[FoRK] Obama: Redistributionist, pro-capitalist, or both?
owen at permafrost.net
Tue Aug 26 18:54:46 PDT 2008
Ok, I'll bite. What bizarre theory puts the blame for the Depression on FDR?
Smoot and Hawley were both Republicans, and it was signed into law by Hoover,
From: "Jeff Bone" <jbone at place.org>
Sent: Tuesday, August 26, 2008 9:42pm
To: "Friends of Rohit Khare" <fork at xent.com>
Subject: Re: [FoRK] Obama: Redistributionist, pro-capitalist, or both?
On Aug 26, 2008, at 8:29 PM, Lucas Gonze wrote:
> On Tue, Aug 26, 2008 at 5:27 PM, Jeff Bone <jbone at place.org> wrote:
>> Here's his specific statement in its full, original context:
>> He sets the ceiling at 28%. That's nearly double. There's no
>> reason to
>> think it won't go to the ceiling, either.
> Is that specifically what you're thinking of when you foretell ten
> years of locusts, Jeff?
BTW, I didn't say "Dust Bowl," I said Great Depression. I'm not
speculating about ecology. You can ridicule my predictions all you
want, I do this for a living.
Did you fail to read this from an earlier post?
"Russell, it's not just about tax increases. There's the small matter
of an additional $1.5T in new social program spending, and all that
entails (in terms of opportunity costs had that money and manpower
been deployed elsewhere in the economy.)"
Let me be even clearer. Obama will not necessarily *cause* a Great
Depression, nor will McCain necessarily *prevent* it. The problem is
in the intersection between policy, public spending (how much and
where) and taxation, and most of all external factors that will have
very little to do with the policies of either. Our situation at the
moment is extremely unstable. Neither candidate does much to help
that; but Obama's $1.5T in new spending coupled with increased
regulation (likely under both administrations) coupled with present
fundamental weakness --- all in --- by my analysis almost doubles the
risk of pushing us over that tipping point and, importantly, *keeping
us there for a prolonged period* (as did FDR during the Great
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