Quotes

"Fascism and communism both promise "social welfare," "social justice," and "fairness" to justify authoritarian means and extensive arbitrary and discretionary governmental powers." - F. A. Hayek"

"Life is a Bungling process and in no way educational." in James M. Cain

Jean Giraudoux who first said, “Only the mediocre are always at their best.”

If you have ten thousand regulations, you destroy all respect for the law. Sir Winston Churchill

"summum ius summa iniuria" ("More laws, more injustice.") Cicero

As Christopher Hitchens once put it, “The essence of tyranny is not iron law; it is capricious law.”

"Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." Ronald Reagan

"Law is where you buy it." Raymond Chandler

"Why did God make so many damn fools and Democrats?" Clarence Day

"If I feel like feeding squirrels to the nuts, this is the place for it." - Cluny Brown

"Oh, pshaw! When yu' can't have what you choose, yu' just choose what you have." Owen Wister "The Virginian"

Oscar Wilde said about the death scene in Little Nell, you would have to have a heart of stone not to laugh.

Thomas More's definition of government as "a conspiracy of rich men procuring their own commodities under the name and title of a commonwealth.” ~ Winston S. Churchill, A History of the English Speaking Peoples

“Laws are like cobwebs, which may catch small flies, but let wasps and hornets break through.” ~ Jonathon Swift

Tuesday, February 28, 2012

When Have Liberal Economists Ever Been Right?

When Have Liberal Economists Ever Been Right?
by BURT Folsom on FEBRUARY 22, 2012

...Or what about the period after World War II? Twelve million American soldiers were coming home. Should we cut tax rates and spending, and let private markets expand to supply those jobs, or should we continue FDR’s losing strategy of massive federal spending on government jobs? Americans chose the free market approach–cutting federal spending by two-thirds and tax rates as well. Millions of jobs were created making a variety of products, including cars, refrigerators, and (soon) televisions.

Happily, we overrode chants for massive federal intervention that wafted through the halls of university economics departments after the war. Dr. Leo Barnes, chief economist for Prentice-Hall, summed up their view this way: “To raise employment to 60 million jobs and keep it there will demand even more thoroughgoing government direction of our economic life.” The good news, which my wife Anita and I describe in FDR Goes To War, is that in 1945 we chose more freedom rather than more government, and we beat back unemployment and ended the Great Depression. We could end the current recession by following the formula of 1945 and having less faith in government and more faith in freedom for our economy–cut Sarbannes-Oxley, Dodd-Frank. Obamacare, and the high corporate tax rate.

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