The Ghost of Depression Past

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Kakie Urch posted this on facebook today:
theboardblogs.NYTimes.com/2009/01/12/the-ghost-of-depression-past

It begins:
The economy is tanking, and true to Republican form, Senate Minority Leader Mitch McConnell can’t stop channeling Herbert Hoover.

Last December, as Senate Republicans under Mr. McConnell’s leadership prepared to block a White House-backed $14 billion loan to the carmakers, Vice-president Dick Cheney warned them that they would be forever cast as the party of Herbert Hoover if the auto industry collapsed.

The Senators nixed the loan anyway. To avert disaster ­ both for the economy and the Republican party, the White House came up with the money from the Treasury’s bank bailout fund. Now, Mr. McConnell is echoing Mr. Hoover again. Recently, he proposed that federal aid to states in the planned Obama recovery package be provided as loans rather than outright grants.

Flashback to 1932…”

[The Board is written by The New York Times editorial board, a group of journalists with wide-ranging areas of expertise, whose primary responsibility is to write The Times’s editorials.]



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