We waited to do today's posting until after Mr. Obama's speech on economic policy, which seemed to have less to do with economic policy than in high flying rhetoric meant to lower expectations and ratchet up the perceived need for drastic, persistent and gigantic governmental action.
In fact the approach taken was more in line with Pearl Harbor then V-E Day and in a Lilliputian approach to Churchillian dialogue we seem to have been promised only blood, sweat and tears.
All this would be somewhat okay were it not for the trillions now promised for the socializing of the American means of production. Most recessions in America, even those of significant depth have a shelf life of between 12 to 24 months, however in the case of over involvement by the government such as was begun in 1933; the Roosevelt administration managed to stretch this out to at least 10 years, as protectionist legislation, deflationary policies and the shackling of the market to political concerns, slowly drove the economy to a near standstill.
No surprise that Franklin Roosevelt like Barack Obama had no successful business experience whatsoever. His major forays into investment all ended quite poorly and were it not for the allowance from his family he would have suffered serious financial ruin.
Let's remember this was a person who invested in the Zeppelin company over aircraft at the time. Remember as well, there has always been political activists who rose to leadership positions based on exploitation of economic turmoil.
The most compelling need of Republicans and conservatives in the Congress is to ensure that any tax cuts, which actually stand the best chance of stimulating the economy, are in fact cuts from taxpayers and not simply wealth transfers from taxpayers to tax consumers.
Vote buying and the establishment of a permanent underclass is transparent political expediency at its most pronounced.
