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Thread: Suppose we can talk Romney into mimicking a former President?

  1. #1
    Senior Member Uncle Bill's Avatar
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    Default Suppose we can talk Romney into mimicking a former President?

    Based on history, Thomas Sowell, would like us to follow along the lines of Warren Harding. Sounds like something even Franco could agree with eh?

    UB

    An Economic 'Plan'?
    By Thomas Sowell
    Tuesday, September 11, 2012

    Former president Bill Clinton told the Democratic National Convention that Barack Obama has a plan to rescue the economy, and only the fact that the Republicans stood in his way has stopped him from getting the economy out of the doldrums.

    From all this, and much else that is said in the media and on the campaign trail, you might think that the economy requires government intervention to revive and create jobs. It is Beltway dogma that the government has to "do something."

    History tells a different story. For the first 150 years of this country's existence, the federal government felt no great need to "do something" when the economy turned down. Over that long span of time, the economic downturns were neither as deep nor as long lasting as they have been since the federal government decided that it had to "do something" in the wake of the stock market crash of 1929, which set a new precedent.

    One of the last of the "do nothing" presidents was Warren G. Harding. In 1921, under President Harding, unemployment hit 11.7 percent higher than it has been under President Obama. Harding did nothing to get the economy stimulated.

    Far from spending more money to try to "jump start" the economy, President Harding actually reduced government spending, as the tax revenues declined during the economic downturn.

    This was not a matter of absent-mindedly neglecting the economy. President Harding deliberately rejected the urging of his own Secretary of Commerce, Herbert Hoover, to intervene.

    The 11.7 percent unemployment rate in 1921 fell to 6.7 percent in 1922, and then to 2.4 percent in 1923. It is hard to think of any government intervention in the economy that produced such a sharp and swift reduction in unemployment as was produced by just staying out of the way and letting the economy rebound on its own.

    Bill Clinton loudly proclaimed to the delegates to the Democratic National Convention that no president could have gotten us out of the recession in just one term.

    But history shows that the economy rebounded out of a worse unemployment situation in just two years under Harding, who simply let the market revive on its own, as it had done before, time and time again for more than a century.

    Something similar happened under Ronald Reagan. Unemployment peaked at 9.7 percent early in the Reagan administration. Like Harding and earlier presidents, Reagan did nothing, despite outraged outcries in the media.

    The economy once again revived on its own. Three years later, unemployment was down to 7.2 percent and it kept on falling, as the country experienced twenty years of economic growth with low inflation and low unemployment.


    The Obama party line is that all the bad things are due to what he inherited from Bush, and the few signs of recovery are due to Obama's policies beginning to pay off. But, if the economy has been rebounding on its own for more than 150 years, the question is why it has been so slow to recover under the Obama administration.

    The endless proliferation of anti-business interventions by government, and the sight of more of the same coming over the horizon from Barack Obama's appointees in the federal bureaucracies, creates the one thing that has long stifled economic activity in countries around the world uncertainty about what the rules of the game are, and the unpredictability of how specifically those rules will continue to change in a hostile political environment.

    Both history and contemporary data show that countries prosper more when there are stable and dependable rules, under which people can make investments without having to fear unpredictable new government interventions before these investments can pay off.

    A great myth has grown up that President Franklin D. Roosevelt saved the American economy with his interventions during the Great Depression of the 1930s. But a 2004 economic study concluded that government interventions had prolonged the Great Depression by several years. Obama is repeating policies that failed under FDR.

    Despite demands that Mitt Romney spell out his plan for reviving the economy, we can only hope that Governor Romney plans to stop the government from intervening in the economy and gumming up the works, so that the economy can recover on its own.

    Thomas Sowell is a senior fellow at the Hoover Institution, Stanford University, Stanford, CA 94305. His website is www.tsowell.com.

    When the one you love becomes a memory, that memory becomes a treasure.

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    UB,
    I did read the other day that no matter who or what gets the big office for the next four years, the economy will strengthen. Something about curves/trends ... That the economy is swinging upward in it's cycle and it will regardless of who is wagging the dog.
    "I'm gonna lean up against you, and you lean up against me. That way we don't hafta sleep with our heads in the mud"
    Forrest Gump, 1994

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    Senior Member Uncle Bill's Avatar
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    Quote Originally Posted by ARay11 View Post
    UB,
    I did read the other day that no matter who or what gets the big office for the next four years, the economy will strengthen. Something about curves/trends ... That the economy is swinging upward in it's cycle and it will regardless of who is wagging the dog.

    You mean you think PRIVATE businesses will be able to overcome the effects and taxes of Obamacare...and the large tax increase everyone in the nation that's a wage owner will be subjected to with the Jan 1st elimination of the Bush tax cuts?

    Pardon me if I'm not buying into it. In fact, I'd be inclined to BET the economy will be into recession regardless of Bernanke's folly with QE3. Oh sure, the Wall Street 'players' will love it, and they will pull many billions out of this nation's economy, regardless of what the OWS losers have to say, or how often they demonstrat.

    Isn't it ironic how this works out? While the SFN and basic Democrat rail at the rich and preach all their class envy, and Bernanke and his ilk give a huge boost to the Obama election campaign. All the morons and the fools in this nation won't even recognize what's going on. They will continue their beliefs that the Democrats are always looking out for the 'little' guy. In the meantime, the very wealthy continue to make huge windfalls under the actions of a Democrat administration, and are "laughing all the way to their Swiss bank".

    UB
    When the one you love becomes a memory, that memory becomes a treasure.

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    Quote Originally Posted by Uncle Bill View Post
    You mean you think PRIVATE businesses will be able to overcome the effects and taxes of Obamacare...and the large tax increase everyone in the nation that's a wage owner will be subjected to with the Jan 1st elimination of the Bush tax cuts?

    Pardon me if I'm not buying into it. In fact, I'd be inclined to BET the economy will be into recession regardless of Bernanke's folly with QE3. Oh sure, the Wall Street 'players' will love it, and they will pull many billions out of this nation's economy, regardless of what the OWS losers have to say, or how often they demonstrat.

    Isn't it ironic how this works out? While the SFN and basic Democrat rail at the rich and preach all their class envy, and Bernanke and his ilk give a huge boost to the Obama election campaign. All the morons and the fools in this nation won't even recognize what's going on. They will continue their beliefs that the Democrats are always looking out for the 'little' guy. In the meantime, the very wealthy continue to make huge windfalls under the actions of a Democrat administration, and are "laughing all the way to their Swiss bank".

    UB
    not sure what part of "I read the other day....." can be taken to mean "Hey, I think...."
    "I'm gonna lean up against you, and you lean up against me. That way we don't hafta sleep with our heads in the mud"
    Forrest Gump, 1994

  5. #5
    Senior Member Franco's Avatar
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    The Federal Government's solution to a problem is always worse that the problem! And, generally creates new problems.

    I don't remember who said that so I am just paraphrasing.
    It's time we abandon our party affiliations and rather than being good Dems or good Repubs we all become good Americans. MJH345

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    Senior Member BonMallari's Avatar
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    For years people have been complaining that we need a businessman in the WH, NOT another LAWYER.....well now is the time, you have a businessman with Governor credentials and a proven record in the business world
    All my Exes live in Texas

    Quote Originally Posted by lanse brown View Post
    A few things that I learned still ring true. "Lanse when you get a gift, say thank you and walk away. When you get a screwing walk away. You are going to get a lot more screwings than gifts"

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