Faulderale . . . and other observations.

The deficit spending during WWII was hardly the sole cause of it ending the 30's era of economic hardships, and you know it. To say that deficit spending is good, regardless of application, is nonsensical in the extreme. The manufacturing base created during the war that was converted to consumer goods post war; the virtually forced savings; the GI Bill post war - come on huh? If your contention is that deficit spending for the sole sake of spending is always a net positive (and that was your point in comparing 1942-45 spending to spending in 1935 i.e. "how could the latter be bad and the former be good") then you should be a staunch advocate of Obama's current spending bill. A sophomoric observation at best, stick to the GDP, that's much stronger.

I suppose I shouldn't be surprised that YOU could find one more point of disagreement within our New Deal debate. And so you know, it's not that I "don't want to play anymore", it is simply this: once we have established that the two of us vary on our definitions of "success", then the entire debate is rendered mute. I don't think that any economic recovery plan can be deemed a success when after its full implementation the nation sees still staggering unemployment, rampant business failures, etc. You believe that no economic recovery plan can be judged a failure when the GDP rises 75 out of 84 months. And that's where it ends. Until we come to a mutually acceptable definition of "economic success" everything else is semantics. So, I leave the now muted debate at this: I can live with the assessment of any on looker to our site, as to who's definition is more apt, and their judgment of New Deal failure or success that is its product.

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Speaking of economic failures (hehe, you'll forgive one last dig), the president will address a joint session of congress tonight, as I'm sure you are all aware. He will attempt to sell his barrage of "change" occurring in his first 30 days. I fear the worst is yet to come. Each of us know the 789 billion dollar bill will not improve the US economy. We also know he is in dangerous economic territory with his housing bill - artificially attempting to create a bottom in the market. In addition the health care debate starts next week, and just for good measure the feds are going to initiate "stress tests" on financial institutions which is seen as a first step towards nationalizing the private banking sector. One hardly requires Delphic insight to see what will follow in the wake of such absolute economic amateurism and buffoonery.

I don't want to sound like an economic pessimist, but if you find yourself in an open field, at dawn, with God's creation spread out ahead of you, absorbing in his work through the naked eye and you happen to spot four specks out in the distance, dust in their trail, fear not - the four horsemen approach.