The Making of Another Great Depression

[OldRegular]

Franklin Roosevelt inherited a severely depressed economy when he became president. Unfortunately his tax and spend policies extended that severe recession into what is historically called the Great Depression that lasted until the country entered WWII.

Obama also inherited a recession. What Roosevelt may have done in ignorance Obama is doing with malice aforethought, driving the country into bankruptcy and making the United States into a third rate power.

 

[saturneptune]

Franklin Roosevelt inherited a severely depressed economy when he became president. Unfortunately his tax and spend policies extended that severe recession into what is historically called the Great Depression that lasted until the country entered WWII.

Obama also inherited a recession. What Roosevelt may have done in ignorance Obama is doing with malice aforethought, driving the country into bankruptcy and making the United States into a third rate power.

I agree 100%. You have a much better perspective on Roosevelt than me, but despite his mistakes, I think he was trying to do what he thought best for our country. This idiot in power now is a maniac with a chip on his shoulder for anyone who believes in governing by the Constitution.

 

[Twizzler]

You have a much better perspective on Roosevelt than me,...

I just had to point this out and chuckle a little bit... sorry to derail OR, but it was just too funny.

I think you hit the nail on the head too.

 

[alatide]

Franklin Roosevelt inherited a severely depressed economy when he became president. Unfortunately his tax and spend policies extended that severe recession into what is historically called the Great Depression that lasted until the country entered WWII.

Obama also inherited a recession. What Roosevelt may have done in ignorance Obama is doing with malice aforethought, driving the country into bankruptcy and making the United States into a third rate power.

Wrong. Roosevelt took office at the bottom of the depression.

http://en.wikipedia.org/wiki/Franklin_D._Roosevelt


When Roosevelt was inaugurated in March 1933, the U.S. was at the nadir of the worst depression in its history. A quarter of the workforce was unemployed. Farmers were in deep trouble as prices fell by 60%. Industrial production had fallen by more than half since 1929. Two million were homeless. Due to the lack of employment, organized crime and outlaws were on the rise, such as John Dillinger.

By the evening of March 4, 32 of the 48 states, as well as the District of Columbia had closed their banks.[48] The New York Federal Reserve Bank was unable to open on the 5th, as huge sums had been withdrawn by panicky customers in previous days.[49] Beginning with his inauguration address, Roosevelt began blaming the economic crisis on bankers and financiers, the quest for profit, and the self-interest basis of capitalism:

 

[poncho]

 

[OldRegular]

CBO: Budget deficit hit record $1.4T in 2009

By ANDREW TAYLOR, Associated Press Writer – Wed. Oct 7, 7:02 pm ET

WASHINGTON – The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week, congressional analysts said Wednesday.

The Congressional Budget Office estimate, while expected, is bad news for the White House and its allies in Congress as they press ahead with health care overhaul legislation that could cost $900 billion over the next decade.

The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac. Then there is almost $200 billion in costs from President Barack Obama's economic stimulus bill, as well as increases in programs such as unemployment benefits and food stamps.

The previous record deficit was $459 billion and was set just last year.

http://news.yahoo.com/s/ap/20091007/ap_on_go_co/us_budget_deficit

 

[alatide]

I agree with you on this. GHW Bush is much more questionable to me now tahn when I voted for him. Also, his father, Prescott Bush, had close dealings with the Nazi's (the real ones) and his son, GW Bush...... I don't think I need to say anything about how bad he was.

I have had some real questions about the Fed ever since I saw the video about $9T of off balance sheet transactions they have been accused of making. I think we need a central bank but one that is subject to much more oversight.

http://www.youtube.com/watch?v=PXlxBeAvsB8&feature=player_embedded

 

[OldRegular]

poncho please don't try to derail this thread. It is about the 2nd Great Depression which Obama is trying to start, not either of the Bush's or the Federal Reserve. If you want to dump on the Federal Reserve feel free to start your own thread.

 

[KenH]

The Federal Reserve says that economic activity is picking up.

End the Fed!

 

[OldRegular]

The Federal Reserve says that economic activity is picking up.

End the Fed!

So Ken you are going to mimic poncho and try to derail this thread. I really don't understand. I did not think that poncho was an Obama mite, thought that you might be. So prove me wrong and address the OP or take your semantic meanderings elsewhere.

 

[KenH]

The Fed is part of the whole big government apparatus that brought about the Great Depression and the current economic mess as well. And the Republican and Democratic Parties are part of the whole big government apparatus as well.

Aren't you saying the big government is the problem? If so, then you and I are in agreement about this.

 

[saturneptune]

Back to the op, the cause of the next depression is the massive debt the government is creating daily, plus printing money out of thin air. The recent rise in the stock market is a bunch of baloney, fueled by the same money printed out of thin air.

The only thing that ends economic downturns is growth based on the free market.

 

[OldRegular]

The Fed is part of the whole big government apparatus that brought about the Great Depression and the current economic mess as well. And the Republican and Democratic Parties are part of the whole big government apparatus as well.

Aren't you saying the big government is the problem? If so, then you and I are in agreement about this.

Big government is a problem in that it is inefficient and takes money out of the economy that could be better utilized by private enterprise or the people. However, there is a world of difference between the Republican and democrat parties.

 

[OldRegular]

Back to the op, the cause of the next depression is the massive debt the government is creating daily, plus printing money out of thin air. The recent rise in the stock market is a bunch of baloney, fueled by the same money printed out of thin air.

The only thing that ends economic downturns is growth based on the free market.

I agree completely.

Essentially everything that Obama and the democrats have done has or will increase taxes and the Federal deficit and devalue the dollar.

1. The stimulus bill increased the deficit and has bdone nothing to increase jobs..

2. The cap and trade bill will increase taxes and the cost of energy.

3. The Obamacare bill will increase the deficit, raise taxes, and ration medical care to those on Medicare. This bill may well drive physicians out of practice.

4. Money will be printed and the dollar devalued to reduce the debt burden on the country but make borrowing more difficult.

5. This country is in serious economic difficulty not to mention the moral decay.

6. If the recession really gets severe I believe there will be chaos in the streets, particularly the larger cities.

 

[KenH]

The only thing that ends economic downturns is growth based on the free market.

Bingo! :thumbs:

 

[KenH]

However, there is a world of difference between the Republican and democrat parties.

On that, brother, we will have to disagree, although there are a handful of Republicans I support - e.g., Congressman Ron Paul from Texas and his son, Rand, who is running for U.S. Senator in Kentucky. I financially supported Ron Paul's presidential campaign and voted for him in the 2008 GOP presidential primary in Arkansas. I made a contribution to Rand Paul's U.S. Senate campaign and I would vote for him in the GOP primary if I lived in Kentucky.

' Adds Jesse Benton: “Rand Paul has raised more money in the third quarter than any other Kentucky Senate Candidate. Dr. Paul brought in $1,010,66 to beat his primary opponent, Trey Grayson, by nearly $400,000 and the leading Democrat nearly 2-1.” ' - www.lewrockwell.com/blog/lewrw/archives/39878.html

 

[alatide]

Bingo! :thumbs:

In the past, this has been largely true. This time, I'm convinced that there really was a liquidity crisis with the banks that needed to be resolved as well. Look at Iceland, which is essentially bankrupt as a good example of this if left unchecked.

 

[OldRegular]

Did a lying democrat accidentally tell the truth? Majaroty leader Senator Reid admitted in remarks on the Senate floor that Obamacare would cost $2 trillion with a T over the next ten? years. More government debt, more printing of money, more government control; just what Barak and his backers wants!

 

[alatide]

Did a lying democrat accidentally tell the truth? Majaroty leader Senator Reid admitted in remarks on the Senate floor that Obamacare would cost $2 trillion with a T over the next ten? years. More government debt, more printing of money, more government control; just what Barak and his backers wants!

Just let the poor people die, right? They don't deserve to live in the "Land of the Free."

 

[Winman]

Just let the poor people die, right? They don't deserve to live in the "Land of the Free."

Yes, Alatide, I can't take it any more. You have broken me. I freely admit that all us conservatives want all the poor people to die so us rich Republicans can take over the world.

Die, die, die poor people! Good riddance to you!

There, that should make you happy. :laugh: