Nov 25 2008
Spratt Says Keynes Was Great Economist
This comment was a great reason why Jack Spratt shouldn’t have been chosen to be part of Obama’s economic team and thank God wasn’t.
“This is not your typical business cycle recession, and there are no typical off-the-shelf solutions, or play-books to turn to,” Spratt said in a statement Monday afternoon. “We need policy-makers with seasoned judgment and keen vision, modern-day heirs of great economists, like Keynes, who are able to find their way to the source of these dismal problems and devise the right solutions.”
Keynesian ecnomics are pretty much what parts of the New Deal were all about and the Great Depression continued for seven years after FDR began implementing such programs. In essence, it was Roosevelt’s beliefs in Keynesian economics that kept preserved double digit unemployment rates, at times over 20% through the bulk of his presidency. Had we not been pulled into World War II by Japan the Depression would have undoubtedly lasted even longer.
