capital gains tax. As a matter of fact, you said on CNBC, and I quote, "I certainly would not go above what existed under Bill Clinton, which was 28 percent."

It's now 15 percent. That's almost a doubling if you went to 28 percent. But actually Bill Clinton in 1997 signed legislation that dropped the capital gains tax to 20 percent.

SENATOR OBAMA: Right.

MR. GIBSON: And George Bush has taken it down to 15 percent.

SENATOR OBAMA: Right.

MR. GIBSON: And in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?

SENATOR OBAMA: Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness. We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year -- $29 billion for 50 individuals. And part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That's not fair.

And what I want is not oppressive taxation. I want businesses to thrive and I want people to be rewarded for their success. But what I also want to make sure is that our tax system is fair and that we are able to finance health care for Americans who currently don't have it and that we're able to invest in our infrastructure and invest in our schools.

And you can't do that for free, and you can't take out a credit card from the Bank of China in the name of our children and our grandchildren and then say that you're cutting taxes, which is essentially what John McCain has been talking about. And that is irresponsible.

You know, I believe in the principle that you pay as you go, and you don't propose tax cuts unless you are closing other tax breaks for individuals. And you don't increase spending unless you're eliminating some spending or you're finding some new revenue. That's how we got an additional $4 trillion worth of debt under George Bush. That is helping to undermine our economy, and it's going to change when I'm president of the United States.

MR. GIBSON: But history shows that when you drop the capital gains tax, the revenues go up.

SENATOR OBAMA: Well, that might happen or it might not. It depends on what's happening on Wall Street and how business is going. I think the biggest problem that we've got on Wall Street right now is the fact that we've got a housing crisis that this president has not been attentive to and that it took John McCain three tries before he got it right.

The only thing that could have made this more enjoyable is if Gibson followed up again asking, "Senator Obama, an increase in the capital gains tax would likely hurt the housing market even further, wouldn't it?" Still great though.