Wednesday, July 17, 2013

Elizabeth Warren is a Moron or Worse

I mean honestly, regulation leads to prosperity? This has to be one of the only times I agree with (on the line of questioning anyway) the CNBC talking heads. The insinuation that Glass-Steagall directly led to a strong middle class in years between 1950 and 2000 is just a laughable thesis. The strong middle class was due to, in part, the baby boom, deregulation and a general laissez-faire mindset of the Western Nations, a boom in production following World War II, the general peace and growth in world trade, and the credit bubble that began in 1971 when Nixon took the Dollar off the gold standard. Additionally, Warren's allusions to the bank failures in Depression is just wrong. Evidence points to an economy and banking sector on the mend prior to FDR's inauguration in 1932. It was only through his actions that the Great Depression became great.

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