Marc,
While I may agree there was no immediate benefit, I do not believe
it prolonged the Great Depression. This is a very general statement
and something usually postulated by the extreme right, most of who
buy into party lines like this.
There is no panacea that will immediately correct the stupidity of
Acts such as the Gramm-Leach-Bliley Act that led to this mess (and
yes I believe this was one that screwed things up. It repealed the
Glass-Steagall Act). Things take time. One good thing that came out
of FDR's work was the FDIC. And yes I am sure there are economists
like the two from UCLA that agree with you, but these same
economists were the ones who ignored the bubble of 1999-2000. I
include that idiot Greenspan in the group of dunces.
Here is an article from Fortune magazine that leans more to what you
are saying but also tried to stay somewhat to the middle ground:
http://money.cnn.com/2009/02/10/news/economy/yang_newdeal.fortune/index.htm?postversion=2009021106
People that claim it does no good are those who are employed or have
an income. People who want it to succeed are those who are
unemployed. Much like medical insurance. Those with it do not want
socialized medicine, those who are without insurance and need
medical attention want it now.
Peter K
On Sat, Jun 14, 2008 at 7:46 PM, Marc James Small <marcsmall@xxxxxxxxxxx
> wrote:
On 6/16/2009 8:21 PM, Jerry Lehrer wrote:
Manny,
Of course you are right! Let all the car manufacturers and their
suppliers and employees go belly up. The banks
and insurers too. We need another depression as we had post 1929.
Or as Germany had after WW1.
That will bring the strong to power! :-)
Yes you are right-- Right OOYFM!
Jerry
Government stimulus packages have been tried across the World for
the past 4,000 years. Not one of them has ever worked. All have
failed and have failed miserably. None of FDR's hinky-dinky
programs worked to alleviate the Great Depression: the WWII boom
did that, just by way of one example.
Marc
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