Tuesday, June 02, 2009

Obama's New Deal is Really Roosevelt's "Old" New Deal

I had posted this several months ago, but I thought a little bit of redundancy is always a good technique to solidify one's learning.

Roosevelt's Treasury Secretary, Henry Morgenthau, angry at the Keynesian spenders, wrote in is his diary May 1939: "We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and now if I am wrong somebody else can have my job. I want to see this country prosper. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. I say after eight years of this administration, we have just as much unemployment as when we started. And enormous debt to boot."

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