More echoes of the 1930s in today's economy.

[AztecWilliam]

Amity Shlaes discusses a facet of the economic history of the 1930s that is also present in today's situation. Obama and Geitner need to rethink their attitude toward business and try to imagine whether they would want to expand and hire new employees were they businessmen subject to the conditions being created by Obamanomics.

What we have can be described very simply. It's the conflict between economic dogma and the real world in which business leaders must operate.

online.wsj.com/article/SB10001424052748703636404575353431153327248.html?mod=googlenews_wsj

AzWm

PS: I have mentioned before but will repeat that Amity Shlaes is the author of the excellent book on the Great Depression titled The Forgotten Man. Anybody who seriously wants to understand that period and the lessons we can learn from it must read this book.

[The Great Aztec Joe]

Since I am now a liberal, I am a new found believer that Obama is doing a fantastic job. He can spend us to prosperity. After all, if we go into debt we just owe it to ourselves. Right? Since the FED can dismiss the debt, there is nothing to worry about.

As my Black brothers say, "It is all good!"

[aztecwin]

Jul 14, 2010 11:16:39 GMT -8 The Great Aztec Joe said:

Since I am now a liberal, I am a new found believer that Obama is doing a fantastic job. He can spend us to prosperity. After all, if we go into debt we just owe it to ourselves. Right? Since the FED can dismiss the debt, there is nothing to worry about.

As my Black brothers say, "It is all good!"

Joe, you have to know that other countries buy our debt and the only way we pay it back is to debase or devalue our currency through inflation or default. Don't go into that cancel your debt nonsense. If you could cancel debt on a large scale, who would work to make anything or grow anything. You can just go further into debt until no one is willing to work and we all have nothing. Even a real liberal would not say that.

[The Great Aztec Joe]

Some of our debt is held by foreign countries. Some is held by the FED. All I have said is to have the FED dismiss the money that we owe the FED. The FED can also buy Bonds and Notes from foreign governments and people and then dismiss the debt. It is all good.