Thursday, June 17, 2010

Quick Quips – 11/17/10

Depression Lesson - Massive Federal interventions in the economy don't work!
 
What the government decided to do in June 1930-- against the advice of literally a thousand economists, who took out newspaper ads warning against it-- was impose higher tariffs, in order to save American jobs by reducing imported goods.
  This was the first massive federal intervention to rescue the economy, under President Herbert Hoover, who took pride in being the first President of the United States to intervene to try to get the economy out of an economic downturn.
  Within six months after this government intervention, unemployment shot up into double digits-- and stayed in double digits in every month throughout the entire remainder of the decade of the 1930s, as the Roosevelt administration expanded federal intervention far beyond what Hoover had started. Read it all…

WOW! BHO Admin. Argues in Court That Individual Mandate Is a Tax - making BHO a liar! In order to protect the new national health care law from legal challenges, the Obama administration has been forced to argue that the individual mandate represents a tax -- even though Obama himself argued the exact opposite while campaigning to pass the legislation. Read more…

Lookout! As the Spill Expands, So Does Presidential Power! Bypass longstanding legal procedures that protect everyone in favor of granting unchecked discretion to the president? BP is not the only one that should have some problems with that. Read more…