[Ancient Drive]

Mr Obama also promised to do “whatever it takes” to stabilise the US economy-

that could mean a lot of things...

[Chairman of the Bard]

He's studying FDR, and believes he's going to usher in the New Deal Redux, with public works and infrastructure projects. This is where the term “boondoggle” was born.

States will lobby for massive federal funding for these projects. FDR effectively blackmailed senators and congressmen into voting for his agenda under threat of denying these funds. He imposed a top federal income tax rate of 79% on anyone earning over $100,000. 6 years into his term, America still suffered under 20% unemployment and deep recession.

I recommend Burton W. Folsom, Jr.’s ‘New Deal or Raw Deal: How FDR's Economic Legacy Has Damaged America’.

Here's a primer on NRO:

http://radio.nationalreview.com/betweenthecovers/post/?q=ZGQ5MTZkMzUxNjNiNDUyOWJmZWQxMjBkNmE2OWM4MGU=