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

To: tejek who wrote (730529)	8/2/2013 1:55:08 PM
From: i-node	Read Replies (2) \| Respond to of 1578704

>> From the GOP convention in 1936: From the FDR Library: "FDR's reaction was to turn back to the fiscal orthodoxy of the time, and he began to reduce emergency relief and public works spending in an effort to truly balance the budget. " True, he returned to Keynes based on the 1938 recession, but the budget cuts were FDR's doing. There was immense pressure from within his cabinet to do so, and Morganthau was the only one in the group that had come to his senses. FDR was a great wartime president. But his fiscal policy was horrible, and as a result, the country suffered through a Depression that was extended for a full decade because of it. It is naive to judge economic policy on a short-term basis -- as Keynes proponents did in '38. You can't get through a recession (or depression) without some pain. We now know it is better to accept the pain and get it over with rather than to drag these things out for a decade, which is what is clearly happening with Obama's idiotic policy.