"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
The Great Myths of the Great Depression
Submitted by Pete_Eyre on Tue, 2011-11-08 01:00
On this day in 1933 FDR unveiled the Civil Works Administration, which he claimed would create 4 million jobs. In "The Great Myths of the Great Depression" Larry Reed of the Foundation for Economic Education provides this analogy: "If a thief goes house to house robbing everybody in the neighborhood, then heads off to a nearby shopping mall to spend his ill-gotten loot, it is not assumed that because his spending 'stimulated' the stores at the mall he has thereby performed a national service or provided a general economic benefit."
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