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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (700914)2/25/2013 1:47:34 PM
From: combjelly  Read Replies (2) of 1574680
 
Not really. Morgenthau was a classical economist and, as such, was opposed to the New Deal. His observation was grounded in those ideals. It was at Morgenthau's insistence that FDR cut spending and raised taxes that triggered the Depression within the Depression, thus demonstrating that Keynes had it right and the classical economists had it wrong. The extra spending due to the build up to WWII and the extra recruiting was enough to pull us out of the Depression right as we entered the war.
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