Comments on: News from 1930: “Playing politics at the expense of human misery” http://www.creditwritedowns.com/2009/12/news-from-1930-playing-politics-at-the-expense-of-human-misery.html Finance, Economics and Markets Fri, 10 Feb 2012 00:37:00 +0000 hourly 1 By: LavrentiBeria http://www.creditwritedowns.com/2009/12/news-from-1930-playing-politics-at-the-expense-of-human-misery.html#comment-57739 LavrentiBeria Fri, 11 Dec 2009 00:49:00 +0000 http://www.creditwritedowns.com/2009/12/news-from-1930-playing-politics-at-the-expense-of-human-misery.html#comment-57739 Here ya go: http://broadsides.org/suckers.htm Here ya go:

http://broadsides.org/suckers.htm

]]> By: Edward Harrison http://www.creditwritedowns.com/2009/12/news-from-1930-playing-politics-at-the-expense-of-human-misery.html#comment-57738 Edward Harrison Thu, 10 Dec 2009 21:43:00 +0000 http://www.creditwritedowns.com/2009/12/news-from-1930-playing-politics-at-the-expense-of-human-misery.html#comment-57738 Well said. It is unclear if Hoover is defending the common man or saying that we can't go on spending or both. If it's both, it would make the parrallel to Obama that much greater. Well said. It is unclear if Hoover is defending the common man or saying that we can’t go on spending or both. If it’s both, it would make the parrallel to Obama that much greater.

]]> By: gaius marius http://www.creditwritedowns.com/2009/12/news-from-1930-playing-politics-at-the-expense-of-human-misery.html#comment-57736 gaius marius Thu, 10 Dec 2009 21:34:00 +0000 http://www.creditwritedowns.com/2009/12/news-from-1930-playing-politics-at-the-expense-of-human-misery.html#comment-57736 then as now, few seem to appreciate what the wrecking of household and corporate balance sheets by an asset collapse following a debt boom really means. i wish more folks would get past the wild-eyed reactionary fear of taxes to see what has to be done and how important it is to do it -- even if you're attached to the idea of government debt issuance, frankly spending today has little to do with future taxes because debt is never retired. how much debt from ww2 did we actually retire? any? did it cripple the country? it's been rolled in perpetuity and will continue to be. so will the debt incurred in 2009. the only material metric is the long-run rate of debt servicing costs versus the long-run rate of economic growth. hoover's quote is salient. this country was nearly destroyed once because it feared "raids on the public treasury" more than it understood the consequences of a private sector balance sheet collapse. the private sector has to save and retire debt, and the only way to do it is through public sector deficits -- seems to me our choice is only whether to do it before or after a deflationary asset/income/wealth collapse. then as now, few seem to appreciate what the wrecking of household and corporate balance sheets by an asset collapse following a debt boom really means.

i wish more folks would get past the wild-eyed reactionary fear of taxes to see what has to be done and how important it is to do it — even if you’re attached to the idea of government debt issuance, frankly spending today has little to do with future taxes because debt is never retired. how much debt from ww2 did we actually retire? any? did it cripple the country? it’s been rolled in perpetuity and will continue to be. so will the debt incurred in 2009. the only material metric is the long-run rate of debt servicing costs versus the long-run rate of economic growth.

hoover’s quote is salient. this country was nearly destroyed once because it feared “raids on the public treasury” more than it understood the consequences of a private sector balance sheet collapse. the private sector has to save and retire debt, and the only way to do it is through public sector deficits — seems to me our choice is only whether to do it before or after a deflationary asset/income/wealth collapse.

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