Monday, March 02, 2009
Even New Yorkers can learn!
Rich Lowry at NRO writes:
Back in September (before the election) Polistra wrote:
Polistra is pleased to see that even New York Metrosexuals are capable of understanding reality, given a little extra time.
A normal and sane ruler -- like FDR -- knows that you need to catch criminals and take them out of circulation before you can start to restore the trust and confidence of the victims. And FDR did catch and remove the bad operators before he started to add new programs. Bush and Obama are rewarding the criminals, not catching them. This is totally insane unless the criminals have you trapped in a blackmail threat. ¶ 6:42 PM
Obama's debut is quite different from FDR's. FDR took office in the midst of a total meltdown of the banking system and acted boldly to arrest it. In March 1933, the Dow was at 52. It climbed 75 percent in the first 100 days. By December 1, 1933 it was 99. Obama is temporizing with his financial crisis in favor of moving quickly on his big spending plans, and watching the Dow trip steadily downward by the day. It's as if FDR skipped the bank holiday and focused first on passing the CCC.
Back in September (before the election) Polistra wrote:
The brand-R talking point heads continually define FDR as a socialist who tried to nationalize everything and blew up the Constitution. The same brand-R talking point heads also describe Sultan Bush as a "conservative".
How did FDR handle the banking crisis in 1933? He closed all banks to stop the run, sent out inspectors to check solvency, and immediately re-opened the good banks with a federal guarantee behind them. The guarantee turned into FDIC.
Was this constitutional? Yes. The Federal gov't is given power "To coin Money, regulate the Value thereof..." Since the banking crisis was destroying the Value of Money, the gov't clearly had the authority to intervene.
How does Sultan Bush handle this banking crisis? He nationalizes the insolvent companies.
Now tell me again, who's the socialist?
Polistra is pleased to see that even New York Metrosexuals are capable of understanding reality, given a little extra time.
A normal and sane ruler -- like FDR -- knows that you need to catch criminals and take them out of circulation before you can start to restore the trust and confidence of the victims. And FDR did catch and remove the bad operators before he started to add new programs. Bush and Obama are rewarding the criminals, not catching them. This is totally insane unless the criminals have you trapped in a blackmail threat. ¶ 6:42 PM
