Flying in from Detroit

By November 19, 2008Economy

Attended a National Review Institute/Hillsdale College discussion on conservatism in the new political climate. The luncheon speaker was Burton Folsom, a Hillsdale professor and author of a new book, “New Deal or Raw Deal?: How FDR’s Economic Legacy Has Damaged America.”

In making a point about the favoritism that follows federal cash payouts, Folsom related a story:

“I got in the cab to come over here, and the cabbie — I said, I came from Detroit — and he said, “Oh! Are you here for the money?'”

Folsom closed his remarks by citing the comments Treasury Secretary Henry Morgenthau wrote in his personal diary in 1939, when unemployment still exceeded 20 percent. Morgenthau:

“We have tried spending money. We are spending more than we have ever spent before and it does not work. . . . We have never made good on our promises. . . . I say after eight years of this Administration we have just as much unemployment as when we started . . . . and an enormous debt to boot!”

 

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