The great Ed Yardeni thinks the POTUS is repeating FDR’s mistakes:<\/p>\n
\nIn 2016, I expect that Mr. Geithner will make the following speech: \u201cWe have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong \u2026 somebody else can have my job. I want to see this country prosperous. I want to see people get a job \u2026 We have never made good on our promises \u2026 I say after eight years of this Administration we have just as much unemployment as when we started \u2026 and an enormous debt to boot.\u201d<\/p>\n
Those words were actually spoken by FDR\u2019s Treasury Secretary Henry Morgenthau before his fellow Democrats on the House Ways and Means Committee. Revisionist conservative-leaning historians are increasingly blaming FDR\u2019s policies for prolonging and deepening the Great Depression. A recent addition to this perspective is \u201cThe Forgotten Man: A New History of the Great Depression\u201d (2007) by Amity Shlaes. She followed it up with an interesting article in the WSJ on Feb. 1 this year, \u201cHow to Make a Weak Economy Worse.\u201d She observed that FDR\u2019s anti-business policies were bad for business. She notes, \u201cThe 1935 Wagner Act was a tiger that makes today’s union law look like a pussycat. It favored unions over companies in nearly every way, including institutionalizing the closed shop. And after Roosevelt’s landslide victory in 1936, the closed shop and the sit-down strike stole thousands of productive workdays from companies, punishing earnings and limiting ability to hire.\u201d<\/p>\n
In yesterday\u2019s WSJ, we learned that the Obama administration is considering union-backed proposals to make it easier for government agencies to bypass low bidders and award contracts to higher bidders that pay more wages and benefits. The AFL-CIO labor federation is pushing for a jobs program called \u201cJobs Now Make Wall Street Pay.\u201d They want a transaction tax on securities trading to pay for yet another infrastructure spending program.<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"
The great Ed Yardeni thinks the POTUS is repeating FDR’s mistakes: In 2016, I expect that Mr. Geithner will make the following speech: \u201cWe have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong \u2026 […]<\/p>\n","protected":false},"author":1063,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-379949","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/379949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1063"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=379949"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/379949\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=379949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=379949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=379949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}