Posted on 10/25/2009 5:26:01 AM PDT by rellimpank
Republican Herbert Hoover and Democrat Franklin D. Roosevelt would both feel right at home in today's Washington.
In an article in the London Telegraph, economists Charles Rowley of George Mason University and Nathanael Smith of the Locke Institute suggest there are "troubling similarities" between the current administration's actions and those in the 1930s that sent the United States and much of the world spiraling into the Great Depression.
Hoover and Roosevelt made four big mistakes:
* Increasing government spending, running huge deficits, with the hope that the increased spending would give jobs to the unemployed. * Raising income taxes on the rich with the hope that tax revenues would increase to fund the huge deficits. * Raising tariffs on foreign goods coming into the country, with the misguided notion that doing so would protect American jobs. * Allowing the banks to fail and raising interest rates. President Barack Obama and Congress have made varying degrees of three of those same mistakes.
(Excerpt) Read more at rapidcityjournal.com ...
The only difference is ,,,,,, 0bama’s doing it on purpose .
Obama will double down on his mistakes with cap n trade.
Do Americans really believe it is mistakes and not a marxist atheist plan?
If so, they are fools.
Correction.....reprinted in the heartland....originally written in the UK.....as usual.
Excellent article and unfortunate that our media forces these economists to go overseas to sound the alarm.
The fact that the biggest one missing here is the need to raise interest rates to support our currency.
This will lead to an even more deadly scenario called deflation. Prices will go through the roof, while equivalent monetary value and economic growth will go through the basement.
Stagflation is what we currently have because of the artificial manipulation of the free markets and idiotic printing of greenbacks by our Government. But sooner than later, the money/assets will either dry up, or become siphoned away through fraud and abuse as well as wind up in a foreign treasury somewhere.
For a superb account of the economic disaster that was FDR, I highly recommend Amity Schlaes' The Forgotten Man.
The definition of insanity? Or, an Alinsky-driven application of Cloward-Piven in order to advance a poorly hidden agenda to destroy America in favor of a socialist state?
It’s time to take back the country.
--incidental to the article, outside of Sioux Falls, South Dakota is generally a bastion of sensible people, with a few loud populist flakes sprinkled throughout---
I love South Dakota for the Badlands and prairie dog hunting! Been there several times and can't wait to get back.
You are right, mostly great people throughout the state.
Satan really does hate us.
Yup. "Fundamental change" has come to America.
After the collapse, let’s be sure to close airports, etc, lest these Obama-clowns escape to South America.
I want to enjoy turning on the tv so as to watch their trial and hanging.
Looks like more pro-Globalist BS “Smoot Hawley caused the Gteat Depression”.....anyone pushing that BS has zero credibility
Our economic crisis is the result of the most Liberal Free Trade policies ever established...and it has killed the US economy. It makes no sense to continue George Soros-Liberal Free Trade policies when many of them have led to this situation
Of course, Communist China, the EU, and other “trading partners” [sic] have been placing tarriffs and non-tarriff trade barriers on US products for years. It would only make sense to counter those to encourage US products to be sold
The George Soros-inpsired Liberal Free Trader Globalism is not working....and its time to do away with Economic Anti-Americanism
Mr. Rick Kahler is from Rapid City. (http://blog.fpaforfinancialplanning.org/author/rickkahlerfpa/)
Too funny that Waxman doesn’t even need the porcine snout!
The mistake is that the good people of South Dakota have elected Stephanie Sandlin as their sole Congressional representative.
“I love South Dakota for the Badlands and prairie dog hunting! Been there several times and can’t wait to get back.”
Born there in ..... well, a while ago. Left. Returned for one year in HS; on the school bus one day, we passed the bank’s time and temperature sign, which read ‘minus 22’. The sun was shining.
Great place. Cold winters.
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