2 ms·
The New Deal never worked but oddly enough, it's trying to happen again. Bad deals happen over and over. The ones that work, the ones that require effort only
by TGJ 16y ago
The New Deal never worked but oddly enough, it's trying to happen again. Bad deals happen over and over. The ones that work, the ones that require effort only happen once.
http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonge...
- jj_aa 16y agoMore accurately, some of the New Deal (deposit insurance, fiscal & monetary expansion, leaving the gold standard) worked, but some of it hurt. The fact that many countries suffered for just as long and worse, if not longer, without analogous policies makes me wary of the authors' modeling. > Recovery came only after the Department of Justice dramatically stepped enforcement of antitrust cases nearly four-fold and organized labor suffered a string of setbacks, the economists found. That wouldn't have been around 1939-45 or so, would it?
- dsspence 16y agoWhat part of the New Deal is 'oddly' happening again? $300 billion of the $862 billion dollar stimulus were either tax cuts or credits. Here is a link seemingly debunking that guise of an academic study: http://www.openleft.com/showDiary.do?diaryId=10644 http://www.openleft.com/showDiary.do?diaryId=10644 Fair warning it might cause cognitive dissonance.