|
First, that the Great Depression was 100% the fault of the stock market crash; and second, that the Great Depression was ended solely by World War Two.
Of course, we all know the truth is much more complicated than that, and that serious things were happinging in the larger economy like the concentration of wealth into fewer hands long before the market crashed. FDR's recovery programs, once he'd corrected the initial mistakes, had put people back to work and started the consumer economy circulating money again. WWII may have hastened the end of the depression, but without these reforms, the postwar period would have seen a return to it.
Now fast forward to the Chimp team. The Dow was dropping, jobs were disappearing, consumer confidence was low, spending was down. Their simplistic remedy was to fatten the investing class, which has worked to stabilize the Dow. The trouble is that the economy still sucks, because they've missed the rest of the economic picture.
Their war without end, amen, instead of stimulating the economy as more munitions are made to replace those used, is acting as a drag on the economy, as the government borrows more and more to finance it, while slashing everything that would help the larger economy, including soldier pay (which goes mostly to their families here in the USA, where it will be spent).
Until and unless the disastrous economic policies that have dismantled most of the protections instituted during the New Deal are overturned and the protections reinstated, I don't see this economy improving for anyone but the top 1%, and not much for them.
|