goofnoffWe tried that do nothing Fed posture back in 1929 to 1939. I think it would be in your better interest to read what actions were really engaged in during the time-frame you mention rather than drink whatever Koolaid has been handed to you.I'd suggest a book on the Depression Era itself, perhaps Murray Rothbard perhaps someone else, but there were a lot of things (monetary and fiscal) that were engaged in during that period.What was not done, was to leave in power the idiots who brought on the hyper economic activity that had to result in a crash. That is one of the big differences between then and now. Another big difference was the creation of laws and oversight agencies that were clear enough and strong enough to prevent another bubble for a generation or more. This time, laws have been passed with intentional lack of clarity, have been weakened in committees, and then have been delayed in implementation. Nothing significant has changed, except the taxpayer's bills are much higher and the "bright boys & girls" yachts are bigger and fancier.That clown who runs Squawk Box was cheering Grant on. Perhaps because he sees that an important part of healthy capitalism is that those who allocate capital foolishly are washed out of the system when the market corrects. That has not been allowed to happen this time, thus those same morons are still lining their pockets with profits today knowing the public will pay for losses when the house of cards collapses. They didn't pay last time due to "bail out" and they won't pay next time due to "bail in".There are any number of middle grounds between European-style austerity and American monetary foolishness. A good depression would have showed the workers who's boss. We'll have another good depression and it will be a doozy. However, if we continue to privatize profits and socialize losses in the next depression, it will be followed successively by deeper and deeper negative experiences until we finally let the system wring out the "bright boys and girls" who bring us these "can't fail" fat tail black swans.Austerity isn't the point of contention, it is the point used to distract us from the changes which, if left unmade, keep lining the pockets the "bright boys and girls" who pay no personal price for "good" ideas gone awry.
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