Blogs > HNN > Great depression redux?

Nov 11, 2008 3:24 pm

Great depression redux?

In a letter to the WSJ editor, Walter S. Creasy writes:

I am concerned that we are following the lead of 1930s failures into another depression. In response to a financial crisis, President Herbert Hoover raised taxes on businesses and wealthy individuals and instituted protectionist tariffs, thereby escalating the crisis into a depression. Franklin Roosevelt followed with the New Deal which destroyed business incentives and extended the Depression for over 10 years. That Depression led directly to World War II which was the greatest social, environmental and economic crisis the world has ever seen. President-elect Barack Obama campaigned on many of these same measures.

Capitalism has served America incredibly well for over 200 years. The current crisis resulted primarily from anticapitalists forcing banks and mortgage companies to lend money to people with little or no means to pay it back. That is not capitalism. Now, many say capitalist principles have failed. No way! It was the tinkering, with blatant disregard for capitalist principles, that failed and we should get back to what works: Reduce taxes on businesses and expand individual tax cuts. This will energize our economy and create a flood of tax revenue which would allow America to truly address the needs of the poor here and overseas. So what if it allows rich people to keep their money. Do we want to punish them so much that we are willing to sacrifice our country and make everyone poor?

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Lorraine Paul - 11/13/2008

Capitalism has NOT served American well over 200 years!

Where is your universal health system? Where is your education system? Where is your stable economy?

The list is long.

What is this nonsense about 'punishing' rich people by not letting them 'keep' their money? Their money is generated by people who work for them! Has Paris Hilton contributed one cent to the profits of the Hilton Hotel Chain?

What about un-earned inheritance? The ultra-rich in the US, and around the world, are lolling back on money which their predecessors made by one of the basic tenets of Capitalism...exploitation of the workforce!

What utter piffle so many in the US,mainly the poor, swallow about the 'virtues' of capitalism!