Thursday, November 5, 2009

Sweet Jeebers! Is This Person Secretly Enrolled In My Class? - The Ghosts Of '38: discussing the impact of the New Deal agenda on the actual Depression, the author makes three points:

  1. Amity Schlaes in The Forgotten Man demonstrates FDR's own version of "trickle-down" economics centered on giving union workers higher wages to stimulate consumer spending, which did not work.

  2. Recent scholarship, led by Cole and Ohanian strongly suggests the New Deal actually prolonged the Depression; and

  3. The Mackinac Center for Public Policy argues that the Fed's actions made the Depression worse, not better, particularly in regard to the "depression-within-the-Depression" of 1937-38.

I discuss every single one of these points in my New Deal lectures. Man I'm good!!!

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