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It’s No Time to Stop This Train
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ALan Blinder, a former vice chairman of the Fed and a Professor at Princeton, cautions against a repeat of 1936, when Roosevelt did an about face from years of stimulus to cutting deficit spending sharply, resulting in a wosening of the depression. This tightening of fiscal policy by raising taxes and reducing spending to prevent future inflation proved disastrous. From a deficit of 3.8% of GDP in 1936 Roosevelt moved the country to a surplus of 0.2% of GDP in 1937, a swing of 4 percentage points in a single year, a swing in today's dollars of about $600 billion. Mistakes like this happened in Japan's lost decade when the government raised taxes and the economy stalled. Blinder says Bernanke is a student of the Depression and knows what happened then, and would caution against a repetition.
The wreckage in society, communities, arts, and culture, that failures in character of leaders in finance, industry and government leave behind- the global financial crisis 2009-2011
04/03/2009
The wreckage and devastation that failures in character, or failures in leadership, leave behind. Flint, Michigan, the arts and cultural scene in Israel, communities in Latin america depending on money transfers of immigrants in the US. Failures in regulation by leaders in government. Failures in policy overseas. In diverse and multiple ways this seeps through societies and communities.
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