Obama: New Deal Was Too Small

[angelatc]

http://www.cnsnews.com/public/content/article.aspx?RsrcID=42697

In a closed-door meeting with House Republicans on Tuesday to discuss the $819-billion economic stimulus bill, President Obama suggested that Franklin Roosevelt’s New Deal failed because it was too small, Reps. Steve King (R-Iowa) and Rob Bishop (R-Utah), who attended the meeting, told CNSNews.com.

“FDR’s initial steps did actually work,” Obama said at the meeting, according to King. Obama went on to say, “Then he [FDR] pulled back towards a balanced budget, and then what you had was a recession within a depression. Then World War II came along and was the biggest stimulus plan ever.”

 

[Truth Warrior]

Yep, those $.03 FRNs just don't go quite as far these days.

 

[pinkmandy]

 

[jclay2]

I am so sick of these people calling wars economic stimulus! Seriously, don't any of these people realize that one of the reasons that the United States "benefited" so much is that the war did not take place on our soil and we were the last ones standing so to speak. While all of europe's production facilities were in ruins, ours had not even been touched. A country benefiting at the destruction of others doesn't sound like a stimulus to me.

 

[theoakman]

we are in 2 wars already. Hows that stimulus working?

 

[hugolp]

we are in 2 wars already. Hows that stimulus working?

hahaha so true.

If Obama keeps calling WWII a stimulus we should ask him who he is working for, because some banks made a lot of money out of WWII.

Hugo

 

[MRoCkEd]

what a bitch

 

[SnappleLlama]

What?! TOO SMALL?!!

 

[FrankRep]

Pop up some popcorn, this will be a hell of a movie!

Scary!

 

[jclay2]

Pop up some popcorn, this will be a hell of a movie!

Scary!

Yeah, I get the feeling that after this honeymoon period for obama and the country is over, things will start getting very interesting. Especially when they realize that they have just thrown away 2 trillion dollars down the toilet!

 

[Agent CSL]

“FDR’s initial steps did actually work,” Obama said at the meeting, according to King. Obama went on to say, “Then he [FDR] pulled back towards a balanced budget, and then what you had was a recession within a depression. Then World War II came along and was the biggest stimulus plan ever.”

Anyone else read it as "King Obama"?

Yep. Further evidence WWIII is just around the corner.

 

[Brian4Liberty]

Isn't it ironic that all the House Republicans are voting against it. Where have most of them been for the past 8 years?

Bet the only Republican that will vote for it will be McCain. I will take pleasure in pointing that out to a few people...

 

[HOLLYWOOD]

We are already charging/spending $3000 of each and every American for this STIMULUS II CRAP... and we're only giving working people $500 back, huh?

Typical US government... STEAL $30 from your left pocket, and put $5 back in your right pocket.

of Course: Spend the other $25... telling all Americans we are Taking Care of You!


FRIDAY the 13th ECONOMICS!

 

[Paulitician]

So basically what Obama is saying he's not even going to try to be fiscally responsible.

"Then he [FDR] pulled back towards a balanced budget"

Was it really the case that a balanced budget got us the recession of '37/'38? Didn't FDR raise taxes during this time and cut spending to get a balanced budget, as well as raise reserve requirements for banks?

Part of the reason why FDR's initial steps worked was because of dollar devaluation--the years of '33-'36 could have just been an inflationary bubble which led to another contraction in '37. Anyone have a good timeline of the events of the Great Depression?

 

[angelatc]

Isn't it ironic that all the House Republicans are voting against it. Where have most of them been for the past 8 years?

Bet the only Republican that will vote for it will be McCain. I will take pleasure in pointing that out to a few people...

I am taking my own thread off topic here -, but I wonder how the new New York senator will vote. She was against TARP both times.

 

[Matt Collins]

​

New Deal or Raw Deal? How FDR's Economic Legacy Has Damaged America

Burton Folsom, Jr.

Fall 2008
Volume 14, Number 3

Here is a review





.
​

 

[theoakman]

if we are getting another New Deal, can we scrap the old one? That would be great!

 

[angelatc]

Let's start by scrapping it, and go from there!

 

[Brian4Liberty]

I am taking my own thread off topic here -, but I wonder how the new New York senator will vote. She was against TARP both times.

Hopefully against. We'll see if the pressure gets turned up enough on her to vote for it...

 

[tmosley]

WWII just put an end to the regulatory game playing that was going on from the start of Hoover's administration all the way up until the US started getting ready to enter the war. It's hard to invest a bunch of money in a factory when the rules were changing once a month. FDR's "experiments" were what made the Great Depression go on so long. Everyone who had money just held onto it rather than investing it in a system that could turn upside down at the stroke of a pen.