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Re: [OM] RE: [OT] Revisionist history of the 70s economy

Subject: Re: [OM] RE: [OT] Revisionist history of the 70s economy
From: "Jim L'Hommedieu" <lamadoo@xxxxxxxx>
Date: Sun, 12 Jan 2003 03:11:31 -0500
Joe, it sounds like you're saying that World War 2 was all about saving the
economy by priming the pump.  (?)  Surely you mean that pulling the economy
out of what remained of the depression was a secondary or even tertiary side
benefit, compared to keeping fascism out of Hawaii and the UK.  Right?  What
you said was just Zuikoholic double-speak, right?  Like offering to dispose
of extra lenses, fixing lenses with a rolling pin, cleaning plastic with
acetone, cleaning focusing screens with fingers, using cotton balls inside
bodies, spitting on cuts to sanitize them, etc, etc, etc?  Say it ain't so,
Joe.

Lama


From: "Joe Gwinn" <joegwinn@xxxxxxxxx>
> Oh, mercy no, it was Lord Keynes, who invented and provided the
intellectual justification for "pump primimg".  Keynes died in 1946.
<http://www.econlib.org/library/Enc/bios/Keynes.html>
>
> Not to mention some tax&spend Democrats who liked the idea very much.
>
> It must be said that pump priming, in the form of massive WW2 deficit
spending, did pull the US economy out of what remained of the depression of
the 1930s. When one is in a depression, some inflation is a good thing.  The
problem was that the deficit spending didn't stop, so the inflation didn't
stop either.


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