We’ll Save You
Apparently, government is the only answer — at least they think so:
President-elect Barack Obama said Thursday the recession could “linger for years” unless Congress pumps unprecedented sums from Washington into the economy.
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His events have increasingly taken on the trappings and air of the presidency, with the speech — coming a full 12 days before he takes over at the White House — a particularly showy move. Presidents-elect typically stick to naming administration appointments and otherwise staying in the background during the transition period between Election Day and Inauguration Day, but Obama has clearly made the calculation that a nation anxious about its economic outlook and eager to bid farewell to the current president, George W. Bush, needs to hear from him differently and more frequently (“needs” to?? – BMB).
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“A bad situation could become dramatically worse,” Obama said, painting a dire picture — including double-digit unemployment and $1 trillion in lost economic activity — that recalled the days of the Great Depression in the 1930s.
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Actually I’d like our government to talk less and do less. Every time they interfere, they mess things up worse.
Comment by Maria — 1/8/2009 @ 8:49 am
You know that ain’t gonna happen, especially not now.
Comment by BMB — 1/8/2009 @ 9:04 am
Don’t underestimate the nostalgia Democrats hold for the great depression. It was a glorious time when giant Democrats roamed the Earth.
Comment by Fred — 1/8/2009 @ 10:56 am
Good point Fred. We’re liable to see New Deal times 10.
Comment by BMB — 1/8/2009 @ 1:12 pm
By the way, if anyone would like to read a great, brief synopsis (from an Austrian, free-market point of view) on why the Depression lasted as long as it did, check out the book “33 Questions About American History You’re Not Supposed to Ask” by Thomas E. Woods.
There’s a very brief chapter on the New Deal and Depression that’s a real eye opener for anyone, especially those who might otherwise believe the commonly taught “FDR saved us” narrative.
See this link for more info:
http://financetrends.blogspot.com/2008/09/government-intervention-fuels-crisis.html
Comment by David — 1/8/2009 @ 1:55 pm
Thanks David. A quick Google search on that book brought up quite a bit of stuff, including a video of a speech from the author:
http://www.youtube.com/watch?v=dxNwsi8Pl_4
I heard a bit of President – oh wait, he’s not the President yet, but you’d never know it – Obama’s speech this morning on the radio as I was driving around. If I didn’t know better, I’d believe that we’ll have heaven on earth here within the next 6-12 months. Maybe I should have titled this post “He’ll Save You”.
Comment by BMB — 1/8/2009 @ 2:55 pm
Oh yes, I’m watching that YouTube clip now and I recognize this talk, I think I watched it around the time I read his book.
There is also another great video (33 Questions – MisesMedia on YouTube) where Woods and Jeffrey Tucker have a fun little chat about the book. If you all have some time later on, do check it out. I’ve linked to that same video in the “government intervention” post mentioned above.
Hear you on Obama. I have been purposely avoiding most of this news, but am still hearing about his unprecedented out-in-front appearance ahead of swearing in. And there’s certainly been a lot of “saintly” imagery surrounding the guy over the past year!
Comment by David — 1/8/2009 @ 5:49 pm