Barack Obama and George W. Bush seem to have come away from their study of the Great Depression with similar conclusions: To wit: After the Crash of 1929, the Federal Reserve did not move fast enough to save the banks and inject cash into the economy. Second, the New Deal, …
Who killed the U.S. auto industry? To hear the media tell it, arrogant corporate chiefs failed to foresee the demand for small, fuel-efficient cars and made gas-guzzling road-hog SUVs no one wanted, while the clever, far-sighted Japanese, Germans and Koreans prepared and built for the future. I dissent. What killed …
Understandably, Republicans are seething. When Hank Paulson demanded $700 billion to haul away the trash in the dumpsters of JPMorgan Chase and Goldman Sachs — assuring us we could hold a garage sale of the junk — they rebelled. They acted as the nation, by 100 to one, demanded. They …
“Laissez-faire is finished, the all-powerful market that is always right, that’s finished,” said Nicholas Sarkozy, speaking ex cathedra, last month. As a result, said the diminutive French president, it is “necessary to rebuild the entire global financial and monetary system from the bottom up, the way it was done at …
Across the Pacific, a nation that studied how America rose, and watched as America declined, chose a different path. China adopted and pursued a China First policy of economic nationalism. For decades, before a heedless congregation, some of us have preached the old Hamiltonian gospel. Great nations do not have …
Why did John McCain lose? Let’s start with those “headwinds” into which he was flying. The president of the United States, the leader of his party, was at Nixon-Carter levels of approval, 25 percent, going into Election Day. Sixty-two percent of the nation thought the economy was the No. 1 …
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 …
Two weeks after the Republican convention in St. Paul, Minn., John McCain and Sarah Palin were striding forward toward victory. They had erased the eight-point lead Barack Obama had opened up in Denver and watched as one blue state after another moved into the toss-up category. That is ancient history …
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