Thursday, March 12, 2009
From an interview with Thomas Sowell:
JH: Now, we’ve heard people say that this is a uniquely bad economic situation — that it could be as bad as the Depression, etc. However, looking at GDP and job loss numbers, it doesn’t look as bad as, say, the recession in the early 80s. So how bad is this really and if you were advising the president, what would you tell him to do?
Thomas Sowell: Resign.
JH: (Laughs) That would be helpful.
Thomas Sowell: Yes, because he is determined to interfere in the market. How did we get out of the recession in the early 80s? Reagan did nothing. The economy adjusted and we’ve had 20 years of growth, low inflation, and low unemployment. Many people argue that the New Deal got us out of the Depression by spending. Well, the New Deal spent for years without getting us out of the Depression and then the war came along. The defenders come along and say, “You see with the war, spending increased and that did it.” What the war did was put an end to the New Deal. When the New Deal ended, the economy revived.
Read the whole thing. Very depressing.