Fascinating Juxtaposition The two photos above, from today’s New York Times, present a fascinating juxtaposition. The photo on the left shows FDR signing legislation — known as The Glass-Steagall Act — separating the nation’s investment banks from its commercial banks. It was the latter that held ordinary Americans’ savings deposits, and it was the former’s...Read More
“The Little Depression”? “The Great Recession”? Think of [the U.S. economy today] as Alien in reverse: lurking inside a dysfunctional, steroid-stuffed “monster economy” is a healthy, sustainable, and yes, market-driven one struggling to get out — albeit a smaller, slower-growing, and certainly simpler and more transparent economy. –“Financial Crash Instructions“; City Lakes Blog (12/12/2008) Up...Read More
George Bush’s Role inToday’s Economic Car Crash Everyday Americans — if not historians — are likely to remember George W. Bush as the President who crashed the family car (the economy). However, it would be too easy to simply lay it all on #43 and move on (or try to — right now we’re all...Read More
The Financial Crisis So Far The country — and world’s — biggest financial crisis since the 1930’s has reopened a long dormant debate regarding 1930’s economic policy. Democrats today subscribe to the notion that FDR did too little during The Great Depression, unnecessarily prolonging it. Had he used even more fiscal stimulus (public works, capital...Read More
