Recessions would be a Great Depression, except for down-to-earth economists like Jeff Cornwall. He again brings the evidence that Recessions basically mean that the Economy is looking for a different Business format and direction. Notice that none of the listed Start-Ups received any Stimulus aid from the Government, and managed to acquire the Capital anyway. The real point here states that Private Sector Capital had lost faith in the currently traditional businesses of the Time, and went looking for a viable alternative. Government propping up Business enterprise has historically worked very poorly, and that support tended to become permanent until the business was basically abandoned. The shortage is not in funds, but in business talent; I would be ashamed to admit that I had a billion dollars of assets, and couldn’t make a Profit.
I have known of Senator Ben Nelson since I was Ezra Klein’s age, and know some individuals who have served with him on Corporate boards or State Democratic committees. He tries to talk to me once in a great while, and I protest I never heard of him and am extremely busy. He actually does not totally represent Our fair State; most notably, having difficulty in paying Property taxes (what does that remind of?). Ben and Warren Buffet may be brilliant in their own way, but I feel gratitude that Our paths so rarely cross. I obviously malign Ben as badly as does the Eastern liberal establishment, but at least it is not as bad as some pithy commentary heard right here in the State of Nebraska.
Now a rapid turn to the current theory of the moment–the need for Stimulus. Economists studied the Great Depression, and decided that the mechanization of the FDR administrations were utterly necessary for the Recovery following it. Still, there is little actual evidence that the measures actually helped all that much; though one must remembers that many measures actually established a stable business format, from which a viable economy could be built upon. I won’t go into that aspect much, except to say the Robber Baron Period at least came to an end, and Americans had safe avenues of investment and Saving. The trouble came in the trade of Economics, which developed a huge compulsion to be Activist; i.e., stating that Government policy and Stimulus could be a help, when it could quite easily be a retardant to economic recovery–especially in intensive obstructionist regulation. I am in favor of no Stimulus at the present time, but it does not even sell in Nebraska–let alone D.C. lgl