His thesis was that the cause was due to the pile of up debt, which in turn was made possible by the Fed printing machine.
Looks good. Will read later.
The FED — Same thing that caused no down payment home buying.
This has been posted before, and I am constantly refering to it and pointing back to it - but with no avail it seems. It seems like too long of a read.
But - it is NOT. And almost every sentence makes you think that he was writing this in 2008, not 1938. It is VERY timely, and very, very scary. Thanks for posting again.
Here’s an excerpt from Part 5: What to do with Business?
There was a Director of the Budget who was not at heart a New Dealer. One day he brought to the President the next annual budget — the one of which the President afterward said: “The country, and I think most of Congress, did not fully realize the large sums which would be expended by the government this year and next, nor did they realize the great amount the Treasury would have to borrow.”
At the end of his work the Director of the Budget had written a paragraph saying simply and yet in a positive manner that notwithstanding the extraordinary activities indicated by the figures and by the appropriations that were going to be made, the government had really no thought of going into competition with private enterprise.
Having lingered for some time over this paragraph the President said: “I’m not so sure we ought to say that.”
The Director of the Budget asked, “Why not, Mr. President?”
The President did not answer immediately, but one of his aides who had been listening said: “I’ll tell you why. Who knows that we shall not want to take over all business?”
The Director of the Budget looked at the President, and the President said: “Let’s leave it out.” And of course it was left out. It may have been that at that time the choice was still in doubt. Under the laws of Delaware the government had already formed a group of corporations with charter powers so vague and extremely broad that they could have embraced ownership and management of all business. They were like private corporations, only that their officers were all officers of the government, and the capital stock was all government owned. The amount of capital stock was in each case nominal; it was of course expansible to any degree. Why they were formed or what they were for was never explained. In a little while they were forgotten.
Business is in itself a power. In a free economic system it is an autonomous power, and generally hostile to any extension of government power. That is why a revolutionary party has to do something with it. In Russia it was liquidated; and although that is the short and simple way, it may not turn out so well because business is a delicate and wonderful mechanism; moreover, if it wi11 consent to go along it can be very helpful Always in business there will be a number, indeed, an astonishing number, who would sooner conform than resist, and besides these there will be always a few more who may be called the Quislings of capitalism. Neither Hitler nor Mussolini ever attempted to liquidate business. They only deprived it of its power and made it serve.
How seriously the New Deal may have considered the possibility of liquidating business we do not know. Its decision, at any rate, was to embrace the alternative; and the alternative was to shackle it.
In his second annual message to Congress the President said: “In the past few months, as a result of our action, we have demanded of many citizens that they surrender certain licenses to do as they please in their business relationships; but we have asked this in exchange for the protection which the State can give against exploitation by their fellow men or by combinations of their fellow men.”
Man you weren’t kidding when you said long:) Now I have my bedtime story:)
...”The Green Pastures...”
GREAT movie!
1936 production.
If you are a Christian you will be delighted by this movie.
It is an entirely black cast, where the Lord’s visit is clebrated by a cat-fish fry. The theology is terrbile, but it matters not as it is intended to be light-hearted.
A real hoot.
Though I’m sure there’d be many blacks today that would consider this movie to be racist. Though it is not.
BTTT
bttt
A stranger stood at the Gates of hell, And the Devil himself answered the bell.
He looked him over from head to toe, And said: My friend, I’d like to know
What you have done in the line of sin, To entitle you to come within?
Then Franklin D, with his usual guile, Stepped forth with his toothy smile and said:
“When I took charge in ‘33, A nations faith was mine,” said he
“I promised them this and I promised them that, And I calmed them down with a fireside chat.
I spent their money on fishing trips, And fished from the decks of their battleships.
I gave them jobs in the WPA, Then raised their taxes and took it away.
I raised their wages and closed their shops, I killed their pigs and buried their crops
I double-crossed both old and young, And still the folks my praises sung.
I brought back beer, and what do you think? I taxed it so high they couldn’t drink.
I furnished ‘em money with Government loans, When they missed a payment I took their homes.
When I wanted to punish the folks, you know, I’d put my wife on the radio.
I paid them to let their farms lie still, And imported foodstuffs from Brazil.
I curtailed crops when I felt real mean, And shipped in crops from the Argentine.
When they started to worry, stew and fret, I got them to chant the alphabet
With the AAA and the NLB, The WPA and the CCC.
With these many units I got their goats, And still I crammed it down their throats.
My workers worked with the speed of snails, While the taxpayers chewed their fingernails.
When the organization needed dough, I closed their plants with the CIO.
I ruined jobs, I ruined health, And I put the screws on the rich man’s wealth.
And some who couldn’t stand the gaff, Would call on me and how I’d laugh.
When they got too strong on certain things, I’d pack and head for “Ole Warm Springs.”
I ruined their country, their homes and then, I placed the blame on “Nine Old Men.”
Now Franklin talked both long and loud, And the devil stood and his head he bowed.
At last he said: “Lets make it clear, You’ll have to move, you can’t stay here
For once you mingle with this mob, I’ll have to find myself a job.”
- anonymous
Bump
Ping
definitely bump this
PFLR
btt
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Thanks for the link, 21twelve. Scientific technic seems more religion than science. God bless and help us.
BTTT!!