Friday, July 29, 2011

Economy Too Fragile For Tea Party Games

Larry Schwartz

The Republican Party and their Tea Party zealots are taking this country to financial disaster. They are not students of history; they write and rewrite the facts of history to suit themselves. We are in the worst recession since the Great Depression.
The lesson of the Herbert Hoover and Franklin Roosevelt years: To come out of the Great Depression, the nation needed massive infusions of government stimulus, i.e., the New Deal, to help allay the terrible consequences of the 1930s. Now our national debt ceiling, which has been raised over 70 times since 1962, is being held hostage by the intransigence . . . . . .

1 comment:

  1. -worst recession since the great depression-and raising deficit spending has been practiced for 70 times since 1962 and this argues for more deficits. Could it be somethings fundamentally broken with the economy and that deficit spending stimulus was used to hide it? What should have never been was-but should have never been. Take housing construction jobs and gov subsidized housing industry, build far more houses then needed, then push people to buy, worked, then popped. China builds city's to nowhere-those construction jobs will disappear when china falls, should they have existed to begin with, and when reality hits-should china print money to maintain those jobs-that type of economy? Market players create derivatives that are a sham then when blows up taxpayers must bail them out-should those creations have ever been allowed? When a household makes ample money but spends into debt the day comes to stop huh.

    We're broke, many are we're not alone in ponzi world, more debt won't solve anything but the final collapse will be even more painful. Take the medicine now.

    ? 70 debt raises since 1962 and using the hoover/roosevelt massive infusion of stimulus to help during those times begs the question what's been happening to the underlying economy and within people themselves that we've needed massive infusions of stimulus since 1962 and ongoing?

    wez owned by the biggies and warbucks for many years now, upon any default or downgrade the bonds will be guaranteed, those who hold greek debt are getting their bailouts no?..after all-it's their money and system, they created it. read some story yesterday about alternate forms of settlements being used in various places...sounds interesting. barter system coming, and farming will employ some..things will get worse make preps.


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