Tag: New Deal
Billionaire Entrepreneur Complains of Regime Uncertainty
Speaking to CNBC in Las Vegas recently, Steve Wynn, the billionaire developer and operator of entertainment properties, said: “Washington is unpredictable these days. No one has any idea what’s next . . . the uncertainty of the business climate in America is frightening, frightening to everybody, and it’s delaying recovery.” Wynn complains of “wild,...
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Robert Higgs Debates James Galbraith on Obamanomics
Independent Institute Senior Fellow Robert Higgs debates James Galbraith (Professor of Economics, University of Texas; son of infamous, “liberal”, Keynesian economist John Kenneth Galbraith) on Antiwar Radio regarding the folly of government bailouts for insolvent banks, creation of the Glass-Steagall Act as a means to prevent FDIC insured banks from taking excessive risks, benefits...
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Mayoral Nostalgia for the New Deal
In an article published in the Wall Street Journal on March 8, 2010, Louise Radnofsky reports that the U.S. Conference of Mayors claims it “can put thousands to work on infrastructure projects, as was done in the 1930s.” The mayors expressed a collective willingness to hire people on jobs that benefit their communities—provided, of...
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Anatomy of the Current Recession
Not everyone has the stomach for perusing the national income and product accounts, but one who does can learn a great deal about what ails the present economy and about its prospects for returning to a healthier condition. (I draw the data I discuss here from Table B-2, “Real gross domestic product, 1960-2009,” in the...
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One More Time: World War II Did Not Bring Us Out of the Depression
I don’t listen to talk radio all that often, but appreciate all efforts from whatever quarter that get people rebelling against reckless government actions. As far as I can tell, there’s general talk radio consensus at this point that bailouts and stimulus packages don’t help the economy. But a huge hole remains—the perennial myth...
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Hear John T. Flynn
This audio of an entire America First Committee rally from June 1941 is a real treat. The sound quality is crisp and clear: The all-star line-up includes John T. Flynn (about 4:30 minutes into the audio), probably the most important activist in the “Old Right” during the 1940s and the 1950s. Speaking after Flynn...
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The Federal Bureaucracy-Plutocracy
According to an analysis of federal payroll data by USA Today, the federal bureaucracy has flourished during the current recession. Federal employees making salaries of $100,000 or more jumped from 14% to 19% of civil servants during the recession’s first 18 months—and that’s before overtime pay and bonuses are counted. Federal workers are enjoying...
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Robert Higgs on Fox News: The Folly of Obama’s Spending Spree
Independent Institute Senior Fellow Robert Higgs is interviewed here by Judge Andrew Napolitano on Fox News’ program, “Freedom Watch,” regarding the utter folly of the gigantic federal spending programs first started under George W. Bush and now enormously expanded by Barack Obama and the U.S. Congress. Prolonging the recovery amidst enormous economic confusion and...
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The Keynesians Were Wrong Way Before the 1970s
In an editorial published in the Wall Street Journal on 9/11, former Reagan and George H. W. Bush public official Peter Ferrara writes that “the fallacies of Keynesian economics were exposed decades ago by Friedrich Hayek and Milton Friedman. Keynesian thinking was then discredited in practice in the 1970s, when the Keynesians could neither...
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Regime Uncertainty in the 1930s: A New Deal Insider’s Account
In the mid-1990s, when I was engaged in the research that would eventually be published early in 1997 in an article titled “Regime Uncertainty” (a modestly revised version of which appears as chapter 1 of my Depression, War, and Cold War), I had not read Raymond Moley’s book After Seven Years, published in 1939....
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