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It was in a sense an easier problem because the pathology was so terrible. And that county -- a pretty sizeable one, this is the old south -- there were maybe three to ten people with enough income to file an income tax return.
I wasn't yet a graduate of high school for another few months.
And that was about the low point of the Herbert Hoover/Andrew Mellon phase after October of 1929. And I couldn't reconcile what I was being taught at the university of Chicago -- the lectures and the books I was being assigned -- with what I knew to be true out in the streets. I spent the four years I was an undergraduate working on the beach.
I don't know if you know the name, the professor E.
Cary Brown wrote kind of the definitive article in the American Economic Review on what had been accomplished by deficit spending that was sustained.
And it wasn't because I was lazy; it was because my freshman class would go to a hundred different employers and wouldn't get a nibble. I realized that the ordinary old-fashioned Euclidean geometry didn't apply.
And I applauded when the major members of the Chicago faculty -- maybe even a few years before Keynes's general theory -- came out with a petition to have a deficit-financed spending without taxation in order to create a new increment of spending power. And Franklin Roosevelt, who was not a trained economist, and who experimented and made a lot of mistakes, in his first days, by good luck or good advice got the system moving.However, if you need a framework for these things, then you can't do better than the 1965 Hicks/Hansen version of the Keynesian system, which is pretty clear cut on how a central bank can, by diddling its discount rate up and down judiciously, lead toward a period of great moderation rather than the terrible ups and downs of the 20th century. Lauren Greenspan recently received her Ph D in theoretical physics and is interested in interdisciplinary intersections of science and society.What has pleasantly surprised me is that because of the Obama political sweep we've got some very rapid interventions beyond anything that the Eccles Federal Reserve even dreamed of in Franklin Roosevelt times, and that's why I think we're a little bit ahead o the European Union in the state of our recovery.On the other hand, I think the popular view -- if I count noses -- is that by the end of this year even, or by 2010, recovery will have set in. Things could get better -- things could even get better such that the National Bureau committee that officially dates these recessions will say that the recession officially ended in something like December 2010.I can remember when some of us -- and I remember there were a lot of us in the late 90s -- said you should do something about the stock bubble.And he kind of said, 'look, reasonable men are putting their money into these things -- who are we to second guess them?But by most accounts he is responsible for popularizing Keynesian economics in Post-Second World War America, and I wanted his thoughts on the current administration's fiscal policies and the modern Keynesian resurgence.So is it time for the Keynesians to declare victory?Each time stuff broke out, I would take an informal poll of them. Greed is good.' However, unlike someone like Milton, Greenspan was quite streetwise.But he was overconfident that he could handle anything that arose.