1000-points-of-fright
11-03-2010, 08:00 PM
http://robertreich.org/post/1474949428
Republicans don’t believe in stimulating economies. They think markets eventually clear — once the pain is sufficient. Or in the immortal words of Herbert Hoover’s treasury secretary, millionaire industrialist Andrew Mellon: “Liquidate labor, liquidate stocks, liquidate the farmer, liquidate real estate. It will purge the rottenness out of the system. People will work harder, lead a more moral life.”
Of course, Mellon was dead wrong. Nothing was purged. Instead, the economy sunk into deeper and deeper depression.
That's because Hoover pretty much ignored Mellon's advice.
Republicans don’t believe in stimulating economies. They think markets eventually clear — once the pain is sufficient. Or in the immortal words of Herbert Hoover’s treasury secretary, millionaire industrialist Andrew Mellon: “Liquidate labor, liquidate stocks, liquidate the farmer, liquidate real estate. It will purge the rottenness out of the system. People will work harder, lead a more moral life.”
Of course, Mellon was dead wrong. Nothing was purged. Instead, the economy sunk into deeper and deeper depression.
That's because Hoover pretty much ignored Mellon's advice.