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Old 12th April 2008, 01:13 PM
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And some words of Wisdom from Franklin D. Roosevelt

Primarily this is because rulers of the exchange of mankind's goods have failed through their own stubbornness and their own incompetence, have admitted their failure, and have abdicated. Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men. True they have tried, but their efforts have been cast in the pattern of an outworn tradition. Faced by failure of credit they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence....The money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of the restoration lies in the extent to which we apply social values more noble than mere monetary profit.
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Old 13th April 2008, 12:51 PM
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Re: And some words of Wisdom from Franklin D. Roosevelt

FDR was an impressive leader. His ideas helped to reshape the structure of the US.
His philosophy holds many ideas and formulas that could be very helpful in todays world crisis. Problem is that much of a sound theory is based upon the intrinsic idea that a government is going to be honest and steadfast in its quest, today the appearance is that this is not the case.
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Old 13th April 2008, 01:32 PM
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Re: And some words of Wisdom from Franklin D. Roosevelt

Quote:
Originally Posted by lipps
FDR was an impressive leader. His ideas helped to reshape the structure of the US.
His philosophy holds many ideas and formulas that could be very helpful in todays world crisis. Problem is that much of a sound theory is based upon the intrinsic idea that a government is going to be honest and steadfast in its quest, today the appearance is that this is not the case.
Actually, I came to the conclusion that Roosevelt was over-credited with US recovery and that Herbert Hoover was much maligned.

Hoover was certainly not the cause of the 1929 crash, which we could well see a repeat performance over the next few weeks as the other shoe gets dropped on an unsuspecting Wall Street.

The real villain seems to be Coolidge, who seems to have been the inspiration of Reaganomics. He appears to have let the economy get out of control and therefore set it up to crash later. What can be said in his favour, however, is that he kept the books balanced, so the US Government was not carrying debt into the situation.

Hoover, has been accused of not doing enough and Friedman is correct in stating that much more should have been done to maintain bank liquidity, although hindsight is always a wonderful thing.

Hoover, actually did quite a lot. He expanded the National Debt to 40% of GDP from a very low level. His problem is that because of the very drastic contraction of the economy, this did not actually result in significant additional expenditure.

By contrast without having to the extend the relative level of indebtedness, Roosevelt was able to spend far more, because the economy was already recovering. This could mean that you could credit Hoover with the recovery, but it is more likely that like a virus it was something that had to work its way through the system, and by the time Roosevelt got there things had started to sort themselves out.

The problem is with Friedman's theories is that they do stop economies going into recession but they will also tend to prevent problems being resolved, which often means that you are just deferring problems that stack up until you get a severe collapse. It may be that we are are at the point where such problem resolution can no longer be deferred.

The big problem that Paulson has is the level of Government debt and trade deficits that were not really such a problem in 1929. The underlying problem is, however, the same which is the Republican obsession with small government. There is a correct size for government, which is neither too big nor too small but just right. Unfortunately, the pattern is that government is doing too little in areas where it is needed and far too much in others where it is not!
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Last edited by Rubber Duck; 13th April 2008 at 06:54 PM..
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