What the President had to say about the credit crisis

[fpb]

True they have tried, but their efforts have been cast in the pattern of an outworn tradition. Faced by failure of credit they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence.

Only the President in question is FD Roosevelt, and the credit crisis in question is the Great Depression. Are you, however, going to tell me that "stimulus packages" and the like are any cleverer than what he calls "the lending of more money"?

Comments

[stigandnasty919.livejournal.com]

The Credit Crisis is something we are going to have to thole, and work our way through. Bad lending decisions and bad investment decisions were made, all in the name of short-term gain with the intention of driving up share-prices. I believe that our economic system was driven into an unending boom and bust cycle when the value of shares ceased to be related to the value of the companies and became a large game of Poker with numerous card sharps, in the shape of speculators.

[fpb.livejournal.com]

Agreed.