Wednesday, June 8, 2011

The Ever-Repeating Circle of History

Andrew Mellon was the Secretary of the Treasury from 1921 through 1932. With hindsight being 20/20 and all, we know that he was, in fact and deed, one of the worst, most inept and corrupt people to ever hold the post. He is the man, after all, who wrote the prescription that brought about the great depression. He was also deeply Calvinist, and advised Herbert Hoover to
"liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate… it will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people."
Also high on his list of priorities was reducing taxes on the wealthy and draconian deficit hawkery.
We know how that story ended.
Today, via Americablog, we learn that the Obama administration is quite perturbed to learn that some Democratic members of the Senate are suggesting that perhaps, just maybe, there should be some attention paid to job creation.
The Obama administration on Tuesday night might have thrown a wrench into Senate Democratic plans to pass what they see as a jobs bill — by implying the bill spends too much money.

In a Statement of Administration Policy, the White House said it supports the broad goals of the bill.

"However, the bill would authorize spending levels higher than those requested by the president’s Budget, and the administration believes that the need for smart investments that help America win the future must be balanced with the need to control spending and reduce the deficit," the administration said.

Hindsight being 20/20 and all, we also know how the current round of deficit hawkery will end - with The Great Depression 2.0.


Anyway, here is a song.
W-4 - dead prez

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