New Deal

Ecomomists Warn Obama on Deficit Reduction Scam

Michael Collins

Three hundred economists released a letter to President Obama today with one message: focus on jobs, not on the deficit. new deal 2.0

Don't kill jobs and growth in the name of deficit reduction. Statement and 300 endorsers.

This evening compared to Franklin Roosevelt

June 27, 1936: “What they really complain of is that we seek to take away their power.” March 21, 2009: “... the rest of us can't afford to demonize every investor or entrepreneur who seeks to make a profit.” The Washington Post has available the full text of President Obama’s press conference this evening. Near the end of his remarks, the President said:

Bankers and executives on Wall Street need to realize that enriching themselves on the taxpayers' dime is inexcusable, that the days of outsized rewards and reckless speculation that puts us all at risk have to be over.

Why “have to be over”? Why not “are over”?

At the same time, the rest of us can't afford to demonize every investor or entrepreneur who seeks to make a profit. That drive is what has always fueled our prosperity, and it is what will ultimately get these banks lending and our economy moving once more.

From Franklin Roosevelt’s first fireside chat, “On the Bank Crisis,” Sunday, March 12, 1933

As a result we start tomorrow, Monday, with the opening of banks in the twelve Federal Reserve bank cities -- those banks which on first examination by the Treasury have already been found to be all right. This will be followed on Tuesday by the resumption of all their functions by banks already found to be sound in cities where there are recognized clearing houses. That means about 250 cities of the United States.

FDR and the Unfinished Agenda


apologies to all. I thought I could reset the original archive discussion piece but it was not accessible in the way I did it. I will try to buzz it tomorrow. Hat tipt to Roxy for alerting me to the error.

In September 2006, Chris White and Avahome wrote a five part series that analyzed the steps taken by FDR reverse the economic collapse, in the first hundred days of his administration.