Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Phil Gramm, who is co-chair of McCain’s campaign, is not just another lobbyist. He is the man most responsible for the repeal of Depression-era banking regulations that have led directly and inextricably to much of today’s economic turmoil, and parlayed that classic example of legislative legerdemain into a lucrative lobbying career for the very people who scratched the smug Texan’s back — as well as McCain’s — on Capitol Hill.
So do you think government regulation is a good thing? From the depression era President Roosevelt, a borderline socialist.
And I thought you were a libertarian.
Without a Federal Reserve system, no problem.
A central bank requires what would normally be unnecessary regulation to control the boom/bust cycles that fixing interest rates causes. Holding rates at 1% post-9/11 because we didn't want to put on our big girl panties and suffer a real recession to purge the Nasdaq bubble excess helped to enable the housing ponzi scheme. If interest rates were set at market (10-20%), lenders wouldn't be offering liar loans and the like.
FDR's policies were miserable failures, but Hoover was a protectionist who interfered from day 1 and was actually "FDR lite", if you actually read your history.
Are you aware that the lack of government regulation in the financial sector was a large contributor to how the great depression occurred.
Nope.
The GD started off as a stock market crash. Treasury secretary Mellon recommended to Hoover that everything be liquidated (farms, businesses, etc) as per any NORMAL business cycle of excess/contraction. Hoover refused and began immediately meeting with industry leaders who began a string of wage fixing, followed by trade wars and other policies that didn't exactly make Hoover the "laissez-faire" prez that people think he was.
Read Rothbard's "America's Great Depression" for more information instead of the pacified data in history books.
The GD started off as a stock market crash. Treasury secretary Mellon recommended to Hoover that everything be liquidated (farms, businesses, etc) as per any NORMAL business cycle of excess/contraction. Hoover refused and began immediately meeting with industry leaders who began a string of wage fixing, followed by trade wars and other policies that didn't exactly make Hoover the "laissez-faire" prez that people think he was.
Read Rothbard's "America's Great Depression" for more information instead of the pacified data in history books.
Most historians agree that the policies Hoover put in place were too little too late, and that many actually made the problems worse. Hoover afterall is generally regarded as a pretty crappy president.
Most historians agree that the policies Hoover put in place were too little too late, and that many actually made the problems worse. Hoover afterall is generally regarded as a pretty crappy president.
Well, nearly all Austrian Economists agree that claiming you're a student of, say, Keynesian Economics is like saying you're a student of Chinese physics.
There is only one explanation for the sheer duration of the GD. The New Deal prolonged and agonized the recovery, but the other myth was that Hoover was somehow hands-off. As I said, from DAY 1 he intervened and implemented many approaches consistent with Keynesians such as gov't spending as well as non-Keynesian (price supports and other attempts to keep prices and wages high).
The business cycle is completely normal and rational. BOTH of these folks were wrong to believe otherwise, and the effect is clear to anyone with a brain. Economic despair for 15 years which took two dictators and their effect on American industrialization to fix.
This is why he has McCain's ear on politics/economy. Reagan's tax cut's would not have happened without Phil Gramm. Phil Gramm/Newt/Kasten are the powers behind lower capital gains, education IRA's.
"As a second-term Democrat congressman on the House Budget Committee, Gramm coauthored and cosponsored the original "Gramm-Latta" Reagan budget. But he did more. He organized, cajoled, and delivered the 30-to-45 "Boll Weevil" Democrats without whom President Reagan couldn't have enacted his 25% across-the-board tax cut or the military build-up that turned the Cold War."
"Under "Gramm-Rudman", the federal deficit fell both absolutely and as a percentage of Gross Domestic Product: from $232 billion in 1986 — 5.2% of GDP — to $152 billion in 1989 — 3% of GDP."
Unfortunately it seems as he has aged he has grown senile.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
