Posted on 03/15/2009 8:54:01 PM PDT by Flavius
WASHINGTON: The key architects of U.S. economic policy have spent much of their lives studying the mistakes blamed for the Great Depression, and they are determined not to repeat them.
For Ben S. Bernanke, chairman of the Federal Reserve, and Christina D. Romer, the White House economic adviser — two leading scholars on what went wrong in the 1930s — the biggest lessons include: ‘‘Don’t scrimp on revitalizing the economy’’ and ‘‘Don’t close the lending or spending taps until recovery is firmly in place.’’
That thinking may shed some light on why the United States has pushed so aggressively in the approach to the Group of 20 summit meeting next month for other countries to follow its lead in boosting government spending.
History may also help explain why U.S. calls for more cash have met a cool reception in Europe, where many officials contend that the primary focus should be on tightening regulation to prevent the next crisis rather than embarking on a big spending spree.
While Americans are still scarred by the experience of the 1930s, for many Europeans the lasting memory is of German hyperinflation after World War I.
(Excerpt) Read more at iht.com ...
Funny how economic collapse brings fort culling of the herd
He didn’t learn a damn thing, he’s repeating the errors of FDR only 10 times over!
So how do we stop German hyper inflation? or Russian hyperinflation?
China? Any where planet earth?.
Oh... print more money?
Obama et al are playing a fools game. The market must adjust
Such a shame that Hillary is afar as SOS instead of being handy to at least ‘channel’ Eleanor Roosevelt if not her husband, probably the most Useful Idiot ever to infest 1600 Pennsylvania Avenue.
FOOL
FDR OR OBAMA = LOOSER’S “the American Public.”
They didn’t learn the real lessons of the Depression. They learned what Socialist professors told them about the Depression.
Hey Bambi...start a world war...that'll fix it!
It is sad that Bernanke had a good reputation as a top economist of the Great Depression, but he apparently learned all the wrong lessons.
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