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FDR Policies Prolonged Depression 7 Yrs

All of this talk from Obama and his acolytes about how the President Select is going to be the new FDR and push through the new New Deal makes this three year old article even more timely.

From UCLA Newsroom:

FDR’s policies prolonged Depression by 7 years, UCLA economists calculate

Meg Sullivan
8/10/2004

Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt.

After scrutinizing Roosevelt’s record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.

“Why the Great Depression lasted so long has always been a great mystery, and because we never really knew the reason, we have always worried whether we would have another 10- to 15-year economic slump,” said Ohanian, vice chair of UCLA’s Department of Economics. “We found that a relapse isn’t likely unless lawmakers gum up a recovery with ill-conceived stimulus policies.”

In an article in the August issue of the Journal of Political Economy, Ohanian and Cole blame specific anti-competition and pro-labor measures that Roosevelt promoted and signed into law June 16, 1933.

“President Roosevelt believed that excessive competition was responsible for the Depression by reducing prices and wages, and by extension reducing employment and demand for goods and services,” said Cole, also a UCLA professor of economics. “So he came up with a recovery package that would be unimaginable today, allowing businesses in every industry to collude without the threat of antitrust prosecution and workers to demand salaries about 25 percent above where they ought to have been, given market forces. The economy was poised for a beautiful recovery, but that recovery was stalled by these misguided policies.”

Using data collected in 1929 by the Conference Board and the Bureau of Labor Statistics, Cole and Ohanian were able to establish average wages and prices across a range of industries just prior to the Depression. By adjusting for annual increases in productivity, they were able to use the 1929 benchmark to figure out what prices and wages would have been during every year of the Depression had Roosevelt’s policies not gone into effect. They then compared those figures with actual prices and wages as reflected in the Conference Board data.

In the three years following the implementation of Roosevelt’s policies, wages in 11 key industries averaged 25 percent higher than they otherwise would have done, the economists calculate. But unemployment was also 25 percent higher than it should have been, given gains in productivity.

Meanwhile, prices across 19 industries averaged 23 percent above where they should have been, given the state of the economy. With goods and services that much harder for consumers to afford, demand stalled and the gross national product floundered at 27 percent below where it otherwise might have been.

“High wages and high prices in an economic slump run contrary to everything we know about market forces in economic downturns,” Ohanian said. “As we’ve seen in the past several years, salaries and prices fall when unemployment is high. By artificially inflating both, the New Deal policies short-circuited the market’s self-correcting forces.”

The policies were contained in the National Industrial Recovery Act (NIRA), which exempted industries from antitrust prosecution if they agreed to enter into collective bargaining agreements that significantly raised wages. Because protection from antitrust prosecution all but ensured higher prices for goods and services, a wide range of industries took the bait, Cole and Ohanian found. By 1934 more than 500 industries, which accounted for nearly 80 percent of private, non-agricultural employment, had entered into the collective bargaining agreements called for under NIRA.

Cole and Ohanian calculate that NIRA and its aftermath account for 60 percent of the weak recovery. Without the policies, they contend that the Depression would have ended in 1936 instead of the year when they believe the slump actually ended: 1943.

Roosevelt’s role in lifting the nation out of the Great Depression has been so revered that Time magazine readers cited it in 1999 when naming him the 20th century’s second-most influential figure.

“This is exciting and valuable research,” said Robert E. Lucas Jr., the 1995 Nobel Laureate in economics, and the John Dewey Distinguished Service Professor of Economics at the University of Chicago. “The prevention and cure of depressions is a central mission of macroeconomics, and if we can’t understand what happened in the 1930s, how can we be sure it won’t happen again?”

NIRA’s role in prolonging the Depression has not been more closely scrutinized because the Supreme Court declared the act unconstitutional within two years of its passage.

“Historians have assumed that the policies didn’t have an impact because they were too short-lived, but the proof is in the pudding,” Ohanian said. “We show that they really did artificially inflate wages and prices.”

Even after being deemed unconstitutional, Roosevelt’s anti-competition policies persisted — albeit under a different guise, the scholars found. Ohanian and Cole painstakingly documented the extent to which the Roosevelt administration looked the other way as industries once protected by NIRA continued to engage in price-fixing practices for four more years.

The number of antitrust cases brought by the Department of Justice fell from an average of 12.5 cases per year during the 1920s to an average of 6.5 cases per year from 1935 to 1938, the scholars found. Collusion had become so widespread that one Department of Interior official complained of receiving identical bids from a protected industry (steel) on 257 different occasions between mid-1935 and mid-1936. The bids were not only identical but also 50 percent higher than foreign steel prices. Without competition, wholesale prices remained inflated, averaging 14 percent higher than they would have been without the troublesome practices, the UCLA economists calculate.

NIRA’s labor provisions, meanwhile, were strengthened in the National Relations Act, signed into law in 1935. As union membership doubled, so did labor’s bargaining power, rising from 14 million strike days in 1936 to about 28 million in 1937. By 1939 wages in protected industries remained 24 percent to 33 percent above where they should have been, based on 1929 figures, Cole and Ohanian calculate. Unemployment persisted. By 1939 the U.S. unemployment rate was 17.2 percent, down somewhat from its 1933 peak of 24.9 percent but still remarkably high. By comparison, in May 2003, the unemployment rate of 6.1 percent was the highest in nine years.

Recovery came only after the Department of Justice dramatically stepped enforcement of antitrust cases nearly four-fold and organized labor suffered a string of setbacks, the economists found.

“The fact that the Depression dragged on for years convinced generations of economists and policy-makers that capitalism could not be trusted to recover from depressions and that significant government intervention was required to achieve good outcomes,” Cole said. “Ironically, our work shows that the recovery would have been very rapid had the government not intervened.”

And given Rahm Emanuel’s recent remarks, it may very well be that this was a conscious decision by Mr. Roosevelt and also by his imitator, Mr. Obama:

How better to get through all of your (highly unpopular) socialist programs than to prolong hard times.

(If the Emanuel clip will not play, watch it at the Wall Street Journal.)

This article was posted by Steve Gilbert on Thursday, November 20th, 2008. Comments are currently closed.

28 Responses to “FDR Policies Prolonged Depression 7 Yrs”

  1. mrfocus

    I’m rereading Amity Shales book “The Forgotten Man” : Page 148

    “One morning, FDR told his group he was thinking of raising the price of gold by $0.21. Why that figure? his entourage asked. “It’s a lucky number”, Roosevelt said “because it is three times seven.””

  2. Colonel1961

    Matchsticks? Apples?

  3. howard432

    FDR restored hope to a hopeless people, that is what he did. Had hope not been restored we would have had either a communist or fascist revolution. When I was a kid working construction I was with totally unionized guys and they were unanimous in their admiration for FDR. A guy in another location told me he felt worse when FDR died than he did when his own father died. FDR actually saved both capitalism and democracy, like it or not. We err when all we look at is statistics and other numbers, I am not a number as Bob Seeger wails in his R&R classic. I have absolute proof that if a guy has one foot in a bucket of ice and the other in a vat of hot coals he is, on average, very comfortable. We have to feel good about ourselves or nothing will work.

  4. 1laidbackRN

    I think Merle Haggard said it best in his lyrics to “Rainbow Stew”. Maybe this should have been the Obamanation’s theme song.

    There’s a big, brown cloud in the city,
    And the countryside’s a sin.
    An’ the price of life is too high to give up,
    Gotta come down again.
    When the world wide war is over and done,
    And the dream of peace comes true.
    We’ll all be drinkin’ free bubble-ubb,
    Eatin’ that rainbow stew.
    When they find out how to burn water,
    And the gasoline car is gone.
    When an airplane flies without any fuel,
    And the satellite heats our home.
    One of these days when the air clears up,
    And the sun comes shinin’ through.
    We’ll all be drinkin’ free bubble-ubb,
    An’ eatin’ that rainbow stew.

    Eatin’ rainbow stew in a silver spoon,
    Underneath that sky of blue.
    All be drinkin’ free bubble-ubb,
    An’ eatin’ that rainbow stew.

    Instrumental break.

    You don’t have to get high to get happy,
    Just think about what’s in store.
    When people start doin’ what they oughta be doin’,
    Then they won’t be booin’ no more.
    When a President goes through the White House door,
    An’ does what he says he’ll do.
    We’ll all be drinkin’ free bubble-ubb,
    Eatin’ that rainbow stew.

    Eatin’ rainbow stew in a silver spoon,
    Underneath that sky of blue.
    We’ll all be drinkin’ that free bubble-ubb,
    Eatin’ some rainbow stew.

    Eatin’ rainbow stew in a silver spoon,
    Underneath that sky of blue.
    All be drinkin’ that free bubble-ubb,
    Eatin’ rainbow stew.

  5. Anonymoose

    FDR restored hope to a hopeless people, that is what he did. Had hope not been restored we would have had either a communist or fascist revolution.

    If you were even a teenager when FDR was around you’d be at least over 80……so is this legend or actual experience? Checking contemporary sources Roosevelt wasn’t all popular, specifically I’m thinking of the articles and political cartoons in the New Yorker. He definitely wasn’t popular with people who had any money of their own. Reading what people thought at the time is better than recollections twenty or thirty tears later.

    So if you weren’t there and are going even worse by hearsay, then how do you know what would have happened? There weren’t any fascists standing in line for the US that I’ve heard about. A stronger communist party may have been a possibility, but not a certainty.

    From what I’ve been reading it sounds almost like contemporary politics. The economy crashes, the current administration is blamed, the new one may not have a fix but leads by telling people how they’re there to help them. What’s different from FDR with his fireside chats and Clinton with “I feel you pain?” Or how about Obama and “Change?”

    Cue the song Cult of Personality:

    Look into my eyes, what do you see?
    Cult of personality
    I know your anger, I know your dreams
    Ive been everything you want to be
    Im the cult of personality
    Like mussolini and kennedy
    Im the cult of personality
    Cult of personality
    Cult of personality

    Neon lights, a nobel prize
    The mirror speaks, the reflection lies
    You dont have to follow me
    Only you can set me free
    I sell the things you need to be
    Im the smiling face on your t.v.
    Im the cult of personality
    I exploit you still you love me

    I tell you one and one makes three
    Im the cult of personality
    Like joseph stalin and gandi
    Im the cult of personality
    Cult of personality
    Cult of personality

    Neon lights a nobel prize
    A leader speaks, that leader dies
    You dont have to follow me
    Only you can set you free

    You gave me fortune
    You gave me fame
    You me power in your gods name
    Im every person you need to be
    Im the cult of personality
    Look into my eyes, what do you see?
    Cult of personality
    I know your anger, I know your dreams
    Ive been everything you want to be
    Im the cult of personality
    Like mussolini and kennedy
    Im the cult of personality
    Cult of personality
    Cult of personality

    Neon lights, a nobel prize
    The mirror speaks, the reflection lies
    You dont have to follow me
    Only you can set me free
    I sell the things you need to be
    Im the smiling face on your t.v.
    Im the cult of personality
    I exploit you still you love me

    I tell you one and one makes three
    Im the cult of personality
    Like joseph stalin and gandi
    Im the cult of personality
    Cult of personality
    Cult of personality

    Neon lights a nobel prize
    A leader speaks, that leader dies
    You dont have to follow me
    Only you can set you free

    You gave me fortune
    You gave me fame
    You me power in your gods name
    Im every person you need to be
    Im the cult of personality

  6. Colonel1961

    One of the best lead guitar solos ever – the quintessential shred…

  7. proreason

    FDR loved his country.

    Obamy hates his country.

  8. dulcimergrl

    My mother was born in 1924, so she was around 5 years old when the stock market crashed in 1929. She remembers the Depression well, and practically worships FDR. I tried having a conversation with her the other day about this very subject, and there is no way to convince her that FDR’s policies were anything but all good and necessary. (sigh)

  9. dulcimergrl

    Sorry, can’t help myself…

    I think Merle Haggard is drinking “free Bubble-Up”, not “bubble-ubb” :-)

  10. 1laidbackRN

    “I think Merle Haggard is drinking “free Bubble-Up”, not “bubble-ubb” :-)”

    I always thought so too, but according to all the lyrics sites I went to, it’s bubble-ubb.

  11. Trialdog

    Funny, but lots talking heads, whether on “news” programs or talk shows, are discussing ideas on how we work our way out of the financial “crisis” our government put us in. They have many ideas on how to “save the economy.” This is something leaders and Presidents have done my entire life, and something I think the country expects. Not now. The President Elect’s Chief of Staff makes it clear, and confirms that Obama’s rhetoric on the campaign trail was not just meant to be throw away red meat for the radical left. He meant it. He is going to “fundamentally change” the most productive, successful, and benevolent economic model in the history of the world; replacing it with one used by third world countries, designed to reward the cronies of the political class while keeping the citizens under control and dependent. Obama isn’t interested in rescuing this economy, he INTENDS to exacerbate the problem. He mentions all the “sacrifice” we’ll have to make all the while knowing he will impose that sacrifice on us. He is going to cause a depression with his radical left ideas. This isn’t a joke. He’s going to bankrupt the coal industry. He’s also going to tax and regulate the heck out of oil while prohibiting exploration. In doing so, he’s going to destroy the auto industry, no matter how many “loans” he gives the unions. He is going to make the doctors in the world’s best health care system civil servants. They’ll quit. He is going to nationalize retirement plans, probably shortly after he “rescues” some pension plans somewhere. Then, he’ll see his high tax rates don’t bring in the revenue he wants, so we’ll enter a period of hyperinflation. It is going to be bad. All the while he’s busy destroying our economy and taking away our liberty, our enemies will watch, wait, and exploit. Sure, they’ll be happy accepting our tax dollars, which Obama says he’ll give them, but then they’ll strike. This isn’t a complaint. This isn’t some rant one might expect pre-election. This is what is happening. So, every time you hear about how bad things are, ask when you get your $1000.00 windfall profit tax rebate, your tax cut, your free healthcare, and your living wage. Keep asking, no, demand he fulfill these promises. Demand he bomb Pakistan and catch Bin Laden. Demand face to face meetings with Iran and North Korea, in the White House, as soon as possible. He promised and his media slaves loved it. Keep reminding them. I want Pakistan to be bombed on 1-21-09, I want my 1k on 1-22, I want my tax cut to be made retroactive into 2008 or I want the money up front in 2009 – we know what it will be – I used the Obama Tax Cut Calculator, I want my free healthcare by June of 2009. Surely, this “Lightworker” can fulfill his promises.

  12. think_tomorrow

    “Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years”

    Wait, I’m a bit confused about the timeline here. The beginning of the Great Depression is about 1930, and the end is generally agreed on as being 1939-40 with the onset of the US war economy. So where do we get 15 years from?

    Economists generally agree that two factors contributing to the length of the depression were the tariffs enacted under Hoover as an initial response and the shrinking of the money supply – both of which occurred BEFORE Roosevelt took office. (look up Smoot-Hawley Tariff Act). This is a far from universal viewpoint on this issue, and while I agree that some of the initial New Deal provisions such as higher business taxation were hostile to economic growth at the onset, I believe the WPA and the majority of reforms were positive.

  13. wardmama4

    -‘We have to feel good about ourselves or nothing will work’-

    It is a psychiatric pathology to rely on another person for your good feelings of self – most especially a politician. They don’t ‘care’ about you – any further than they can garner your vote (and for Dems – taxes).

    FDR and B. Hussein Obama are no better nor no worse than any other of the thousand of politicians that have come down the line. Their policies however, do not insipire hope nor have the done a damn thing for the very people they claim to ‘care’ about and those policies have made more people dependent upon the government (as will B. Hussein Obama’s) than any other President ever.

    It has done nothing but take inspiration, creativity, the work ethic, dedication and loyalty and thrown them away in lieu of a ‘free’ handout which is really on the back (and pocketbook) of those Americans who continue to be inspired, creative, work, stay dedicated and loyal – to their family, to their job and to their country.

    It is not and never should be about how you or I feel. Grow up and become an adult.

  14. GuppyNblue

    “Ohanian and Cole blame specific anti-competition and pro-labor measures that Roosevelt promoted and signed into law June 16, 1933″.

    Those who doubt this may have the opportunity to see it first hand. Our government never stopped growing after the New Deal and it’s been making it progressively harder for American business to compete. Outrageous labor demands and government imposed restrictions are killing the auto industry, not excessive competition. If there’s so much competition why even worry about Ford or GM?

    I believe Obama will be very pro-labor and a regulatory tyrant. But Roosevelt escaped responsibility and Obama probably will too. I can already hear the apologist blaming it on eight years of Bush.

  15. senorasusansmith

    My mother’s family lived throught the depression and they always would say “It took Frank 4 terms to mess up the country”. They weren’t rich or anything, just common people who suffered alot during the depression and they rightly blamed it all on Roosevelt.

  16. take_no_prisoners

    dulcimergrl,
    People in this country can be divided into 2 philosophical camps when it comes to government. You and your mother are obviously in opposite camps. I have friends in both camps although I definitely disagree with the Big Federal Government philosophy. Some people think that big government is always better for the greater good of everyone–the bigger the better. Other people, fall into the government is a necessary evil, the more limited it is the better. This country was founded by people in the latter group and has been steadily hijacked by people in the former group roughly since the Whiskey Rebellion shortly after the revolutionary war. Lincoln passed the first income tax during the civil war, it was later repealed but there was a constant battle to reimpose the income tax. The ball really started rolling for the big government types when Woodrow Wilson convinced the country that we needed an income tax–this required a constitutional amendment in order to tax income from dividends, rents, and capital gains as well as wages (they could have taxed wages without the amendment but it was politically unpalatable) the 16th amendment was passed in 1913. FDR used the 1929 financial crisis to take full advantage of the 16th amendment and was blessed with an even better excuse when WW II came along. He also had some jackass from a retail department store business in his cabinet who knew that people would pay more for an item if they could make monthly payments instead of forking over the whole amount in one payment–hence the payroll tax withholding innovation. The big government fanciers always use a crisis to expand the power of the state over the individual–unfortunately these transfers of power from the individual to the federal government are impossible to reverse. The ability to promise people things that someone else will have to pay for is what gives a politician his power.

  17. proreason

    “FDR and B. Hussein Obama are no better nor no worse than any other of the thousand of politicians ”

    Read Trialdog’s post. Obamy isn’t just “any other” politician.

    He intends to “fundamentally” change this country, and reverse history.

    It will start in ernest in 2 months and 1 day. The ground has been tilled. Another 20% drop in the markets in the last week. It’s not the end of it, I fear. What “fair minded” person can resist his sweet promises of government largesse now? A new FDR is required (regardless of what the truth may be.)

    Friends, this is some serious sh*t. The point is coming when it will take more courage than is required to post on a blog. Not meaning that to be critical of any of us, and I’m not implying we need to grab guns and head for the barricades either.

    But those of us who know that free markets have created the prosperity we have enjoyed for centuries are going to have to vocally defend that position when it will seem obvious to 90% of the country that the opposite is true.

  18. dulcimergrl

    1LaidBackRN: “I always thought so too, but according to all the lyrics sites I went to, it’s bubble-ubb.”

    I checked several lyrics sites too, and you’re right, they say “bubble-ubb”. But that doesn’t make any sense, so I’m rejecting their reality and substituting my own! :-)

    Whoever posted the words is probably too young to remember Bubble-Up. You can still find it in specialty stores sometimes.

  19. 1sttofight

    I can remember when a bottle of Bubble-Up cost a nickle if you had an empty bottle when you bought it. Bottle deposit was either 2 or 3 cents. Used to pick those up on the side of the road to make a few pennies spending money.

  20. JohnMG

    Funny thing. My Dad lived through the depression and voted for Roosevelt twice, supporting him three times for the presidency. (He was a few months too young to vote for his first term.)

    Dad also spent 3 years in the Pacific. I remember very early in my life (single-digit years) when Dad would fish in his pocket, pull out a dime, and pointing to the image say, “Wanna see an American destroyer?” He couldn’t stand the guy for the rest of his life.

  21. brad

    As an unrelated side note:

    I AM HAPPY TED STEVENS GOT CANNED!

    The guy was in the Senate for 40 years!? 40 years!? Good bye, and good riddance. The founding fathers would be shocked. These old codgers need to get out including Kennedy, and Byrd et.al. All the old battle wounds from 1972 or earlier when they didn’t get their way comes back to haunt us in 2008.

    5 terms for Congressmen (10 years)
    2 terms for Senator (12 years)

    THAT’S IT!

    If you want to run for Senate or Congress after your time in each has expired, fine. If you can’t get things done in that amount of time, you must leave. There are plenty of other people able and willing to do a good job, at half the price. Clear out our oligarchy once and for all!

    (Patiently waiting for Kennedy / Byrd to die of disease or old age)

  22. pinandpuller

    Proreason-

    Your line about the ground having been tilled for some reason brought to mind Rome sowing Carthage with salt.

    All of this economic chaos has caused people to take leave of their senses. I wonder what they would give up if another John Mohammed came along?

  23. fan4ripken

    brad: I seem to remember that our Founding Fathers’ original intent for elected officials was that they would come to the nation’s capital for a period of several weeks, conduct the business of the country and then return to their homes, families and jobs. Would that we could get back to those days!

  24. Lipstick on a PIAPS

    World War ll ended the Depression. All Roosevelt did was talk happy and made people feel better. Look at all of his wonderful programs today. The New Deal is now the Raw Deal. But Obama could make a new Depression even worse than anything in human history. The WORLD’S markets, not just US, is reacting that way. But at least we have a black president! Sheesh, talk about stupid!!!!

  25. BannedbytheTaliban

    The cult of personality has it right: “You dont have to follow me, Only you can set you free”

    The collective buying power of the American consumer has the power to change the world in anyway it pleases. If you’re tired of people being unemployed, quit buying foreign made goods. Tired of giant companies running the country, start buying from the little man. Tired of the MSM spreading leftist propaganda, stop watching the news and buying newspapers. Capitalism and Democracy go hand-in-hand. The power of the majority is overwhelming when people do the right thing. When the tail starts to wag the dog, the whole thing comes crashing down. The end of any recession lies in the hands of the consumer.

  26. Chinnubie

    This FDR article is a little late because Rush has been saying this about FDR for at least a year when I first heard him talk about FDR and how the “New Deal” is what started the whole idea of government solving problems for people. I can’t even remember how many times I’ve heard Rush say Social Security is a program set up to fail and other New Deal programs that have given the idea that “big government” can fix all that ails you.

    The Democrats or Republicans do not ever come out and tell the American people that it was WWII that fixed this failing economy and were it not for the WWII we would have continued to flounder for many many years to follow. No one wants to say all of those vets died to save an economy that the government was too stupid to fix and used a war to solve it’s problems. My question is that we do not have a world war on the horizon so there isn’t anybody to sacrifice to fix our current economy. I wonder if Obama is unable to fix this economy who is gonna get to sacrifice their life to repair this government failed economy?

  27. Diane

    think_tomorrow said: Wait, I’m a bit confused about the timeline here. The beginning of the Great Depression is about 1930, and the end is generally agreed on as being 1939-40 with the onset of the US war economy. So where do we get 15 years from?

    You’ll note that they said “almost” 15 years. If you actually read the article, you’ll also note that they believe the Great Depression ended in 1943. The article, unfortunately, provides no other details on that. However, if we say it started in 1929 and ended in 1943, we get 14 years. Surely that qualifies as “almost fifteen years”.

  28. proreason

    “pinandpuller …..All of this economic chaos has caused people to take leave of their senses. I wonder what they would give up if another John Mohammed came along?”

    I think some people have taken leave of their senses, but I wonder if they aren’t correct. I have the opposite view than you. I think a lot of people are still trying to cope with the economic situation as if it is just a bad case of “normal”.

    And I think that since the 1930’s, that strategy has worked pretty well, The major economic catastrophes were the 70’s (crisis of confidence in government, stupid policies), 1987 (20% market drop in 1 day), and 2001-2003 (bubble burst, 9/11 aftermath). For each of those, the country pulled out and returned to prosperity.

    The frightening thing now is that the current catastophe occured precisely at the point when this idiot Messianic figure came into the political mix. Now is the kind of time when history lurches.

    I am also deeply suspicious that the economic calamity has been manufactured or at least pushed along by the left and foreign powers. A lot of people say the markets are too big nowadays to be manipulated. But what if the Saudis, Russians and Chinese are involved? Do they have an interest in weakening the U.S.? Do they have enough money? Again, I am deeply suspicious.

    Re your point about John Mohammed, it will be interesting to see what happens in the first few months of Obamy’s administration. Slow Joe already warned us, didn’t he? Would an incident like Mohammed serve as a catalyst for additional government control?

    For those thinking that the markets will come back, I would point out that it took 19 years when Japan’s market crashed about 25 years ago, and nearly that long for the U.S. markets to recover after Roosevelt took over. Nobody can predict the future, but people depending on hopey-changey may be in for a rude awakening. At every other crisis in this country’s history, we had leader’s who believed in our political and economic systems. But what would make anybody think the Fool Obamy believes in this country?




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