Time for a trip down the memory is really F__ked up lane, brought to you by your local kool-aide distributor Fox Fake News.
As Kondracke and Barnes push forth the theory of how President Obama’s economic stimulus will be as bad for the economy as FDR’s new deal was. The fun time came when they could not help themselves from taking that kool-aid sipping stroll down Reaganomics lane of BS.
Who could forget that during Reagan’s time how taxes increased, the deficit ballooned, and unemployment increased while job growth decreased. Yes what fond memories of the good times gone by. Fox Fake News just isn’t satisfied unless they can be categorized as nothing but complete BS.
The fact is, facts simply aren’t relevant to Republicans, since their economic views and objects of veneration are more appropriate to a religious cult than intellectual rigor. (You might want to get Will Bunch’s new book for a look at this phenomena – and why it’s so important.)
New York Times economic writer Daniel Gross debunks the wingnut mythology here:
It was only with the passage of New Deal efforts–the SEC, the FDIC, the FSLIC–that the mechanisms of private capital began to kick back into gear. Don’t take it from me. Take it from Federal Reserve Chairman Ben Bernanke, who wrote the following in Essays on the Great Depression: “Only with the New Deal’s rehabilitation of the financial system in 1933-35 did the economy begin its slow emergence from the Great Depression.”…
The argument that the New Deal’s efforts “perhaps had prolonged, the Depression,” is a canard. One would be very hard-pressed to find a serious professional historian–I mean a serious historian, not a think-tank wanker, not an economist, not a journalist–who believes that the New Deal prolonged the Depression. [Read the full post here.]
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