Location: Pantego, Texas, United States

Thursday, March 11, 2010

The Democrats have managed to convince people that Roosevelt saved the economy of the United States starting in 1933. Actually a recovery had started in late 1932 despite Hoover's dumb policies such as raising taxes in a recession and fixing wages rather than letting them decline. Roosevelt came in and put Hoover's dumb policies on steroids, and reversed the recovery and put the country into a deep depression. My grandfather told me that in his opinion Roosevelt's policies were the problem, and I think most objective economists agree with that now. Obama is following in the path of Roosevelt and is making a bad situation worse. He assumes, that, like in the time of Roosevelt, Democrat spinners can convince people that he has "saved" us. There is reason to think that, with the many alternate means of communication available now, the spinners may not succeed this time. Here is a discussion. Obama, like Nehru of India, doesn't like the concept of profit. He doesn't understand that profit is necessary, as indicated in this quote from the referenced article:

Strange as this might seem firms only invest and hire when there is a prospect of profit. This fact was apparently too complex for Hoover and Roosevelt to grasp. Obama apparently shares their innate inability to understand profit as a basic business motivation. To make it worse his spending, borrowing, tax, energy and regulatory proposals, etc., have created an atmosphere of uncertainty that is inimical to investment decisions. But what can we expect from a profoundly ignorant man with a thorough loathing of capitalism? As for his so-called economic advisers, they are a bloody disgrace to their profession. Loyalty to the Democratic Party means far more to them than intellectual integrity.

Regarding profit in India, their economy has done well since the departure of Nehru, and embrace of the profit motive.


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