How This Happened

Discussion in 'Economy' started by Kevin_Kennedy, Jan 10, 2009.

  1. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    How This Happened by Llewellyn H. Rockwell, Jr.
     
  2. RodISHI
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    RodISHI Gold Member

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    That is why are lovely leaders are rescueing the bank right?
     
  3. Truthmatters
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    History revisionism.

    The new deal worked.

    The current attempt by cons to claim it lengthened the depression is laughable.

    Keep it up and your team will not win another election ever.
     
  4. Paulie
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    Paulie Platinum Member

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    Let's try an experiment truth..

    How about for once, instead of posting only your opinion on something, you provide facts to back it up?

    Show us how the new deal worked, and why it in fact DIDN'T prolong the depression.
     
  5. Truthmatters
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    The regulations of the industries in the US resulting from the New Deal made Capitalism better functioning. Without the regulations Capitalism could have died. Now look at Europe and think about what they were doing before the New deal? The new deal and the regulations that resulted such as Glass Steagal made Capitalism a smoother ride for the mass majority of people. If Capitalism had not been tamed by these well written laws the populace would have very likely not stood by it. The roller coaster ride unbriddled capitalism creates makes for great fortunes for some but the majority of people involved are left floating in the high seas of the ups and downs and end up repetedly crashing against the sides of the ship. Pretty soon they die or swim away from the ship. Can you blame them?


    http://en.wikipedia.org/wiki/Glass-Steagall_Act
     
    Last edited: Jan 10, 2009
  6. Paulie
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    Paulie Platinum Member

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    On more time, truth.

    Provide FACTS. NUMBERS. STATS. DATA. Scientifically collected analyses from accredited economists, etc.

    I little paragraph of your thoughts, laced with ad hominems, doesn't exactly qualify.
     
  7. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    Rockwell argued against bailing out the banks, as did all of the Austro-Libertarians on this message board.
     
  8. Truthmatters
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    Did you go read about Glass steagal?
     
  9. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    The New Deal worked to prolong the Great Depression.

    Rockwell is not a "con," and neither is the handsome young man that posted his article on this board.

    My "team" is not the Republican party as you assume it is.
     
  10. Truthmatters
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    New Deal - Wikipedia, the free encyclopedia

    There was a pretty large consensus of support at the time even amoung the captains of industry at the time.

    Again folks this was a dodgey time for Capitalism. If the broncning bull had not been tamed the populace would have very likely revolted against capitalism in the future.


    Fiscal conservatism was a key component of the New Deal, as Zelizer (2000) proves. It was supported by Wall Street and local investors and most of the business community; mainstream academic economists believed in it, as apparently did the majority of the public. Conservative southern Democrats, who favored balanced budgets and opposed new taxes, controlled Congress and its major committees. Even liberal Democrats at the time regarded balanced budgets as essential to economic stability in the long run, although they were more willing to accept short-term deficits. Public opinion polls consistently showed public opposition to deficits and debt. Throughout his terms, Roosevelt recruited fiscal conservatives to serve in his Administration, most notably Lewis Douglas the Director of Budget from 1933 to 1934, and Henry Morgenthau Jr., Secretary of the Treasury from 1934 to 1945. They defined policy in terms of budgetary cost and tax burdens rather than needs, rights, obligations, or political benefits. Personally the President embraced their fiscal conservatism. Politically, he realized that fiscal conservatism enjoyed a strong wide base of support among voters, leading Democrats, and businessmen. On the other hand there was enormous pressure to act – and spending money on high visibility programs attracted Roosevelt, especially if it tied millions of voters to him, as did the WPA.
     
    Last edited: Jan 10, 2009

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