tag:blogger.com,1999:blog-8021468759553992081.post3591095199916148339..comments2023-06-03T07:46:46.395-07:00Comments on Mind of Mookie: Senate Passes Bailout version #2Mookiehttp://www.blogger.com/profile/01073027586188784701noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-8021468759553992081.post-74162384214220188392008-10-08T18:45:00.000-07:002008-10-08T18:45:00.000-07:00Yeah, the crash of 1929 was going to cause a reces...Yeah, the crash of 1929 was going to cause a recession because it had been a speculative bubble built on easy credit (margin buying, etc.) and when credit dried up it brought the economy to a halt. The government response of protectionism and original efforts to cut spending and "tighten our belts" made matters worse. I think the Roosevelt New Deal was actually the right kind of plan -- to spend money to get the economy going. Alas, given that we are now over $10 trillion in debt, more debt isn't going to be beneficial. We've been having a big party for about three decades, and I think we're about to experience a hangover.Anonymousnoreply@blogger.com