On CNBC's video feed on Yahoo! Finance, I clicked on "Allen Stanford Found by FBI, Served Papers" and the next in queue was "Obama's Stimulus: Finding the Inner FDR." Wow. We're busting this guy for bilking a few thousand investors out of $8 billion dollars, and we're still idolizing a man who bilked 500,000,000 innocents out of countless trillions of dollars of economic opportunity. The burden and corruption of FDR's massive federal government is with us today, robbing every successive generation of true economic justice (justice before the law and property rights) by attempting to deliver an undefined and elusive economic justice of outcome, regardless of talent or effort.
Nobody wants to use their common sense anymore. If a company borrows more and more, hoping that demographic trends and economic good times are going to pay their debt in future, and those demographic trends and economic good times end and leave them unable to pay their obligations, the company collapses and we don't invest in it. If the federal government borrows more and more, hoping that demographic trends and economic good times are going to pay that debt in the future, and the DT's and EGT's end, they're supposed to borrow more, slash interest rates, inflate the currency and "stimulate the economy" by spending money on boondoggles, special interests, the poor and retirees.
If a stock market crash is followed by government inaction, media outcries for help, stout dedication to that gov't inaction, and a swift recovery, the president is slandered and lampooned as an economic dolt. If a stock market crash is followed by government action to protect domestic business from foreign competition, protect banks from runs, protect debtors from deflation, and provide jobs, resulting in ten years of economic depression, people sleeping under newspapers outdoors because they cannot afford homes or even blankets, families starving, then the president is lauded as a hero and idolized till... when? The end of the world?
If we don't grow out of our FDR fantasy, grow some common sense, and see him for who he was - the economic equivalent of Jim Jones - we will continue to cut off the legs of every chance of economic recovery that is born to us.