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Bush: "I Had to Destroy Free Market to Save Free Market"
Following is discussion about the post titled: Bush: "I Had to Destroy Free Market to Save Free Market".
Below is the discussion so far. Feel free to add your own comments!
Funny how your take on it is that nothing the federal government can do can ever help. FDR saved the market by stopping it from going haywire and by keeping people productive while the market corrected itself.
FDR made the economy worse. What finally pulled the economy up was the money supply was expanded by the Fed and the war provided new jobs. See Milton Friedman for analysis.
Something doesn't sound right about that, Bill. I see how FDR's work projects don't help the economy, but going to war and expanding the money supply is what we have been doing recently. I don't have high hopes for that to turn things around.
FDR was terrible.
http://jimbovard.com/blog/2006/12/06/the-great-gold-robbery/
"No American president has rivaled Roosevelt in his denunciation of what he called “economic royalists.” He sought to “master” the “forces of selfishness” by making government master of every person’s private financial destiny. Like today, the citizen who wanted to retain control over his own life was selfish, while the bureaucrat who wanted to seize power over the citizen was automatically presumed benevolent. One of the most controversial New Deal policies was the seizure of citizens’ gold."
"Roosevelt’s gold seizure was based on the doctrine that in order for government to save the people, it must be permitted to breach all the promises it made to the people. According to modern conventional wisdom, government has no obligation to do justice or treat any specific individual citizen fairly—instead, government’s only duty is to achieve “social justice” or some other abstraction perfectly suited for evasion."
Vigilia Pretium Libertatis
The economy was saved when the government cut spending by 2/3 after the war allowing an economic boom. It had nothing to with FDR or the War! Spending for spendings sake never works.