As bad as FDR's New Deal, or worse? Reason.tv's Michael C. Moynihan talks to UCLA economist Lee Ohanian, who argues in work written with colleague Harold Cole, that the New Deal's massive intervention into the economy actually prolonged the economic crisis by seven years.
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From the Site:Are we "A wounded country, or an economy being wounded? Loosen the money supply, avoid the rigid fixing of wages and prices; and instead let market forces work; the economy would have restarted itself much sooner... The left is racing toward unionization, but what fools don't understand that fully unionized Nations are least apt to experience a rapid recovery...
On the cusp of a deep economic recession, and with a staggering amount of bailout money being offered to struggling industries, pundits and political advisers are advocating that the incoming Obama administration construct a new "New Deal." Here. ht: Instapundit