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The worst rhyme of Great Depression history

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  • The worst rhyme of Great Depression history

    The worst rhyme of Great Depression history

    As we work out the intersection of our era's monetary orthodoxy, economic politics, and markets, an offering from my collection of 1930s magazines I picked up from Hugo's Used Books on Newbury Street in Boston in 1999, before the Internet put them out of business.

    Ten years ago I promised readers I'd post a few pages of these documents here as they became relevant to the echo of that past that was destined to return.

    Readers who remain hopeful that a drawn-out economic crisis will motivate the American people to action to end the financial oligarchy rule that led us down our road to ruin, who pray for a restoration of the U.S. to a vibrant multi-party democratic system, may want to skip over this post.

    You have been warned.

    2009

    According to the New York Times, on Wednesday American financial oligarch Jamie Dimon, the head of J P Morgan Chase, held a meeting of his board in the nation’s capital for the first time. White House chief of staff, Rahm Emanuel, attended.
    WASHINGTON — Mr. Emanuel’s appearance would underscore the pull of Mr. Dimon, who amid the disgrace of his industry has emerged as President Obama’s favorite banker, and in turn, the envy of his Wall Street rivals. It also reflects a good return on what Mr. Dimon has labeled his company’s “seventh line of business” — government relations.

    The business of better influencing Washington, begun in late 2007, was jump-started just as the financial crisis hit and the capital displaced New York as the nation’s money center. Then Mr. Obama’s election brought to power Chicago Democrats well-known to Mr. Dimon from his recent years running a bank there.

    “It’s a very nice thing for the board to have happen,” said the chief of a major financial company. “But you’d have to have a lot of influence to pull it off.”
    The influence of America’s top financial firm, Goldman Sachs, widened its influence over the White House when on Friday the Times reported, “Goldman Executive Named as Obama Adviser.”
    President Obama said Friday he would nominate Robert Hormats, a vice chairman of Goldman Sachs International, to a top economic position at the State Department. Mr. Hormats, 66, will be under secretary of state for economic, energy and agricultural affairs. He was deputy trade representative from 1979 through 1981 and held other posts at the State Department throughout his career. Hillary Rodham Clinton, the secretary of state, said in a speech on Wednesday that she hoped to make economic policy and trade a larger part of United States diplomacy.
    Banker’s board meetings in Washington with White House staff in attendance? Will our legislature dispense with the formality of drafting FIRE Economy friendly legislation and simply allow the banks’ law firms to draft legislation for them? How could this happen in the United States of America?

    Again?

    1931

    May 1931, in the second year of an economic depression that later devolved to become known as The Great Depression, Mauritz A. Hallgren published "Third Party Fantasy."

    The article argues that neither the socialistic nor anti-statist independent parties of the day could effectively field a third party candidate in the 1932 presidential election, despite a glaring need for political change.

    If a 25% unemployment rate doesn’t light a fire under behinds of a population struggling to survive in an economy brought to its knees by the excesses of an unregulated financial class, what will?

    But it didn’t.

    Change a few names and you will find the opening page of Hallgren’s article disagreeably familiar.

    Keep in mind that in those days the term “Liberal” in the U.S. referred to proponents of minimal and non-invasive government, the platform currently occupied by Libertarians, while “Progressive” referred to a broad range of anti-establishment positions, including both Libertarian and the redistributionist and statist views promoted by Progressives today.


    The author goes on to say that building a viable third party to restore democracy to America requires that Progressive intellectuals—Libertarians in modern parlance—roll up their pant legs, climb down from the Ivory Tower, and wade into the gutter of American politics.

    What do you think?

    Last edited by FRED; July 24, 2009, 12:07 AM.

  • #2
    Re: The worst rhyme of Great Depression history?

    Me thinks this!

    "And the beat goes on."

    And Charts and graphs and economic theory out the wazu aint gonna make any difference!

    Cindy

    Comment


    • #3
      Re: The worst rhyme of Great Depression history?

      I agree with Hallgren. The only way to change political practices is to enter the political arena. I am particularly excited about two Libertarians running under the marque of the GOP: Peter Schiff and RJ Harris. Schiff because he is, in my opinion, more likely to win than most 2010 Libertarian candidates. Harris because I will have the opportunity to vote for him.

      Comment


      • #4
        Re: The worst rhyme of Great Depression history?

        Originally posted by EJ View Post
        Readers who remain hopeful that a drawn-out economic crisis will motivate the American people to action to end the financial oligarchy rule that led us down our road to ruin, who pray for a restoration of the U.S. to a vibrant multi-party democratic system, may want to skip over this post.
        It's different this time because of the internet . . . .

        Think how much the internet has changed your life . . . it will have a similar strong effect in the current crisis by advancing the cause of the People.

        I remain hopeful
        raja
        Boycott Big Banks • Vote Out Incumbents

        Comment


        • #5
          Re: The worst rhyme of Great Depression history?

          um... what inspired you to collect 60 yr old mags to scan and publish on the internet 10 yrs later?

          Comment


          • #6
            Re: The worst rhyme of Great Depression history?

            Unfortunately you just need to read some msm news article comments and other websites to see that internet has only so far made it easier for the unwavering fans of the two parties to scream at each other without doing it face to face.

            And as for someone different, but not even from a more easily railroaded kooky third party, take a look back at Ron Paul in 2008. The old guard using the strategy of dynamic silence, was able to neutralize that which had looked promising in almost no time.

            Comment


            • #7
              Re: The worst rhyme of Great Depression history

              capitalism needs the state, like you've said there's never been free markets. In abstract theory competitive risk taking makes sense but in reality things don't get done, or theres too much temptation to get a lot done with concentrated benefits, in a risky capitalism world unless there's some sort of central planning offering greater certainty of outcomes; central planning can come from concentrated capital and multinationals or the state and it seems to see-saw around whats more condusive at the time. So if you like capitalism, by all means try and make it as competitive as possible, but at the end of the day be prepared to choose your poison.

              Comment


              • #8
                Suggested Constitutional Ammendment

                All contributions to congressional committee members must be made in cash (used notes), and delivered in cereal boxes produced from the trunks of the donor CEO's limos.

                Is there an artist out there who can parlay such an image into some readily understood caricature? If so, I will buy and wear the t-shirt.

                Comment


                • #9
                  Re: The worst rhyme of Great Depression history?

                  The internet is just a medium. It allows people to "engage civically" while sitting on their couch in their underwear rather than enter the political arena. As a tool the internet has tremendous potential. But we have yet to see it work. MoveOn is not it; as all they do is herd people and pick their pockets. If MoveOn was truely part of the political arena they would attempt to lead the debate with ideas instead of just promoting anti-republicanism.

                  In this day and age when the realm of acceptable ideas is so narrow the first step towards material change is ideas that relate directly to peoples lives.

                  And that is not Ron Paul. He is abstract and anti-establishment. That is not a recipe for a movement. Ron Paul would do well to read up on Bob LaFollette for starters. For all his mistakes, LaFollette injected ideas and drove the debate.

                  Our best hope is an external change in conditions. The history of America is a country that really only does its best work when forced; when backed into a corner. Americans get sloppy when left to our own devices but rise to a challenge. Its the curse we suffer for the abundance of resources and people we enjoy. And thus to see real change I think we'd need conditions significantly worse than the Great Depression. Heck 75% of all people were too busy working!

                  In the meantime I recommend enjoying the fact that for the first time (in the lifetime of anyone under the age of 68) that our economy is owned by the bankers instead of the military. Its intellectually stimulating if nothing else.

                  PS. Yes, I am aware of groups like Participatory Politics and the Sunlight Foundation. But again, they are tools and not a source of leadership. Oversight is not leadership.

                  Comment


                  • #10
                    Re: The worst rhyme of Great Depression history

                    I think that Libertarians scare people because contrary to popular understanding, people want to be told what to do as long as it's what they wanted to do anyway. Moreover, people like telling other people what to do because they lack the personal self determination to actualize their goals themselves.

                    Libertarians, such as myself, neither desire to tell people what to do nor want to be told what to do. This condition is rare, it is individualism in a world where everyone seeks to fit into the herd. The thought of "gasp" freedom is a scary concept, not for yourself of course but freedom for the OTHER GUY. This attribute does not necessarily lend itself out well to an organized political movement (hearding cats comes to mind.)

                    Current politics is about GIVING people something from someone else. It pits group against group into a "zero sum game" contest where the victor gets to use the blunt force of government to beat the other guy over the head. Libertarians do not "Dwell in ivory towers" but are caught on the horns of a dilema. To gain any political power one must be willing to use government influence to necessarily obstruct the liberty of another party to gain the support of the former party, which is not very "libertous" of a Libertarian.

                    Most people are Libertarian, they just dont realize it. They are confortable in their judgement in managing personal affairs, but not in the judgement of others in theirs.

                    One day Libertarian ideals will not only be embraced, but any other thing other than that will be reviled, much like slavery is reviled today on MORAL grounds. At that point, I don't envision a 1,2 or 3 party system but a system that essentially self manages, much the way I decided how to pick out the socks I was going to wear today without consulting Obama. This would allow freedom to be coupled with responsibility and people afforded the maximum amount of self determination which aggregated as a society will lead to its highest ideals and potentialities being realized as the individual realizes theirs.

                    Comment


                    • #11
                      Re: The worst rhyme of Great Depression history

                      It's my humble opinion that nothing will change in Washington until after the collapse. Its possible now that more than 50% of the people that live in this country are getting some form of government hand out. They will be unwilling to vote for some 3rd party that the main stream media will make out to be waco that wants to take away some of the gravy.

                      Yes the internet is a powerful communication apparatus but that's not where these folks get their info. CNN Headlines blasts all day and night in every airport. They're tuned in to ABC, CBS and NBC.

                      Again I think we're toast. Just look at what's going on in Detroit. The city unions don't feel there's any reason to negotiate. Look at Kalifornia. The state plans on solving their budget problem by confiscating funds from the counties and cities. How many of those locals will have to file bankruptcy?

                      Phone calls, faxes and letters have had very little success in swaying the minds of those that say they represent us in DC. The main stream media won't cover the tea parties.

                      Ron Paul is portrayed as a luny, yet he seems to have some of the best answers out of all them in DC.

                      Sorry to be so glum but all I can say is if you haven't started stacking it deep and high don't delay.

                      Like the indians would say out west when asked how the winter was going to be they would sometimes answer, "Must be going to be cold, white man stack a lot of wood!"

                      Comment


                      • #12
                        Re: The worst rhyme of Great Depression history?

                        Originally posted by raja View Post
                        It's different this time because of the internet . . . .
                        Careful -- the internet can be used against us as well as by us.
                        Most folks are good; a few aren't.

                        Comment


                        • #13
                          Re: The worst rhyme of Great Depression history?

                          I don't think there'll ever be a successful third party in the U.S. until the Republicans and Democrats change the existing laws to lower the barriers to entry.

                          Until then (which is 'never' IMO), any position that might serve as the core of a successful insurgency is almost certain to be adopted by one or both of the current parties.

                          Comment


                          • #14
                            Re: The worst rhyme of Great Depression history

                            dpandorf makes a key point regarding the role and effect of corporate media. So long as corporate media can make a profit in keeping the political debate narrow I do not see how new ideas can take hold nationally.

                            So long as most people accept as credible only corporate media, we are in a rut.

                            Comment


                            • #15
                              Re: The worst rhyme of Great Depression history

                              EJ- Run for Office, you have my vote and a check in the mail the moment you declare your candidacy.

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