What's most depressing about this post is how little the campaign arguments and humbug have changed. The public apparently never learns anything.
Never met them, couldn't tell you. Their problems are institutional in nature. The Soviets had some brilliant economists: didn't help.
UNfortunately, the public is short-sighted and only wants what is best for them at the present time without regard to the consequences.
BTW, I have not had any luck with your problem. My medical friends said "They should not move out there," I know it is crass to say that but they did qualify it by saying that our resources need to be here in the urban area where they are needed most. You might be LiberalLarry but I LIVE in the stronghold of the left-wing. I am still trying.
Let us assume, for the sake of argument, that they are aware and concerned. There is only so much that they can do to avoid the same mistakes--given the prevalence of demagogues in Government, who will insist on "doing something," if things continue to deteriorate. It is when the politicians feel the need to "do something," that we get in trouble.
Remember that the natural tendency of the market is to correct itself. If there is a misallocation of resources, causing dislocations in employment, markets, whatever; the normal response--if the politicians just will stay out of it--is for all of the human factors in the economy to put their greatest effort into finding what is most beneficial to them--what they can legally do which will be most valued by others. That is how the rewards in a free economy are determined.
The way out of a depression is the same way we grew strong to begin with: Unleash the creative force of the whole people. No group of central planners on earth can ever be a match for that. Anyone who understands the actual dynamic knows how utterly ridiculous it is to expect planners to ever be a substitute for the power of a free economy. What Washington needs to be doing is to help remove the barriers to that free economy. Make sure the money is stable; that taxes are not burdensome; that red-tape to appease Leftwing bureaucrats does not impede rapid decision making--rapid adjustment to fluid conditions, etc..
As Reagan put it: Government is not the solution to the problem; often Government is the problem.
As for those Corporate Fiduciaries, who have betrayed the sacred Trust they owed the Shareholders they were supposed to be serving: If they deserve it, Prosecute the Hell out of them! That is a different principle, altogether. For a Fiduciary to milk a Trust for personal benefit is a crime. But the violation of a bureaucratically imposed duty, designed to accomplish some politician's social purpose, is something quite different.
William Flax Return Of The Gods Web Site
Not arguing with you, but also wanted to point out that former fed board member and current economic advisor to Bush, Ben Bernadeke (I think I spelled that right) wrote an interesting book about the great depression.
Pretty much blasts FDR though in mostly straightforward non-partisian lanugage.