In 2009, if President Barack Obama had let it all go—allowed the banks to fail, GM to go out of business, the whole incipient Depression to descend as it would after the insistent anti-regulatory, tax-cutting machinations of the Bush administration reached their natural dark end—the American economy and the fortunes of its people would have gone into freefall. The suffering and dislocation would have been on a scale not seen since The Great Depression.
Many conservatives at the time were advocating just that—for the country to “take its medicine,” not rely on another government bailout that reeked of a dreaded “socialism.” They wanted Americans to snap up their big-boy britches and get on with the tasks awaiting an over-the-cliff, do-it-yourself, deregulated economy, in near total shambles by then but finally freed from the pseudo-protective shackles of government assistance and oversight...
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