Herbert Hoover--only nine months into his presidency--assembled leaders from the public and private sectors to create an economic-stimulus package. Among the measures, Time magazine reported at the time, was a promise from Congress to offer bipartisan support for a tax-cut package.
excerpt from an interesting little article by michael kitchen over at marketwatch pointing out the similarities between what happened in 1929 and what's happening now. because, as he points out, the great depression didn't just suddenly begin full-blown with the october crash--it was only seen that way in retrospect. in actuality, our gradual slide into depression took place over the course of a couple years, marked by the same sorts of events we are seeing today.
definitely worth reading even if you're not an impending-doom junkie like me.
2 comments:
I wonder if the stimulus package is going to actually work . Knowing my parents they'd spend the money ; I think my mom is actually done paying her debt . Which is kind of astonishing to me .
Either way ... I think this might have a small chance of working .
i don't see it, byzantine boy. far as i know, no country's ever spent its way out of a problem like this (see 'why you should be scared shitless, part 2' below).
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