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June 24, 2009


Geoff Treco

I did not come to the lecture. but I am not surprised to see what you wrote about his views.

I am a cynic with regard to the revisionists concerning the great Depression and to join that attitude together with the Chicago school of thought aka Friedman Economics...well the result is predictable.

I believe that the economic problems that are currently being experienced in the US have their genesis with the tragic Bush years.
Its difficult to point to one cause or event. I suggest that it was a confluence of events some of which I list below.

1. The Bush tax cut for the top 5% of US taxpayer
2.The Tragic mistake of the Iraq war.
3.The bush lack of planning to finance the war and adjust Federal spending to allow the tax cut to the wealthy without large deficits.
4.Poor oversight and regulation of US banking practices.

Mr Bush was intellectually weak and chose advisors that were idealogues rather than advisors that were practical and problem solvers.

Mr. Bush never made it from the Texas governor that he was to a President that should have been able to deal with the realities of the US as a modern and complex society.

His hands-off approach to the US economy, based on ideology, rather than a practical consideration of the consequences of large deficits and unregulated financial activity is largely responsible for the current mess.

Mr. Murphy would do nothing to solve the problems now being experienced. He has a secure Job and so the downturn is not a concern. But what do we do about the unemployed in the meantime?

larry smith

Well, I am increasingly agnostic on these matters. And we should all be concerned about rising debt. I just do not think the world's complexities can be reduced to the black and white terms presented by ideologues - of the left or the right. And I speak as a former hard-left socialist myself.


I agree with Mr. Treco that Bush's monetary policies were bone-headed, and Mr. Murphy thinks the Obama monetary policies,commonly being referred to as Bush on Steriods, are also bone-headed.
The debt is frightening and we will face the same thing here if our debt and deficits are not controlled.

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