- Moderator
- #221
The economy has just passed judgement. Of course, as in most things in life, the innocent get to pay the price.
Who exactly is innocent? You think a poor economy is suffering? Seriously? You dont understand what true suffering is.
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The economy has just passed judgement. Of course, as in most things in life, the innocent get to pay the price.
You just described the Bush administration.
Who exactly is innocent? You think a poor economy is suffering? Seriously? You dont understand what true suffering is.
you are the fool, you really think you know what caused the last one, and you want to blame the republicans for it?Fool! I know what it is like to be hungry. And, if this plays out as I think it will, the Second Great Republican Depression will create a lot more Americans that also know that feeling. You may think that you are well insulated from the realities that this debacle will bring, and you better pray that you are correct.
Fool! I know what it is like to be hungry. And, if this plays out as I think it will, the Second Great Republican Depression will create a lot more Americans that also know that feeling. You may think that you are well insulated from the realities that this debacle will bring, and you better pray that you are correct.
If you're like me, you sometimes find yourself speechless when confronted with abject insanity.
If you're like me, you were dumbfounded when "Forrest Gump" beat out "Pulp Fiction" for best picture; when HBO's "Sopranos" received more accolades than "The Wire"; and when George W. Bush insisted Iraqi airplanes were about to drop WMDs on American cities.
So if you're like me, you probably understand why I was momentarily tongue-tied last week after running face-first into conservatives' newest (and most ridiculous) talking point - the one designed to stop Congress from passing an economic stimulus package.
During a Christmas Eve appearance on Fox News, I pointed out that most mainstream economists believe the government must boost the economy with deficit spending. That's when conservative pundit Monica Crowley said we should instead limit such spending because President Franklin Roosevelt's "massive government intervention actually prolonged the Great Depression." Fox News anchor Gregg Jarrett eagerly concurred, saying "historians pretty much agree on that."
Only after collecting myself did I say that such assertions about the New Deal were absurd. But then I was laughed at - as if it was hilarious to say that the New Deal did anything but exacerbate the Depression.
Afterward, I wondered whether I, and most of the country, are the crazy ones. Sure, the vast majority of Americans think the New Deal worked well. But are conservatives right? Did the New Deal's "massive government intervention prolong the Great Depression?"
Ummm ... no.
Upon deeper examination, I discovered that the right bases its New Deal revisionism on the short-lived recession in a year straddling 1937 and 1938. But that was four years into Roosevelt's term - four years marked by spectacular economic growth. Additionally, the fleeting decline happened not because of the New Deal's spending programs, but because Roosevelt momentarily listened to conservatives and backed off them. As Nobel-winning economist Paul Krugman notes, in 1937-38, FDR "was persuaded to balance the budget" and "cut spending and the economy went back down again."
"Excepting 1937-38, unemployment fell each year of Roosevelt's first two terms (while) the U.S. economy grew at average annual growth rates of 9 percent to 10 percent," writes University of California historian Eric Rauchway.
What about the New Deal's most "massive government intervention" - its financial regulations? Did they prolong the Great Depression in ways the official data didn't detect?
Nope.
According to Federal Reserve Chairman Ben Bernanke, "Only with the New Deal's rehabilitation of the financial system in 1933-35 did the economy begin its slow emergence from the Great Depression." In fact, even famed conservative economist Milton Friedman admitted that the New Deal's Federal Deposit Insurance Corporation was "the structural change most conducive to monetary stability since ... the Civil War."
As Newsweek's Daniel Gross reports, "One would be very hard-pressed to find a serious professional historian who believes that the New Deal prolonged the Depression."
But that's the critical point I somehow forgot last week - the truism we must all remember in 2009.
As conservatives try to obstruct a new New Deal, they're not making any arguments that are remotely serious.
Blaming FDR? More right wing spin.
Wrong most economist now agree. FDR's new Deal did not help end the depression and actually worked to extend it by 5 to 7 years.
To deny this widely accepted fact is sheer left wing lunacy.
Isn't it wonderful how the "Conservatives" on this board are so quick to defend the miscreants that have caused this debacle. I am sure that it makes a "conservative" shudder.
Wrong most economist now agree. FDR's new Deal did not help end the depression and actually worked to extend it by 5 to 7 years.
To deny this widely accepted fact is sheer left wing lunacy.
Rayboy with all due respect, if you thoink borrowing more money from China is going to solve our Problems you are seriously delusional.
Buy the way among the other inaccuracies presented in that piece is the out and out lie that Bush ever said that Iraqi war planes would be dropping WMD on American cities. What you and the rest of the leftist Bushophobes is that at the time the speech was made therewere over 50K Americans well within SCUD range of Iran not including construction workers Embassy staff and others. You don't have to drop bombs on the US proper to threaten Americans.
like you'd understand it
You mean like Barney Frank and Chris Dodd...nope,that would be you lefties that keep defending and re-electing the miscreants that caused this debacle.
Sure, and you guys routinely state that WW2 was what brought us out of the Depression. Yet in WW2 the government spent massive amounts of money, and raised the top tax to nearly 100%.
Yes they spent millions of dollars on actual products and goods.(tanks,planes. Trucks, Jeeps,ammo,uniforms. etc) Which served as a direct massive stimulus to the economy.
Not millions of dollars on cooperate bail outs, and tax credits to people who do not even pay fed income tax, and other pork ladened social spending programs.