Now that we can admit Hoover did more than any president before him in fighting off an economic recession, what should we conclude from this… The first time the Federal Government significantly intervenes to stop an economic downturn just happens to be at the beginning of the worst depression in American history, thus proving the government didn’t do enough?
Franklin Roosevelt's archives
If Only Barack “Hoover” Obama was Barack “Harding” Obama
under: Deficits, Dollar, Dubiously Free Trade, Federal Reserve, Live and Learn, Taxes, Treasury, Trust
Tags: Andrew Mellon, Barack Obama, Black Tuesday, broken-window fallacy, Cato Institute, Depression of 1920, Federal Reserve, financial crisis, Franklin Roosevelt, Great Depression, Harper's Magazine, Henry Hazlitt, Herbert Hoover, Jim Powell, John Garner, Kevin Baker, New Deal, Paul Krugman, Reconstruction Finance Corporation, Roaring Twenties, Smoot-Hawley Tariff, Stephen Colbert, stimulus package, Taxes, Theodore Roosevelt, Warren Harding, Woodrow Wilson
The Uselessness of Political Terminology: Part 1
What this whole mess elucidates is, as far as politics (and subsequently, economic policy) are concerned, actual positions are of little importance. All that matters is that you root for your team, be they Democrats or Republicans. Thus, we see Fox News begin to attack every push for increased state power, while MSNBC defends such policies. Under Bush, it was the opposite.
under: Game Theory, Individual v. Collective, Live and Learn, Trust
Tags: Adam Smith, Adolf Hitler, anarcho-capitalism, anarcho-syndicalism, anarchy, Barack Obama, BNP, British National Party, classical liberalism, communism, conservatism, Department of Homeland Security, fascism, FOX News, Franklin Roosevelt, Great Depression, Harrison Narcotics Tax Act, Irving Kristol, John Locke, Karl Marx, Leo Strauss, Leon Trotsky, liberalism, Mark Twain, Martin Luther King Jr., Marxism, MSNBC, Nazi's, neo-conservatism, neo-liberalism, New Deal, New York Times, Noam Chomsky, Osama Bin Laden, Paul Krugman, permanent revolution, political terminology, Progressive Movement, racism, radicalism, reactionary, right-wing extremism, Rush Limbaugh, Sean Hannity, socialism, Thomas Jefferson, Woodrow Wilson
The Financial Crisis – Part 2: The Rest of the Story
Inflation was thus misinterpreted as wealth, leading American consumers to borrow more and more, especially against their overvalued homes. Total mortgage debt in the United States is now around 12.5 trillion, up from $1.5 trillion in 1980! Total household debt was around 50% of GDP in 1980 and is over 100% today. And the personal saving rate was around negative 1%, for most of the last decade.
under: Deficits, Dollar, Federal Reserve, Individual v. Collective, Live and Learn, Taxes, Treasury, Trust
Tags: 9-11, ACORN, adjustable rate mortgages, AIG, Alan Greenspan, Alphonso Jackson, Alt-A mortgages, American Dream, Andrew Cuomo, Barney Franks, Bill Clinton, Chris Dodd, Community Reinvestment Act, deregulation, dot-com bust, Fannie Mae, Federal Reserve, financial crisis, fractional reserve banking, Frank Raines, Franklin Roosevelt, Freddie Mac, George Bush, Ginnie Mae, Great Depression, GSE, home ownership, inflation, M1, M3, Maxine Waters, mortgage backed securities, New Deal, Niall Ferguson, Peter Schiff, sub-prime mortgages, Tom Woods, Wall Street
Sorry Folks, War is Actually Not Good For the Economy
War is horrible… but it’s good for the economy. I cannot, for the life of me, think of a more dangerous myth than that. This facade has become so prevalent in the national conscience that it’s simply taken for granted… Seriously though, why would anyone actually believe this without at least a little skepticism? Wars are enormously destructive and shift resources from human needs, to human destruction.
under: Deficits, Dollar, Energy, Federal Reserve, Live and Learn, Treasury, Trust, Uncategorized
Tags: Afghanistan War, Candide, deflation, Department of Veteran Affairs, Economic Stimulus, Franklin Roosevelt, GDP, Great Depression, Iraq War, Keynesian Economics, military-Keynesianism, New Deal, Robert Higgs, unemployment, Voltaire, War, World War II
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