It’s bad economics, depressing demand when the economy is still suffering from mass unemployment. Jonathan Zasloff writes that Obama seems to have decided to fire Tim Geithner and replace him with “the rotting corpse of Andrew Mellon” (Mellon was Herbert Hoover’s Treasury Secretary, who according to Hoover told him to “liquidate the workers, liquidate the farmers, purge the rottenness”.)We did not go to the polls in 2008 to elect a dead Republican. Contact the White House and let them know what you think of this plan for political suicide.
Tuesday, January 26, 2010
“Liquidate the workers, liquidate the farmers, purge the rottenness”
Barack Obama's proposed 3-year spending freeze is channeling the worst economic advice given to Herbert Hoover. Paul Krugman comments on the lunacy of the freeze in a blog post titled "Obama liquidates himself."