Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
I really enjoyed this diary Drew, and am pretty much in agreement with all except I don't think the following policy (which I agree with)
When the war ended, it was assumed by the American government and citizenry that, with radical cuts in the inflated government payroll -- the unemployment rate fell to roughly 1% -- that inevitably occurs in a war economy, unemployment would, once again, take off.  The G.I. Bill was produced to solve this problem, by providing, obviously, money for college; but also loans for small-business startups, farms, homes, and the like.
leads to this conclusion
And there is a lesson in this: Governments, rather than the people on Wall Street or in the City, are the most important investors on the planet.  That is as close to an undeniable fact as you will ever find in the social sciences, and any libertarian or conservative who denies it is either blinded by his or her ideology or is lying about his or her true view.
And just to match anecdote with anecdote, I don't think the tremendous pork, and spending, that Senator Robert Byrd has brought home to West Virginia for highways and other projects named after him, has been a good investment.  I don't think it's the "people on Wall Street or in the City" either, but rather individual investors evaluating companies, or funding start-up companies, etc., etc.  (By making this comment I don't mean to imply government should not have the responsibility to modify the competitive market place--it should in all kinds of areas from anti-trust legislation to heavy penalties for poluting the environment.  Nor do I mean to imply that all government spending is bad--the programs you refer to were great, brilliant, and effective).  So there is a clear role for both, but "governments are the most important investors on the planet"?  A bridge too far for me,,,,maybe you could elaborate on that point a better clarify what you mean.
by wchurchill on Tue Nov 21st, 2006 at 08:33:31 PM EST

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