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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Nadine Carroll who wrote (323254)	9/8/2009 2:28:03 PM
From: Andrew N. Cothran	2 Recommendations Read Replies (1) \| Respond to of 793755

Barack Obama accused of making 'Depression' mistakes Barack Obama is committing the same mistakes made by policymakers during the Great Depression, according to a new study endorsed by Nobel laureate James Buchanan. By Edmund Conway Published: 9:55PM BST 06 Sep 2009 TELEGRAPH.CO.UK People gather across the street from the New York Stock Exchange in New York Oct. 24, 1929. Thousands of investors lost their savings in the worst stock market crash in Wall Street history five days later. History repeating itself? President Obama has been accused by some economists of making the same mistakes policymakers in the US made in the Great Depression, which followed the Wall Street crash of 1929. His policies even have the potential to consign the US to a similar fate as Argentina, which suffered a painful and humiliating slide from first to Third World status last century, the paper says. There are "troubling similarities" between the US President's actions since taking office and those which in the 1930s sent the US and much of the world spiralling into the worst economic collapse in recorded history, says the new pamphlet, published by the Institute of Economic Affairs. In particular, the authors, economists Charles Rowley of George Mason University and Nathanael Smith of the Locke Institute, claim that the White House's plans to pour hundreds of billions of dollars of cash into the economy will undermine it in the long run. They say that by employing deficit spending and increased state intervention President Obama will ultimately hamper the long-term growth potential of the US economy and may risk delaying full economic recovery by several years. The study represents a challenge to the widely held view that Keynesian fiscal policies helped the US recover from the Depression which started in the early 1930s. The authors say: "[Franklin D Roosevelt's] interventionist policies and draconian tax increases delayed full economic recovery by several years by exacerbating a climate of pessimistic expectations that drove down private capital formation and household consumption to unprecedented lows." Although the authors support the Federal Reserve's moves to slash interest rates to just above zero and embark on quantitative easing, pumping cash directly into the system, they warn that greater intervention could set the US back further. Rowley says: "It is also not impossible that the US will experience the kind of economic collapse from first to Third World status experienced by Argentina under the national-socialist governance of Juan Peron." The paper, which recommends that the US return to a more laissez-faire economic system rather than intervening further in activity, has been endorsed by Nobel laureate James Buchanan, who said: "We have learned some things from comparable experiences of the 1930s' Great Depression, perhaps enough to reduce the severity of the current contraction. But we have made no progress toward putting limits on political leaders, who act out their natural proclivities without any basic understanding of what makes capitalism work." The followint comment on this article by Randyrocker in the UK is worthy of consideration. The United States of America as we know it has already changed for the worse. Its mainstream news supports this President to a point of no return,they have covered up for him, they have tarred all opposition to him be it worthy or not. The news has painted a picture of a picture perfect President that cannot be touched or tarnished without repercussion. They anointed him and now they want to market him, like MSNBC and NBC do with merchandise sales of his image on everything from T-Shirts to coffee mugs. It is shameful as well as totally manipulative of the general populous. There is no high crime for adulation of an individual like the President, but to ban and burn any valid criticisms of him and to slant the news in his favor, while not reporting the truth about his economic policies and how they may be ruining the country is not only unforgivable, it is deceitful treachery on the part of the nation's major media. Obama is to them their God, and they think that they actually own him, or do they not see, he owns them.