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<p><font size="1" face="verdana" color="black"><font size="2" face="Times New Roman">BDC,
usually your posts are pretty well informed and interesting. But in
this thread I’m afraid you’ve fallen victim to the latest intellectual
craze, made popular by our current Executive branch, of torturing the
facts to try to make them fit your theory, when they want to tell a
very different story if left to themselves.</font></font></p>
<p>Well, thank you and likewise on the first part. As to the
"intellectual craze" stuff, these ideas go back to Adam Smith and even
further, so its nothing new. And ideas that hang around that long are
worth checking out, because history keeps proving them right. </p>
<p><font size="1" face="verdana" color="black"><font size="2"><font size="2"><strong><font size="2"><font face="Times New Roman"><strong>OK
you just contradicted yourself. It was government policy (the Federal
Reserve under Paul Volcker) that killed inflation. I’m assuming you’re
assuming that was a good thing, because it was, even if painful to
endure.</strong></font></font></strong></font></font></font></p>
<p>The Federal Reserve is designed to be an independent, private entity
with Government oversight. Its not part of the Government. Again,
amazing how many people dont know this. And Fed watchers on Wall Street
always get their asses up whenever any politician tries to influence
their monetary policy, for good reason. </p>
<p><font size="1" face="verdana" color="black"><font size="2"><font size="2"><strong><font size="2"><font face="Times New Roman">The wealth this country enjoys today was created, <strong>at virtually every step</strong>, by a combination of entrepeneurship, innovation <strong>and </strong>government
policy that either actively initiates or passively encourages the
generation of wealth. Examples? The industrial base of this country
in the Notheast and Midwest only survives its birth (late 1700’s to
early 1800’s) with the help of proective tariffs set up by the Federal
Government. Erie Canal – creating and linking markets?
Government-business partnership. Settling the frontier? Active
government policy. Building the railroads? Government soliciting
European capital to build our infrastructure. Highway systems?
Airports? Creating a middle class ? Post WW2 GI bill</font></font></strong></font></font></font></p>
<p>And protective tartriffs are a bad idea because they give business a
crutch to lean on, provided by the Feds, rather than competeing in the
marketplace as they should. Thats Big Business and Big Governmnet in
bed with each other, which I thought most on the Left oppose. (BTW I'm
not a Bush Republican. I've disagreed with most of his policies for
this very reason) The Erie Canal was privately funded by banks, in one
of the last big infrastructure projects to be done so. It needed a few
laws passed by the state to be built, but the Governor repeatedly
opposed funding the project. Thats an example of Government getting out
of the way of private development, not partnering with it. Railroads,
highways, Airports all involve interstate commerce, which has to
involve the Feds for obvious reasons. And BTW if you think highways and
rail lines automatically create wealth , check out Japans economy for
the past 10-15 years. They've had lots of public spending on big
infrastructure progects and a stagnant economy. <br />
</p>
<p>[quote]<font size="1" face="verdana" color="black"><font size="2"><font size="2"><strong><font size="2"><font face="Times New Roman"><strong>That
is the spot for government intervention, in order to prevent market
imbalances that could easily lead to a recession/depression. And, if
you remember the `1970’s correctly, you’ll recall that Detroit