interesting quote

[Azazello1313]

Never forget, never forget, and I think it’s very important for Democrats especially to remember this, that if Hitler had not come along, Franklin Roosevelt would have left office in 1941 with an unemployment rate in excess of 15 percent and an economic recovery strategy that had basically failed.

 

[MikesVikes]

Maybe his commy VP could've gotten elected too.

[wiegie]

Do you know why he said that? Because in the late 1930s the government got way to concerned about balancing the budget instead of economic stimulus. It was the basically forced stimulus that WWII provided that provided the way out of the Great Depression.

 

Is that what you were talking about, Az?

[Azazello1313]

Do you know why he said that? Because in the late 1930s the government got way to concerned about balancing the budget instead of economic stimulus. It was the basically forced stimulus that WWII provided that provided the way out of the Great Depression.

 

Is that what you were talking about, Az?

 

I'd say the quote speaks for itself. why do you think he says that democrats, in particular, need to remember this?

[wiegie]

I'd say the quote speaks for itself.

I'd say you should actually watch the video.

why do you think he says that democrats, in particular, need to remember this?

so that democrats don't focus their attention solely on long-term deficits rather than potentially helpful short-term stimulus (he knows that the GOP is beyond hope on this issue)

[cliaz]

-sigh-

 

When is everyone going to learn that both Democrats and Republicans have both, EQUALLY screwed our country up and that I should be elected as the Supreme Chancellor of The United States of Americliaz.

 

The first thing I would do is raise a grand army of the republic to counter the rising threat of the NFL strike. Once the NFL is back on schedule all other fantasy football information sites, publications and radio shows would be deemed a threat to the continual stability of The United States of Americliaz and they will be shut down with all parties involved with maintaining them executed. The Huddle.com will be the only state sponsored site; however, in order to maintain sponsorship DMD must swear allegiance to The Redskins and end all fantasy football updates with, "...because the Cowboys suck."

[Azazello1313]

so that democrats don't focus their attention solely on long-term deficits

 

I don't think he needs to worry about that. they continue doing everything they can NOT to focus on that issue.

 

I have watched the video, and of course summers is essentially selling the keynsian line. but the quote reveals an important truth to me. after that quote, summers talks about how economists look at the bad economy of 1930s. and they look at the bad economy of the 1970s. and they look at the bad economy of Japan in the 1990s. they see essentially failed policies in all of these instances, and implicitly, they see failed economic policies in the current situation. and economists of one camp say, yeah all of those policies failed, and the one example of what worked to turn it around is what happened under reagan and thatcher in the 1980s. economists in the other camp concede yeah, none of the stuff in the 30s really actually worked, and japan's stimulus and infrastructure spending didn't work, because all these measures were too paltry -- and the example they hold up of what actually worked is the massive "stimulus" created by the cost of fighting WWII.

 

now, WWII is an example where government spending was something close to 50% of GDP (military spending alone was over 40% of GDP), and yearly deficits were close to 30% of GDP. and more importantly, it's a time when the nation unified in a single existential goal, and was willing to finance that kind of debt buying war bonds, accepting rationing, etc.

 

to me, it just seems preposterous to hold that up as some sort of model for getting out of a recession-generated stagnant economy. those are conditions that (by the grace of god) will never be replicated. that's why summers' quote is revealing,"...if Hitler had not come along..." well, I sure f'n hope there is no Hitler coming along this time. so let's stop using that as our model for how we turn this sh*t economy around, shall we larry?

Edited July 19, 2011 by Azazello1313

[Ursa Majoris]

I don't think he needs to worry about that. they continue doing everything they can NOT to focus on that issue.

And yet it's Obama pressing for the $4 trillion long term deal while the Republicans only want a short term one of half that. I wonder if that has anything to do with the timing of the next election? Surely not.