Echoes of the Great Depression

During the great depression Roosevelt conducted a seven year attack on private business, denouncing businessmen as “economic royalists” and “malefactors of great wealth”.    His attack was successful.   Private business was paralyzed with uncertainty over taxes, labor policies, monetary policy and regulation.   Of course the country paid the price.   Ten years after the stock market crash industrial production and total employment were down 20 percent in the U.S., while the rest of the world recovered. 

What’s different this time?   FDR’s attack was so successful that people lost confidence in private business, and he was remembered for his presumably good intentions, rather than results.   This time we know better, thanks in no small part to alternative media.   In November hopefully things will change. – DSMW