January 5, 2009
Protectionism Works Great in a Downturn
The idea that we learned any lessons from the 1930s shows zero empirical proof. I guess tight money is not too likely, but the new administration is ready to bring back the WPA and Smoot-Hawley. Reuters:
WASHINGTON, Jan 2 (Reuters) - Both President-elect Barack Obama and Vice President-elect Joe Biden will huddle with Democratic and Republican congressional leaders on Monday to try to advance a huge economic stimulus bill that Obama hopes can be enacted quickly, despite Republican reservations.
Bottled water and ammunition, kids. Bottled water and ammunition.
Hat-tip: Professor MakiwEconomics and Markets Posted by John Kranz at January 5, 2009 12:34 PM