Thursday, December 11, 2008

'Government rescue' an oxymoron

"'Well, years into the Great Depression, FDR's secretary of the treasury, Henry Morgenthau, declared (quoted here verbatim): "We have tried spending money. We are spending more than we have ever spent before and it does not work. … We have never made good on our promises. … I say after eight years of this administration we have just as much unemployment as when we started … and an enormous debt to boot!"'

"'So this has been tried, and many economists believe that the spending, along with other dumb government actions, prolonged and possibly deepened the problems and certainly did not solve them.'"