Monday, September 26, 2011

Obama and the second great depression

I read Amity Shales "The Forgotten Man" that describes all of the mistakes that FDR made during the thirties. The Great Depression was not a failure of capitalism. It was created by government meddling and punishing the private sector.

Obama has followed FDR's model quite successfully so far. He has created an atmosphere of business uncertainty, demonized business and "the rich". This is the second time in history that Keynesian economics has proved to be an utter failure.

Will the US electorate learn from history and reject Obama. FDR fooled people for a decade.

Read "regime uncertainty and the great depression"

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