Yep. Lousy Fed chairmen, the both of them. I can't believe Alan Greenspan was an Ayn Rand fan who also defended the gold standard! Ben Bernanke used to be a monetarist and he's still a Republican. Both of these men have done a lot to make the right-wing look terrible economically.
In 1921, not only did Harding cut federal spending by 50%, the interest rates actually went up and the unemployment rate plummeted from 12% to 2% in less than 24 months. No bubble, no lengthy recession....Steve Horwitz, check him out, Roberto. He's kind of like Bob Murphy but a better speaker - http://www.youtube.com/watch?v=arxgI47MvY0
Will: Wonder if Harding is an underrated great President?
He had his corruption scandals, but I wonder if he was any worse than usual in that regard. Certainly Obama has his, and Bush had his, and Clinton had his and etc etc.
How about a deal, Obama? We let you keep the corruption... how you have a habit of taking the country for millions in personal benefit.... as long as you do what Harding did: cut that waste spending so the Federal budget is 50% what it is now.
I guess that Harding is kind of a mixed bag but, yeah, on the economy he was very underrated.......And to be fair and balanced here, Truman on the other side was also underrated. He ended up (with some prodding by the Republicans) cutting spending by 45% and 1946 was one of our better years on record.
I'm not sure what these "arsonists" burned down. Didn't their bailout save the Wall Street fatcats when the free market would have "burned them down" as a consequence for their reckless behavior?
They burned the economy down but you're absolutely correct, they certainly saved the fat-cats. That was what I was referring to by these fellows eliminating risk.
At one time, many years ago, Greenspan at it right. Then, for what ever reason he lost it. Maybe he was corrupted by rEpublican pull peddler mentality?
He must have something, Russ. This fellow has essentially tripled the monetary base and that's about as chilling of a stat as I've ever heard.............Yeah, I think that he actually worked for Jerry Ford for a while, Les - back in his saner days.
Will: I attended two tea party rallies. The second one was much larger than the first. There was not a single racist sign. But there were many with messages about stopping TARP, no bailouts at all, and auditing and limiting the power of the Fed.
Looking at the last one especially, is it really fair to call them fringe racist crazies?
It seemed rather pragmatic to me, even if there were way too many Obama = Socialist type signs.
(On the racism part, I saw more non-whites at the rally than I usually see in the "general population")
11 comments:
Yep. Lousy Fed chairmen, the both of them. I can't believe Alan Greenspan was an Ayn Rand fan who also defended the gold standard! Ben Bernanke used to be a monetarist and he's still a Republican. Both of these men have done a lot to make the right-wing look terrible economically.
In 1921, not only did Harding cut federal spending by 50%, the interest rates actually went up and the unemployment rate plummeted from 12% to 2% in less than 24 months. No bubble, no lengthy recession....Steve Horwitz, check him out, Roberto. He's kind of like Bob Murphy but a better speaker - http://www.youtube.com/watch?v=arxgI47MvY0
Will: Wonder if Harding is an underrated great President?
He had his corruption scandals, but I wonder if he was any worse than usual in that regard. Certainly Obama has his, and Bush had his, and Clinton had his and etc etc.
How about a deal, Obama? We let you keep the corruption... how you have a habit of taking the country for millions in personal benefit.... as long as you do what Harding did: cut that waste spending so the Federal budget is 50% what it is now.
I guess that Harding is kind of a mixed bag but, yeah, on the economy he was very underrated.......And to be fair and balanced here, Truman on the other side was also underrated. He ended up (with some prodding by the Republicans) cutting spending by 45% and 1946 was one of our better years on record.
I'm not sure what these "arsonists" burned down. Didn't their bailout save the Wall Street fatcats when the free market would have "burned them down" as a consequence for their reckless behavior?
They burned the economy down but you're absolutely correct, they certainly saved the fat-cats. That was what I was referring to by these fellows eliminating risk.
Its a bit comical that libs want hedge fund managers locked up,yet you very seldom hear any of them bitch about Bernanke.
I've come to the conclusion Bernanke has photo's of some powerful politicians engaging in sex with barnyard animals.
To top it off he's still printing money like its going out of style next month.
At one time, many years ago, Greenspan at it right. Then, for what ever reason he lost it. Maybe he was corrupted by rEpublican pull peddler mentality?
He must have something, Russ. This fellow has essentially tripled the monetary base and that's about as chilling of a stat as I've ever heard.............Yeah, I think that he actually worked for Jerry Ford for a while, Les - back in his saner days.
Will: I attended two tea party rallies. The second one was much larger than the first. There was not a single racist sign. But there were many with messages about stopping TARP, no bailouts at all, and auditing and limiting the power of the Fed.
Looking at the last one especially, is it really fair to call them fringe racist crazies?
It seemed rather pragmatic to me, even if there were way too many Obama = Socialist type signs.
(On the racism part, I saw more non-whites at the rally than I usually see in the "general population")
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