The year 2525 is probably the year when we “officially” find out from historians that conservatives were right and that Barney Frank and Democrat policies started the global financial meltdown and Obama’s policies like the Stimulus, Obamacare, and Dodd-Frank prolonged the agony. That is because history is mostly written by liberal academics (I know that is redundant) and they have a slightly biased view of the world.
I am exagerating about the date 514 years from now, but consider that until recently most historical accounts of the Great Depression give FDR credit for ending it. There have been books like The Forgotten Man which set the record straight, but few probably read this. However nearly seventy years after the depression ended two UCLA economists place the blame where it belongs…on FDR.
Arthur Amolpid got out of high school in 1950. While his grades weren’t that great his job prospects were even worse. Art, however, was an entrepreneur before the term was commonly used and looked for a way to make it on his own. Fortunately his folks didn’t mind that he stayed with them while he pursued his dream. He just needed to figure out what that dream was. His parents were not that well to do and lived within their modest means, but Arthur felt comfortable with the wealthy and frequently socialized with the more affluent crowd.
I love Milton Freidman. Economics can be rather dry so when I came across a series of videos of Friedman on common economic subjects I first enjoyed them and decided to share them with you. In one of these videos, Mr. Friedman compares a myth to an air mattress, full of nothing, but comfortable, and jarring when deflated.
The first is one that I posted a couple of years ago during features Friedman in an interview with Phil Donohue:
This one is about the myth of The Free Lunch or how taxes on corporations are really taxes on people:
So why does the average American accept economic policies that are bound to bankrupt this country? Logic tells us in our personal lives tells us that if we spend way more than we make we incur debt. Anyone who has ever had a loan or a credit card balance knows that there are interest charges on that debt which must be paid on a monthly basis. When we still keep spending beyond our means our debt increases and so does our monthly payments which a greater percentage of goes to pay the interest on the debt.
Situation where the current state of knowledge is such that the order or nature of things is unknown, the consequences, extent, or magnitude of circumstances, conditions, or events is unpredictable, and credible probabilities to possible outcomes cannot be assigned.
Synonyms: doubt, mistrust, suspicion
What does W think?
“If America shows weakness and uncertainty, the world will drift toward tragedy. That will not happen on my watch.”
How many times have you heard this comment in the last six months?
“Worst economy since the Great Depression”
I think that the latest congressional plan for paying off the massive deficit will be to collect a nickel for every time that phrase is mentioned. If they had a nickel for each time that was mentioned, our deficit would be halved by the end of the year. That would probably work, except for the “had.” I suspect we would be “had.”
“As soon as A observes something which seems to him to be wrong, from which X is suffering, A talks it over with B, and A and B then propose to get a law passed to remedy the evil and help X. Their law always proposes to determine…what A, B, and C shall do for X.” But what about C? There was nothing wrong with A and B helping X. What was wrong was the law, and the indenturing of C to the cause. C was the forgotten man, the man who paid, “the man who never is thought of.”