By Patrick J. Buchanan
In a deepening recession, what does the reasonable man do?
Seeing friends laid off, he will get rid of all but essential credit cards, dine at home more often, terminate unnecessary trips to the mall, put off buying a new car, give up the idea of borrowing on the vanishing equity in his house. He will begin to save and start paying down debt.
By Patrick j. Buchanan
“Liquidate labor, liquidate stocks, liquidate the farmers.”
So Treasury Secretary Andrew Mellon advised Herbert Hoover in the Great Crash of ’29.
Hoover did. And the nation liquidated him — and the Republicans.
In the Crash of 2008, 40 percent of stock value has vanished, almost $9 trillion. Some $5 trillion in real estate value has disappeared. A recession looms with sweeping layoffs, unemployment compensation surging, and social welfare benefits soaring.
By Patrick J. Buchanan
How did the United States of America, the richest nation on earth, whose economy represents 30 percent of the Global Economy, arrive at the precipice of a financial panic and collapse?
The answer lies in the abject failure of both America’s financial elite and the political elite of both parties — the same elites now working together to determine how much of our wealth will be needed to bail the nation out of the crisis of their own creation.
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