@maporsche,
Maporsche--An interesting column from the Wall Street Journal( warning- Cyclopitchorn has already characterized the Wall Street Journal as a "piece of ****"--I assume that he thinks the "Nation" should be the standard bearer for the USA)
Quote--Wall Street Journal
"After four years of FDR's policies, joblessness declined( from 25 percent) to 14.5percent..still very high but heading in the right direction. Then things turned for worse again. By the fall of 1937, the US entered a secondary depression and unemployment began to rise, reaching 19% in 1938.
By 1939 Roosevelt's own Treasury secretary, Henry Morganthau had realized that the New Deal Economic policies had failed. "We had tried spending money" Morganthau wrote in his diary. "We are spending more than we have ever spent before and it does not work....After eight years of this administration we have just as much unemployment as when we started...And AN ENORMOUS DEBT TO BOOT."
As a short term matter the recent moves of the Fed and other central banks have been correct, but in the long term a return to growth will depend on dynamic job creation by AMERICAN BUSINESS-not the US government.
Mr. Obama's plan would have the federal government distributing funds for public works projects carried out by the states. With government already spending 20 percent of GDP, federal government, not private enterprise,will become the growth industry.
THE EFFECTS OF THESE POLICIES, LIKE FDR'S WILL BE TO LENGTHEN THE PAIN"
end of quote
Maporsche-- At least four people nominated by President Obama(3 to cabinet positions and 1 to a new upper level position) namely, Daschle, Geithner, Richardson and Killifer, had to withdraw their names from consideration because of tax issues or unsavory ties to lobbyists. The vetting process is not that difficult to handle.
If President Obama's team fouls up the relatively easy job of vetting, I fear what will happen when they try to handle the thirteen trillion dollar GDP of the USA.