Tuesday, June 2, 2009

It's the Economy, Stupid: Open Note to Geithner and Obama From Ghosts of Economic Crisies Past

THIS IS FABULOUS. So much wisdom is in our history books and old dairies, if we but take time to look.

A post from Karl Denninger entitled Open Note to Tim Geithner follows and it's a killer: It was taken from the old dairy of Treasury Secretary Henry Morgenthau, Jr. under FDR. He wrote this in 1939 after eight years serving in the post-depression dark days many economists believe were prolonged and exacerbated by too much government involvment by the twelve-year (1934-1945), three-term FDR administration:

Treasury Secretary, Henry Morgenthau, angry at the Keynesian spenders, confided to his diary May 1939: "We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and now if I am wrong somebody else can have my job. I want to see this country prosper. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. I say after eight years of this administration, we have just as much unemployment as when we started.[49] And enormous debt to boot."

The voice of exhausted, frustrated experience which we, and team Obama, ignore at our lasting peril.


Webutante said...

Dear Anonymous,

In answer to your question (I rarely publish anonymous comments, so give yourself an identity if you want to get published)---as to why I should care about the economy since I probably only have about ten years left to live:

What's that got to do with anything? While I have no idea how much longer the good Lord has in store for me, a day, month, or years, I do care that we are spending my children's and grandchildrens money. I don't believe this kind of reckless debt approach to our economic problems serves this country in the medium to long term.

Think all this runaway profligate spending and printing of money will come back to haunt us sooner rather than later.

And, I will continue to oppose it until my dying day! Thanks for reminding me not to take anything for granted.

Next question..

commoncents said...

Love you page - keep up the great work!!

ps. Link Exchange??

Webutante said...

Thank you. Will certainly consider it as I get to know you better....best wishes.