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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: combjelly who wrote (463774)	3/14/2009 12:24:09 PM
From: i-node	1 Recommendation Read Replies (1) \| Respond to of 1577904

You have this backwards. Morgenthau had promoted this for years. He was no fan of the New Deal and the spending. He was a balanced budget, small government guy. I absolutely do NOT have it backwards. The attempt to balance the budget was FDR's creation, not Morgenthau's or anyone else's. The federal deficit for '36 was $4.3B and Roosevelt's '37 budget was $2.7B. Roosevelt's '38 spending projection showed the deficit at $740M and by '39 it was to be a balanced budget. Between Labor Day and February, 4 Million jobs were lost and the projected that 2/3 of the prior gains would be given back if it persisted for a year. While Morgenthau, Farley and others wanted FDR to stay with the program FDR caved to Hopkins. The buck stopped with FDR. The extent to which Morgenthau was persuasive we'll never know. But FDR showed in his first 100 days that he could be fiscally responsible as well as a big spending liberal. Before one nickel of New Deal was put into law, before even the bank holiday, he declared sweeping cost cutting measures WITHIN government -- essentially, on the premise that we can't ask the American people to cut back unless we ourselves do it. The simple truth is FDR's knowledge of economics was almost nonexistent. He was a politician. And lacked even a fundamental understanding of economics.