Well, for a guy who said he would take responsibility for his actions, and who reiterated Truman’s “The buck stops here”, it seems that President Obama’s words on Aug. 9th in Austin, regarding the Republicans, show that he is trying to dodge the column, and can’t face the reality that his Keynesian system of government intervention in the economy is not only wrong but disastrous, for the President actually had the temerity to say about them, “they know that we got the country out of the problems we were in.” Really, Mr. President? We’re out of our problems, eh? Well, maybe you think so. Or is it that the nicotine from your cigarettes is finally starting to degenerate your braincells?
The horrendous statistics of the last few days were not interpreted by the markets as our “being out of the problems we were in”. Indeed, all the economists from the banks which you and your colleagues in Congress felt so necessary to bailout, when, as you may still recall through your nicotinic haze, you were part of that Democratic Senate that was approving so many of those spendthrift proposals by Bush that you now condemn, like farm subsidies, the drug war, funding the foreign military bases, and on and on — those bank economists are now “surprised” at the degree of the slowdown as evidenced in these statistics. The Philly Fed and NY Fed manufacturing surveys were dismal, and the unemployment number, as any dummy could have predicted after passage of the Unemployment Extension giveaway of taxpayer money, was worse than expected.
All this may have been news to the mainstream market, and our economic dunce President, but it was no surprise to those who have studied Austrian Economics, and specifically Professor Murray Rothbard’s masterpiece, “America’s Great Depression”. In part three of that tome, in Chapters 7-12, Rothbard delves in great detail into the economic interventionism of Herbert Hoover — a Keynesian twin to our current President — and how that interventionism served to prolong the depression for years, much to the surprise of those who said it would quickly pull the country out of it. Hoover tried every cheap trick in the book, just as Obama has, like passing out money, forcing wages higher than they would be and restricting immigration like the A. F. of L. and the other unions wanted, thus prolonging unemployment, and condemning “greedy speculators and short sellers”, though you never heard condemnations of greedy buyers of stocks or homes when they thought prices would go ever higher. Funny that higher prices, which make it much harder for the poor to rise out of their poverty, are always applauded by the Democratic looters, but lower prices, which make goods affordable for the poor, are condemned as a calamity. That is because the Democratic Party, while putting out the official propaganda that it is for “the little guy” is actually the party of the upper middle-class bourgeoisie, who has a really cushy lifestyle thanks usually to some government benefit he has wangled, be it a Fed pension, or social security, or government contracts or farm subsidies. It is the party of the elitist upper middle-class.
Barack Obama, not learning one whit from history, but trusting to the talking interventionist and socialist heads surrounding him, has embarked upon an economic plan so similar in many aspects to Hoover’s, that it is a virtual carbon copy, and just as Hoover’s market interventionism blew up in his face, a fact which like Obama he could never ever eat crow over, so now it is blowing up in Obama’s. His stupid attack on the Republicans on Aug. 9th, an attack which millions of Americans will not buy after the President has been in office for over a year and a half, and who has wracked up a morally criminal deficit of over two trillion dollars in that time, will probably only backfire on him, as it shows the public they have elected someone who is not only callous and elitist in his concerns for the massive problems his legislation has put on individuals, but who also can’t admit he is wrong when he is wrong. A bad sport on top of a guy who makes “jokes” about handicapped people, as Obama did on Jay Leo with his Special Olympics “joke”. What a piece of work.
Of course, all this was predicted by Congressman Ron Paul of Texas at the start of the bank bailouts and the Obama “stimulus” depredations. He was the only public official speaking out, and speaking the truth, which the public can now see after almost two years of Democratic Party rule. The current economic turmoil may finally show the people that the true course to take in a depression is the Ron Paul, Austrian course — drastically cut spending, cut taxes, and, following the old Zen formula, “sit quietly, doing nothing”. The rapid economic recoveries in 1819 and 1921, the latter under possibly the most Libertarian President since Martin van Buren, Warren G. Harding, were both non-interventionist recoveries. But Harding unfortunately made one appointment against his better judgment following pressure from the left wing of the Republican Party; he appointed an interventionist, Herbert Hoover. Thanks to Warren G’s resistance, Hoover didn’t get a chance to ruin America that time though he tried, but eleven years later he got his opportunity to “seize the day”, and his socialist interventionist policies were highly successful in spreading and prolonging misery.
And eighty years later, America is still sweating under the yoke of his rule. Only he’s changed his name to Barack Obama.
Hoooooooooooooooooooooooowwwwwwwwww! — Silverwolf
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Tags: America's Great Depression, Austrian economics, Barack Obama, Congressman Ron Paul, economic interventionism, Free-market capitalism, Herbert Hoover, Keynesianism, Murray Rothbard, The Great Depression, Warren G Harding
