conversationpc wrote:You should be...We were still on the gold standard back then and, you're right, we still actually made stuff here. We also weren't printing money like it's going out of style, which it will. This can't be sustained. Bush started this train a rollin' and Obama's done nothing but tossed a whole heap of fresh coal into the flames.
In the immortal words of Dick Cheney, (who last I checked is still the base's dream candidate in 2012), "deficits don't matter."
In ordinary times, that's insane, but for right now, the important thing is to get people back to work, and to do that you gotta deficit spend.
Even if you believe that Hoover was a progressive who did too much, history is still littered with banking panics where the gov't did nothing and people suffered, sometimes for years.
As it is, the only reason were not feeling the full effects right now is thanks to liberal safety nets in place from the past (unemployment, soc. security etc).
I share your Weimar Republic-inspired nite terrors, but I think it’s overblown.
Reagan kept Paul Volcker on from the Carter administration and he helped us get out of inflation.
Volcker is on Obama's team, with any luck, he'll do it again.
conversationpc wrote:ACORN sure had their hands in it..
So minimal it's negligible.
This was all mainly driven by the investment banks.
It’s worth noting that the CEO’s aren’t scapegoating ACORN.
Neither is Greenspan.
If anybody needed a fall guy right about now, it’s them.
conversationpc wrote: as well as the Republican-led congress (pre-2006) and the Democrat-led Congress since then are all major players.
I'm not denying that.
But like the last Depression, where supply sider Andrew Mellon was shaping financial policy for several consecutive administrations, Greenspan’s been stewing in the Beltway for far too long.
Plus, since Reagan, an untold number of financial regulations have gone unenforced or have just been plain reversed.