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"...
regarding
the Great Depression: You're
right, we did it."--
what Federal Reserve
Board Governor (now Chairman)
Ben Bernanke finally said to
Nobel Laureate
Dr. Milton Friedman, at
Milton's 90th birthday
celebration, meaning that
yes,
indeed,
the Great Depression WAS
caused by, AND prolonged by,
THE GOVERNMENT,-as
Friedman had always said.[Financial
Review, 12-9-2002]
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See: "Obama
threatens to follow in FDR's
economic missteps"-HERE,
"Two UCLA
economists say they have figured
out why the Great Depression dragged on
for almost 15 years..."HERE,
"The
New Deal Hurt the Economy" HERE
and the
Burton Folsom speech on the Great
Depression-HERE-
Also
see:The
Forgotten
Man: A New History of the Great
Depression-HERE,-
"The
New Deal Myth" HERE,
Rethinking
the
Great DepressionHERE,
Forgotten
Lessons-HERE,
The
P.C. Guide to the Great Depression
HERE,
Essays
on the Great DepressionHERE,
America's
Great
Depression HERE,-
the audio lecture,-The
Cause and Consequence of the Great
Depression (CD) HERE,
-
The
Roosevelt Myth-HERE,
and
FDR's
Folly:
How Roosevelt
and His New Deal Prolonged the
Great Depression--by
Jim
Powell HERE.
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"There is no need here
to attempt to explain FDR's economic
reasoning, if such an explanation
is even possible. Speaking of the
President's acquaintance with economics,
biographer John T. Flynn noted that 'it is entirely
possible that no one knew less about
that subject than Roosevelt.' [from
The
Roosevelt
Myth] What is important
is that these economic
fallacies would have terrible
consequences. The President's faulty grasp
of what had caused the Depression led him
to introduce a system whose operation
was quite similar to the old guild
structure, with the explicit intention
of reducing competition." -- Thomas E.
Woods, Jr.,-HERE
[By
contrast, RWR,
the only president to ever hold a
degree in economics, came
into office with a wildly inflationary
recession on his hands in 1981 and,
by enacting policies the polar opposite of
FDR's, sparked the longest boom in
American history, despite having to
carry with it the continuation of the
poisonous Community Re-investment
Act as an ongoing legacy from his
predecessor, a ticking time-bomb that
would eventually explode as the financial
crisis of 2008.] |
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"During the Great
Depression, economics had
been taken by storm by the British savant John
Maynard Keynes. He
diagnosed the Depression as a failure of
"aggregate demand," and prescribed
massive government spending to stimulate it back
to life. This became
the dominant paradigm that guided the New Deal
and captured the economics
profession for decades after. For
economics, this was a plunge into
what amounts to a dark age. It was as
though crisis had erased a
century and a half of the economics of reason
guided by the enlightened
thinking of great minds like Adam Smith.
[Dr. Milton] Friedman's
greatest contribution would be a monumental
empirical investigation that
would prove -- not just argue, but prove -- that
the Keynesian diagnosis
of, and prescription for, the Depression was in
error."
-- Donald Luskin and Andrew Greta in "The
Economist of Liberty": Chapter
9 of I Am John Galt |
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"Bad and discredited ideas, it seems, never
die. Neither do they
fade away. Instead, they keep turning
up, like bad pennies or Godzilla
in the old Japanese movies." -- Murray
N.
Rothbard
.
"One
of the most important reasons for studying
history is that virtually
every stupid idea that is in vogue today has
been tried before and proved
disastrous before, time and again."
-- Dr.
Thomas Sowell
.
"There is no error so monstrous that
it fails to find
defenders among the ablest men." -- Prof. John E.
E. D. Acton
.
"The study of history is a
powerful antidote to
contemporary arrogance. It is humbling to
discover how many of our glib
assumptions, which seem to us noble and
plausible, have been tested before,
not once but many times and in innumerable
guises; and discovered to be,
at great human cost, wholly false." --
Celebrated Historian Paul
Johnson
.
"Those who cannot remember the past
are condemned to repeat
it." ~ George Santayana, The Life of Reason,
1906
.
"When Western countries in the past were as
poor as Third World countries
are today, these Western countries
nevertheless had one big advantage:
There was no large
and influential class of the intelligentsia
to impede their progress
with unsubstantiated theories and
counterproductive propaganda." -- Dr.
Thomas Sowell
=
these particular quotes came from THIS
page on the "gap" between rich and
poor
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GOVERNMENT
SPENDING
DOES NOT
STIMULATE THE
ECONOMY.
IT
HAMPERS
IT.
"We know that anything
government does private enterprise can
do for half the cost." -- Nobel
Prize-Winning Economist Dr. Milton
Friedman to Charlie Rose
12-26-2005
"Whenever the government runs things it
always costs twice as much as
should be." -- Gerald Pearse
"Government purchases of military
hardware, highways, energy projects,
space equipment, and other items often cost
50% or 100%, or more (see here
and here),
above what politicians originally promise."
-- Chris
Edwards
"When the government
pays, health
care's lack of affordability becomes
a self-fulfilling prophecy.
In health care, as in other things, government
is the high-cost producer." -- Arnold
Kling
"The
idea of putting government in
charge of something to 'save money'
is INSANE." -- Ben Stein
"Every
time government attempts
to handle our affairs, it costs more and
the results are worse than if
we had handled them ourselves." --
Benjamin Constant
"Government does not do ANYthing
as well
as the private sector does, and that
includes educating your
children." -- Neal Boortz
"Whenever the government
spends a million dollars on something
that could have been done in the
private sector, it ALWAYS sucks at least
TWO million dollars out of the
real economy to do it. THAT'S WHY
the entire Keynesian 'government
spending
stimulates economic activity' theory
is failing big time and
proving disastrous again, right before
our eyes -- because it's pure,
unadulterated
bullspit." -- Rick Gaber
“One of the methods used by statists to
destroy capitalism consists
in establishing controls that tie a given
industry hand and foot, making
it unable to solve its problems, then
declaring that freedom has failed
and stronger controls are necessary.” --
Ayn Rand
"Every time a politician says "a job was
created!!!" by government spending,
you know darn well at least TWO jobs (if not
a lot more) were NOT created
in the private sector as a result.
Look up "THE
BROKEN WINDOW FALLACY." --
Bert Rand
.
More fallacies
stupid politicians rely on
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