Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: AC Flyer who wrote (15322)	2/21/2002 12:26:28 PM
From: Raymond Duray	Read Replies (3) of 74559

Let's see, if I follow your logic, debt is good because responsible government is impossible. To my mind,seems like two wrongs don't make a right. Our Founding Fathers had a long discussion of the issue of a national debt. The Federalists, in particular Hamilton argued for the usefulness of debt. The original Demolib, Jefferson argued against the moral turpitude of one generation profligately overspending and saddling future generations with national debts. The irony, of course, is that Jefferson was a do as I say, don't do as I do sort. He died in debt to the tune of about $5.2 MM. His heirs and successors, being honorable folks finally got the debts paid off in full about 50 years after his funeral.... You may be right about how useful the debt is as a fiscal chokechain. You are certainly right about percentage of GDP that our debt represents. As to how society takes care of itself, you prefer rugged individualism. I prefer fairness. Your route has led to the outrageous self dealing of the executives at Enron and Global Crossing, screwing loyal employees out of severance and pensions while filling their pockets with stolen and filthy lucre. This is the logical conclusion of your "do it for myself" mentality. Is this really the basis of a good society? Cordially, Ray

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