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Pastimes : Discussion Thread
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To: TimF who wrote (1381)8/8/2008 10:01:34 AM
From: c.hinton  Read Replies (1) of 3816
 
re the fed...tim go back to the 70s and look how germany and france forced america to close the gold window.

then go back to the 20s and look how england begged america not to raise interest rates due to the negative effect on englands attempt to maintain gold parity.

look also at the plaza accord.

as to "the sooner the better"...sure in a perfect world sooner is better ,but please do look into hoover and his balanced budget attempt .

i am sorry to say that you are not being realistic with regard to what one can and cannot do in a democracy.

"In order to pay for these and other government programs, Hoover agreed to one of the largest tax increases in American history. The Revenue Act of 1932 raised income tax on the highest incomes from 25% to 63%. The estate tax was doubled and corporate taxes were raised by almost 15%. Also, a "check tax" was included that placed a 2-cent tax (over 30 cents in today's dollars) on all bank checks. Economists William D. Lastrapes and George Selgin,[19] conclude that the check tax was "an important contributing factor to that period's severe monetary contraction." Hoover also encouraged Congress to investigate the New York Stock Exchange, and this pressure resulted in various reforms."wiki

ps.
i am sorry to say that you are not being realistic with regard to what one can and cannot do in a democracy with regard to the economy.
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