....Logically, one might think that the best way to fix this mess (the recession) would be to liquidate the malinvestments of businesses, pay down our debts and start fresh; in other words, allow for the market to correct the imbalances and distortions created during the artificial boom.
But the enlightened Barack Obama and his team of trusty economic advisers, along with the ever-compliant Messrs Bernanke and Geithner, have other ideas. Practically every single policy they have enacted is intended to stop the market from clearing out the wastes and excesses of the boom.
The government has undertaken programs to keep people in homes and cars that they cannot afford, fictitiously propping up GDP numbers. It has bailed out failing enterprises; abrogated contractual obligations; created make-work, politically oriented, and naturally often fraudulent and wasteful public-works projects; and increased the money supply at an unprecedented rate, easing the Federal Reserve–controlled interest rate to a ridiculous 0 percent. Our representatives have done all of this while vastly expanding a national debt that was already egregious."
"....There is a final point that must be made. Just as during FDR's presidency, market entrepreneurs (as opposed to the political ones, who profit from government swindling) are now genuinely afraid of this administration. People in business do not know how arbitrary or onerous future government regulations will be."
Regardless of what you think of their argument, you have to admit this much: That button is funny.
4 comments:
Sometime in the recent past I caught a brief blog/post about a US president that had a recession/depression during his administration, and he/the FedGov DID NOTHING!
The recession/depression was deep (?25% unemployment?) but very brief (?less then a year?), after which the economy came back booming better then before.
Unfortunately, I was not able to save that site or its info for future reference. Who was that president, and where can I find more details? Seems that this little bit of forgotten history needs to be sent to all our Kongress Kritters.
B Woodman
III-per
It was just about all presidents prior to Hoover, but Warren G. Harding is probably who you're thinking of. Check out Jim Powell's writing on the depression of 1920-21.
B Woodman,
I believe the president you are referring to is Warren Gamaliel Harding and the non actions he took during the post WW I recession of 1921-22.
Leonidas
III-per
Debate all you want.
I just want to know where to get one of those nifty buttons.
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