This morning, I bumped into a show by accident doing testing – it wasn’t on the station schedule. It was a program hosted by Ron Insana called IQ Radio.
Ron was having a love-in with a former President of the Federal Reserve Bank of Dallas. They were talking admiringly about how Keynes was right, and the lack of the Government to spend caused the Great Depression to be much worse than it needed to be, and “this time we won’t make the same mistake”. An hour or so later, I found almost exactly the same point of view debunked at a story at Newsbusters (this story about Tim Geithner). The thing I read mirrors what you’ve heard Rush and/or Beck say multiple times. There was no “Great Depression” in Europe. It lasted briefly and then recovered. It was FDR’s massive increase in government spending and intervention in business regulation that caused The Recession to continue in the United States for 10 years, until military spending for WW2 put people back to work (at the cost of almost completely ending consumer spending – ie rationing, bans on production of civilian goods, etc…) Bernanke is the one spouting this line of thought.
I think I’ve mentioned this before, but…. Fire Departments have to look out for volunteers that are “too eager” to fight fires – they have a way of then setting fires in order to be the hero to put them out. Bernanke has studied the Great Depression all his life preparing for the day he could be the hero to stop it from happening again. Be very concerned.
I heard Geithner over the weekend at the G20 sounding like a precocious child whose parents said “NO” to him for the first time.
