And 1938 and 1939 were also the years when Roosevelt’s advisers began to insist that he give up on his abuse of business and stimuli. As the despairing Treasury Secretary, Henry Morgenthau, told the House Ways and Means Committee in May 1939:Calls for investigation of the financial meltdown will of course be answered, right? Not as long as it may turn out that Democrats were at fault.We have tried spending money. We are spending more money than we have ever spent before, and it does not work. . . . I want to see the country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. I say, after eight [sic] years of this administration, we have just as much unemployment as when we started . . . and an enormous debt to boot.
"Obama is brazenly doing what the left accused Bush of: cynically using the first major crisis of his presidency as an excuse to pursue his own ideological agenda. But as evidenced by the lack of major terror attacks on U.S. territory since 2001, Bush at least did what was necessary to answer the immediate crisis. Even Paul Krugman acknowledges Obama has fallen short on that score."James Taranto in BOTW referring to Krugman's column. Krugman, btw, is a dishonest economist and bad professor. I don't know if he is an emeritus.
"In less than 50 days, Obama has spent more than three times the cost of the entire Iraq War so far. This year, he will more than triple the largest deficit of the Bush era."If Iraq War was so bad, why isn't this?
"The larger point is that economies don't spiral down forever without a reason and without policy encouragement. What's worrying about the plunge in equities since January 2, and especially in the last week since Mr. Obama released his radical budget, is that it has come amid the unveiling of the President's policy agenda. Equity prices have reacted to those proposals by signaling that they expect a much deeper and longer recession.An honest economist and, yes, even a professor, repeats almost word by word what I said in my column. He just does it so much better. You know, he is a real professor.
The optimistic message in Mr. Cogan's comparisons is that recessions eventually end. How long they last, and how severe they get, depends in part on the choices our leaders make. The choices that Mr. Obama and Congress are making so far are not contributing to confidence, much less to recovery."
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