The Article Contains Nothing New To You, But The Source May Astonish You

Kenneth Lipartito of Florida International University recalls some Great Depression history for us, involving FDR’s initial attempts, wealthy fellow that he was, to balance the budget (which had predictably catastrophic results), and his administration’s growing understanding… along with some more enlightened businessmen… that Keynesian policy, i.e., government spending, was the only way out of the Depression.

The article is published in… wait for it… Bloomberg.

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  • mpbulletin  On Thursday March 15, 2012 at 2:52 pm

    I’ve done a decent amount of research on the similarities between the Depression and the Great Recession but haven’t come across this article.

    Thanks for posting it!

    • Steve  On Thursday March 15, 2012 at 3:29 pm

      mp, you’re welcome, though of course I can’t claim any credit for the article just because I happened across it. If any of your research is web-published and accessible to ordinary mortals (i.e., non-economists), I’d like to read it. I’ll take a look at your blog; you probably have sources listed there.

      I recently finished reading Schlesinger, Jr.’s The Coming of the New Deal, the only volume of his series that I own (thanks to my partner Stella, who keeps a sharp eye out for such things at used book stores), so the Great Depression has been on my mind a lot lately. I’m still not convinced that our (expletive deleted) current government has learned enough from history to reverse course and back off before this becomes the Greater Depression.

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