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    • Federal offices are closed today
      But you might be able to leave a voice mail if you call your congress member or senator. If not, we need you to call 202-224-3121 tomorrow and DEMAND they hold town hall meetings about the ACA repeal before the final vote. Here’s what they’re doing Friday: WASHINGTON — The House is expected to give […]
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    • Trump on Health Insurance, NATO and the EU
      Well, Trump keeps saying stuff, and people keep freaking out.  He said a number of interesting things this weekend, let’s run thru them. The U.K. is smart to leave the bloc because the EU “is basically a means to an end for Germany,” Yeah. Not so clear. BUT, there’s an element of truth here. Among […]
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Tim Geithner; Herbert Hoover – Depression revisited

Unlike fellow Conflucian “headliner” Dakinkat (see her must-read post), I am not an economist, and I do not purport to have expertise in the field. I offer this post based on the claims of Paul Krugman and Barack Obama that the fiscal crisis facing the United States and its citizens today is more comparable to the conditions of the Great Depression than any other crisis faced since then. If that is true, no wonder I find the details of whiz-kid tax evader Tim Geithner’s newly dubbed Financial Stability Act (this is NOT the TARP redux bill just passed by the Senate) personally depressing. So, by the way, does Wall Street.

Treasury Secretary Timothy F. Geithner announced a vast new rescue plan for the financial sector. Stocks plunged following the unveiling of the program to use $1.5 trillion or more in public and private funds to bail out banks and financial institutions and thaw frozen credit markets. The plan would create a $500 billion fund to buy up toxic bank assets such as bad real estate loans and commit up to $1 trillion to reopen lending markets for consumer, student, small business, auto andcommercial loans.

The Dow Jones industrial average was down 383 points in afternoon trading. The tech-heavy Nasdaq plummeted 63 points, and the Standard & Poor’s 500-stock index dropped 43 points.

(source)

Here are the highlights of the Geithner plan, according to The New York Times:

0210-biz-GEITHNER-web

Now, read these excerpts from an overview of the Hoover administration’s approach to the Great Depression, which set in 6 to 8 years before Franklin Delano Roosevelt was first elected. Continue reading