Tuesday, March 17, 2009

Biden: Economy tougher than FDR's

I don't agree with Vice President Biden's assessment of the current economic downturn. The Great Depression was much worse than what we are facing right now with the percentage of unemployed in the 25% area and banks were closing at a much higher rate. Unlike Biden's characterization, I think that President Roosevelt didn't have much more to go on than we do now with the way to fix the crisis. We had never experienced anything like the Great Depression and FDR's motto was to take action and experiment until you get it right. That seems to be the way that the Obama administration is moving towards with all of the bailouts, stimulus packages, and budget proposals that have been laid out.

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