What Geithner proposes is exactly the same mistakes that FDR made that took the US into the great depression. Read Thomas Sowell’s column today (Sunday) - he discusses FDR’s policy just a bit. It is the intervention that is the cause, not the cure.
I post to these types of threads every once in a while with this link to an old FR thread, about an even older (1936) conservative pamphlet called “The Revolution Was” - about FDR and the New Deal. It’s ALL happening again. (Well - has been happening.)
http://www.freerepublic.com/focus/f-news/2185147/posts
Some excerpts:
In his first inaugural address, March 4, 1933, the President [FDR] said: “Yet our distress comes from no failure of substance.... Plenty is at our doorstep, but a generous use of it languishes in the very sight of the supply. Primarily this is because the rulers of the exchange of mankind’s goods have failed,...Yes, the money-changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of that restoration lies in the extent to which we apply social values more noble than mere monetary profit.”
There was the pattern and it never changed. The one enemy...The money-changer in the temple.... and the Wall Street banker was the most familiar and the least attractive symbol of capitalism.
..... “We cannot go back to the old order,” said the President. And this was a very hateful counter symbol, because the old order, never really defined, did in fact associate in the popular mind with the worst debacle in the history of capitalism..... [SOUND FAMILIAR??!!]