Your let them eat cake attitude is very sweet.
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? So far we agree on the solution, but disagree on how to achieve the solution. My solution is to lower taxes to solve the credit problem, yours is to spend gov money on earthworks and entitlements.
"Even Milton Friedman will tell you that the consequences of dramatic deflation are, well, dramatic, and the only solution is to print money and hand it out to those who will spend it."
I can't believe Milton Friedman would support gov subsidies to interest groups over tax cuts to all.
"Likeminded conservatives of the 30's, however, took the prescription to do nothing to their political graves. The voting public would not stand for it."
No, as documented, they voted for massive and unprecedented tax hikes.
Milton Friedman would not endorse creating the monetary bubble that creates the problem in the first place. A 10% tax cut is pi$$ing in the wind when you have a 50% collapse in monetary flows.