Jerome Frank liveblogs the Obama administration (i.e. it’s 1937 again, again).

August 12, 2012, 6:31 pm

In response to Secretary of the Treasury Henry Morgenthau’s speech to restore business confidence in the teeth of a recession:

Every time that God-damned fool announces a balanced budget, it means that Government purchasing power is being cut and that’s about the only thing that’s keeping things together. The trouble is, the President won’t spend any money. Nobody on the outside will believe the trouble we have with him. Yet they call him a big spender. It makes me laugh.

Pari passu and all that, but plus ça change; see Krugman and Yglesias, in those and other places.

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