The Policy Errors of Barack Hoover Obama and What Happens Next
The policy errors being committed by Barack Obama and his team are all similar to that which J. Kenneth Galbraith cited in the Hoover Administration. That is, the 'trickle down' approach, which is treating a broken system as if it were still a functioning ideal, an ideal of the efficient markets hypothesis that probably never really existed in the first place.
If there is any corrective pain to be dealt, it will be delivered from the bottom up, and attributed to the inexorable necessities of 'The System.' The powerful and favored few, however, will be fully cradled from its effects in a generous web of official protection.
I find it striking that Hoover chose to crush The Bonus Army in 1932, which involved sanctioned government violence against WW I veterans, and that Obama took the same draconian approach with the Occupy Movement which was a largely peaceful protest against Wall Street, for example.
His is a war against whistleblowers and dissent, with a generous free pass given to some of the most egregious misdeeds of those at the top of the financial pyramid in terms of both enforcement and indictment. If there is anything that binds the elites in America, it is their urge for getting paid, and spectacularly and shamelessly so.
The only crime in Obama's America is to be both powerless and non-compliant. And perhaps to speak of any of its secrets and sacred cows, of which there are many.
Why does this happen? Because most of those who are in a position to reform the system at this time are creatures of the system, who are beholden to the system, who are caught in its credibility trap, and who see that system from a particular perspective and with a very selective bias. And that is, from the top-down.
This is a government of the system, by the system, and for the system. And it is a system that is unsustainable except by increasing amounts of fraud and force.
"The policy errors being committed by Barack Obama and his team are all similar to that which J. Kenneth Galbraith cited in the Hoover Administration. "
Nonsense. As Murray Rothbard pointed out virtually every program credited to FDR's New Deal was started under Hoover. Keynes may not have liked it when they were Hoover policies but he suddenly approved of them when they became FDR policies. In that sense, Keynes was a lot like a certain contemporary economist with a bully pulpit at The New York Times.
Wrong. Hoover did not devalue the dollar. FDR did in 1933. Real per capita GDP shrank 10%/year from 29 to 32. Real per capita GDP grew 6.44%/year from 1933 to 1940.
He doesn't know anything about the Constitution. Where is the outcry over indigent defendants not getting competent court appointed attorneys? The 6th Amendment is violated every day and people like Snowden don't say anything. The govt does not need a warrant to conduct a search. The Constitution only prohibits an "unreasonable" search. It's not clear that the govt has conducted an unreasonable search. Furthermore, what injury has the public sustained? You have poor people getting tossed in prison for life because they are not represented properly in court and not a word about it from the liberty crowd. What a joke.
JW, good point about public defenders sucking, but who is going after those poor people in need of defense? Answer, the state. Hope you're not baking pot brownies in Texas JW, they'll get ya!
That's cute. Mark my words, this man is an idol to some and a trojan horse to others.
ReplyDeleteMark my words, I have no idea what this comment means. Does anyone else?
DeleteIf it means Snowden is flushing emboldened dissenters into the crosshairs of the state, that's an interesting theory.
DeleteThe Policy Errors of Barack Hoover Obama and What Happens Next
ReplyDeleteThe policy errors being committed by Barack Obama and his team are all similar to that which J. Kenneth Galbraith cited in the Hoover Administration. That is, the 'trickle down' approach, which is treating a broken system as if it were still a functioning ideal, an ideal of the efficient markets hypothesis that probably never really existed in the first place.
If there is any corrective pain to be dealt, it will be delivered from the bottom up, and attributed to the inexorable necessities of 'The System.' The powerful and favored few, however, will be fully cradled from its effects in a generous web of official protection.
I find it striking that Hoover chose to crush The Bonus Army in 1932, which involved sanctioned government violence against WW I veterans, and that Obama took the same draconian approach with the Occupy Movement which was a largely peaceful protest against Wall Street, for example.
His is a war against whistleblowers and dissent, with a generous free pass given to some of the most egregious misdeeds of those at the top of the financial pyramid in terms of both enforcement and indictment. If there is anything that binds the elites in America, it is their urge for getting paid, and spectacularly and shamelessly so.
The only crime in Obama's America is to be both powerless and non-compliant. And perhaps to speak of any of its secrets and sacred cows, of which there are many.
Why does this happen? Because most of those who are in a position to reform the system at this time are creatures of the system, who are beholden to the system, who are caught in its credibility trap, and who see that system from a particular perspective and with a very selective bias. And that is, from the top-down.
This is a government of the system, by the system, and for the system. And it is a system that is unsustainable except by increasing amounts of fraud and force.
http://jessescrossroadscafe.blogspot.com/2014/05/the-policy-errors-of-barack-hoover.html
"The policy errors being committed by Barack Obama and his team are all similar to that which J. Kenneth Galbraith cited in the Hoover Administration. "
DeleteNonsense. As Murray Rothbard pointed out virtually every program credited to FDR's New Deal was started under Hoover. Keynes may not have liked it when they were Hoover policies but he suddenly approved of them when they became FDR policies. In that sense, Keynes was a lot like a certain contemporary economist with a bully pulpit at The New York Times.
Wrong. Hoover did not devalue the dollar. FDR did in 1933. Real per capita GDP shrank 10%/year from 29 to 32. Real per capita GDP grew 6.44%/year from 1933 to 1940.
DeleteHe doesn't know anything about the Constitution. Where is the outcry over indigent defendants not getting competent court appointed attorneys? The 6th Amendment is violated every day and people like Snowden don't say anything. The govt does not need a warrant to conduct a search. The Constitution only prohibits an "unreasonable" search. It's not clear that the govt has conducted an unreasonable search. Furthermore, what injury has the public sustained? You have poor people getting tossed in prison for life because they are not represented properly in court and not a word about it from the liberty crowd. What a joke.
ReplyDeleteJW, good point about public defenders sucking, but who is going after those poor people in need of defense? Answer, the state. Hope you're not baking pot brownies in Texas JW, they'll get ya!
Delete