January 11, 2009
– Comments (9)
Financial Armageddon has a post describing what was done with the 1929 crash and it truly looks like deja vu in terms of trying the same things....
Good link, already read this one as I'm a subscriber of Barron's. This article makes some really good points in terms of the similarities between then in now. While I don't necessarily think we will spiral down into a Depression, more government intervention certainly can make that happen...
Have you ever read Amity Shales: The Forgotten Man?
It's a really excellent read that I highly recommend, especially in times like these. It basically is a look at all of the flawed policies the government enacted, turning a bad recession into the Great Depression. The work focuses on both Hoover and FDR, and in my eyes is a well researched and fairly balanced book. Check it out if you have time.
Well, I think in Depression 1.0 they the government tried to balance its budget AND tighten the money supply, both of which were not conducive to recovery. This time fiscal and monetary policy are doing what they should, but we're backpeddling up a mountain of debt...
Anyway, I really enjoyed the roundtable here, particularly the points made by Hickey, Gross, and Zulauf. Faber's a little too smug for me. Thanks for sharing.
Thanks a lot dwot
Option, no I haven't read it.
BigFatBEAR, I do not agree with that, but we'll see how the enormous debt plays out in the very near future. One of the best analysis, imho, that I read on bubbles was titled "easy money," and ultimately I think the best solution is to just take your lumps and let it correct itself.
I blame Ayn Rand for the mess we are in her book Atlas Schrugged and her connecting philosophy of Objectivism which has been a blueprint for every CEO over 50, the precursor to Reaganist thought and Greenspans philosophy.The tenants begin with the Objectivist ethic why do human beings need a code of values? She also argued that rational self -interest properly understood, is the true standard of morality and that altruism is profoundly immoral. I respectfully present these articles in my hypothesis and humble opinion as above
Socialconscious, you need to wake up. Ayn Rand's philosophy has hardly been followed in any way, shape or form. There is a government program for every social ill that exists in this nation and we are bankrupt because of it. We have a government that by threat of force steals money from me to give to someone else. That was what Rand despised! I'm not an Objectivist, but to say her philosophies are the cause of the current crisis we face is wrong.
Our children will pay the price for our ignorance when one day in the not to distant future we default on this debt and China and the Middle Eastern countries will come to take our property and assets and make debt slaves of us all.
- Alan Greenspan admits he is a major follower of her philosophy.
- Alan Greenspan easy credit and self interest is a major reason why we are here.
-Easy credit and Self Interest are tenants of Objectivism.
-Objectivisim is Ayn Rand. Greenspan follows Ayn Rand.
-The statement "There is a government program for every social ill that exists in this nation and we are bankrupt because of it" bashes altruism. Bashing Altruism is Objectivist
- Objectivist believe in Capitailism at all cost, small government and virtual no social programs. These are tenants of Conservative thought.
-Most CEO are conservative. Ayn Rand's thoughts inspired CEO's and conservatives much like John Locke's work inspired the Constitution.
Respectfully submitted and IMHO Social C
"There is a government program for every social ill that exists in this nation and we are bankrupt because of it."
HMMM The total cost of the Iraqi war which no liberal would have voted for knowing the facts.The 3 trillion from fine folks at the conservative leaning washington post
The Bailout > 1 trillion already
4 trillion = that would run social security in all it forms for 4 years as per the government.
Respectfully subitted SC
WSJ editorial calls for AYN Rand as treasurer ...Your honor I rest my case. See article and snippet below.
The most popular article in the Wall Street Journal this morning is Stephen Moore's editorial applauding the brilliant economic policies of Ayn Rand. As we recall, Atlas Shrugged was Alan Greenspan's favorite book, too.