http://www.nytimes.com/2008/11/23/business/23view.html?th&emc=th
It is good to be reminded that, although the New Deal was an incredible success in Many ways, it was a process of trial and error.
I don't agree with a great many assertions in this article. In fact I think it is often flat wrong. But it's a good example of how to use careful economic reasoning in the present crisis. So I'm not recommending the conclusions here, just noting that there is something to the approach.
There is much that the incoming Obama administration could learn from a careful study of the New Deal as it really was.
The Picture by David G. Klein (above) says it all!
Let us hope that Obama does indeed tap into the spirit of FDR.
He announces his full economic team tomorrow. I shall share my thoughts on that and his admimstration's proposed economic stimulus/job creation package then.
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