A Failure of Capitalism

Richard Posner, one of the Chicago School, run...

Richard Posner, one of the Chicago School, runs a blog with Nobel laureate Gary Becker. “The Becker-Posner Blog” . . Retrieved 2010-05-20 . (Photo credit: Wikipedia)

A Failure of Capitalism, The Crisis of ’08 and the Descent into Depression by Richard A. Posner. He believes that the Great Recession is actually a depression, but not as severe, so far, as the Great Depression.

“Some conservatives believe that the depression is the result of unwise government policies. I believe it is a market failure. The government’s myopia, passivity, and blunders played a critical role in allowing the recession to balloon into a depression, and so have several fortuitous factors. But without any government regulation of the financial industry, the economy would still, in all likelihood, be in a depression. We are learning from it that we need a more active and intelligent government to keep our model of a capitalist economy from running off the rails. The movement to deregulate the financial industry went too far by exaggerating the resilience–the self-healing powers–of laissez-faire capitalism.”


Great Depression 2

President Barack Obama speaks at the Departmen...

President Barack Obama speaks at the Department of Energy. (Photo credit: Wikipedia)

The GOP plan A to return to power and defeat Obama was to oppose everything the President proposed and to slow recovery from the Great Recession as long as possible. That did not work, and Barack Obama was re-elected in 2012. Now the GOP have instituted plan B, shut down the government and skirt the cliff of default, which gone over may result in the Great Depression 2. If President Obama is forced to invoke the 14th amendment to the Constitution to avoid default, that will afford the GOP in the House an opportunity to impeach him. That will prevent any action on the Obama agenda until November 2014. The GOP effort already exists witness the email I received this morning from a TEA Party chapter in Southern California.


venturacountyteaparty.com – Subscribe free
Will You Save Freedom in 2013? Catch the Tea Party Wave!

Please forward to fellow patriots
Overpass Impeach Obama Rally/Protest 4 P.M.
Just found out about this one
               That are Standing Up For
              ALL Of Us and For America
                Sunday, Oct 13th at 4:00 PM
Woodland Hills 101 OverPass By Fallbrook Ave.
Ventura Blvd West-Left on Fallbrook-1 Half block south of Ventura Blvd-Make a Right-1 block West of Fallbrook-
It is on Del Valle St. in the 22800 block-large cul de sac at the end of block-It a pedestrian overpass from Del Valle to Ave San Luis over the 101
Gene’s phone # is 818-993-4730  
    See All You Patriots There!!!!!!! Gene 
OVERPASS IMPEACH OBUMMER RALLY- Sunday 10-13 4 PM, 101 Near Fallbrook Exit


Bring signs- we have some, flags, outrage

Regards, Steering Committee- 

Fascism in Greece

Flag of the National Fascist Party of Italy. F...

Flag of the National Fascist Party of Italy. Fascism utilized the fasces as its political symbol. (Photo credit: Wikipedia)

Wherever and whenever there is economic distress, you can expect fascism to rear its ugly head. The Great Depression led to the rise of fascism is Spain, Italy and Germany and led ultimately to WW2. The prolonged economic distress of the Great Recession has led to the rebirth of fascism in Greece. By prolonging the Great Recession to defeat President Obama and regain power, the GOP are contributing to the rise of fascism in Greece. The GOP state that we are in danger of following Greece into economic disaster, and they are doing everything in their power to make it happen.

Please see http://truth-out.org/opinion/item/19065-the-surge-of-neo-nazism-in-greece


English: (The Depression) The Single Men's Une...

English: (The Depression) The Single Men’s Unemployed Association parading to Bathurst Street United Church. Toronto, Canada Français : (La Dépression) Membres de la Single Men’s Unemployed Association se dirigeant vers l’Église unie de la rue Bathurst. Toronto, Canada. (Photo credit: Wikipedia)

I think that it is ironic that Republicans are trying to undo FDR’s response to the Great Depression by using these hard times, the Great Recession, or as some label it, The Great Depression 2 light as cover for their actions or lack thereof.

Great Depression 2

English: Franklin Delano Roosevelt and Herbert...

English: Franklin Delano Roosevelt and Herbert Hoover in convertible automobile on way to U.S. Capitol for Roosevelt’s inauguration, March 4, 1933 (Photo credit: Wikipedia)

I received an email moments ago from a right-wing source calling the present economy the Obama Great Depression or the Great Depression 2. If you recall your history, the first Great Depression is forever associated with Herbert Hoover who was in office when it began in 1929. It did not become FDR’s Great Depression in 1933 because FDR tried to work the US back into prosperity despite opposition from the GOP and the US Supreme Court. What we currently label the Great Recession and some in the GOP want to relabel as the Obama Great Depression began in 2008 under George W. Bush. Obama has been trying to turn the economy around and has had limited success, success limited by the constant GOP obstructionism.