Group items tagged

Amity Schlaes, author, "The Forgotten Man," re the mistakes made by Herbert Hoover and/or FDR in 1931-1934 that deepened the recession into the Great Depression.  Amity identified the four errors, what I call the four horseman, as taxes, protectionism, class warfare, and the abuse of private capital so that it leaves the marketplace.  One of these four is already in place in the closing weeks of the Bush administration as a result of the extraordinary bullying session of October 13 at the grandiose office of Hank Paulson at Treasury when the nine biggest banks in the country were forced to accept Treasury billions in exchange for accepting the regulations and unknowns of the executive and the legislative branches.  Private capital is no longer safe from Congress, and in the 1930s the effect was to drive private capital into hiding.