Money

James Baird jlbaird3 at yahoo.com
Sun Sep 2 16:19:41 PDT 2001



>
> I don't know as much history as I should, but I
> doubt the masses were
> in the streets in 1937, urging FDR to tighten fiscal
> policy. Capital
> wanted FDR to tighten fiscal policy. And it snuffed
> the recovery,
> driving the economy back into depression.

But i think orthodox ideas about finance go deeper than just fatcats on Wall Street. The average man on the street now (and I imagine then) is always complaining about the gummint wasting his tax dollars (even if he doesn't pay much in the way of taxes) on durnfool schemes. As a politician, if include a line in your stump speech about the importance of balanceing the budget, you'll get cheers from pretty much any crowd. It just seems intuitively obvious to everyone. That's what Keynes was saying when he talked about the real problem being letting go of the old ideas.

Jim Baird

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