Those who forget history are condemned to repeat it

As we listen to the debate over the debt ceiling, government spending and an impossible-to-pass-by-Tuesday Balanced Budget Amendment, I am reminded of the phrase “those who forget history are condemned to repeat it.

Turn the clocks back to 1937. This nation was in he midst of the Great Depression. Unemployment was much higher than it is today. President Franklin D. Roosevelt, facing a budget that carried a small amount of deficit spending, cut government spending to balance the books. The results were a disaster and “The Roosevelt Recession” sunk the economy before it could fully recover.

The underlying cause of the recession was that business confidence eroded due to a lack of government spending. Now if Congress fails to compromise on a new plan and our credit rating falls, the Republican leadership will have – in effect – raised taxes for everyone due to higher interest rates.

Should Congress fail to act, the president is within his right to invoke the 14th amendment to lead us out of this quagmire.

  1 comment for “Those who forget history are condemned to repeat it

  1. July 31, 2011 at 8:15 pm

    Cut the Bullshit. The Debt Ceiling “Debate” is as phony as a $3 bill. It was “invented” whole cloth by a man named Beers from the London Office of Standard and Poors Rating Agencies. S&P’s credibility is rated XXXX.
    They gave AAA ratings to the Mortgaged Back Securities and other phony debt THAT CAUSED THE CRISIS! That the American People are NOW BAILING OUT!!! And they will tell us what to do?????? Puh-lease get a life and a brain.
    The real solution is do what Lyndon LaRouche, Marcy Kaptur, George Miller, Dennis Kucinich, Maxine Waters, The AFL-CIO OF California, Wisconsin, New Jersey, Kentucky, and Nationally plus 11 members of the Congressional Black Caucus plus leaders of the Progressive Caucus, plus a growing number of Tea Party and Traditional Republicans are calling for::: PASS HR 1489, The Return to Prudent Banking Bill, the return to Glass Steagall Standards in Banking and WIPE OUT $20 TRILLION of phony obligations that the people and the government of the US DO NOT OWE and have no reason to pay.
    That bailout money, re-directed to the physical economy and the urgent needs of the citizens, is THE ONLY WAY OUT OF THIS MESS!!
    Pass HR 1489 or go to the depths of collapse and hell with the bankrupt banking system.

    Please contact: Gerald Pechenuk at or via phone at 323-326-6487 for updates on getting new co-sponsors for HR 1489!!! Contact your own Congressman Today- keep the heat on them till H/R 1489 is the Law of the Land!!

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