Friday, November 12, 2010

Quick Keynsian Quote

From Marinner Eccles, chairman of the Fed, to Franklin D. Roosevelt, March 6, 1935 (quoted by Robert Reich):

Given the “totally inadequate” amount of money the administration is prepared to spend to jump-start the economy, there’s no reason “to expect any substantial improvement. If we spend some every year, but not sufficient to give the required stimulus to private expenditures, we can build up a large debt and still not be out of the Depression.”

Relatedly, from the Rally to Restore Sanity and/or Fear, we consider whether or not Obama is a Keynsian:

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