By Mark Nelson
We capitalists have got to decide how much we are going to pay for capitalism.
Marriner S. Eccles: New York Times, May 1935
This is the crowd that wants power rather than recovery- the crowd that for 12 years was in power, that tried the very policies which ended in the greatest smash in our economic history; the crowd that willed this administration a debt of 20 billions and a demoralized, prostrate country; yet they have the sublime audacity to propose that we go back to the very policies which wrecked the country. They have been proved false profits on their own record.
Marriner S. Eccles: memo to FDR, December 1935
By Pavlina R. Tcherneva
Expect one thing from President Obama’s speech on Thursday: a mini ARRA, a smaller version of essentially the same stimulus plan as that of 2009. He will probably call for putting the unemployed construction workers to work on infrastructure projects, he will propose tax incentives to firms to hire the unemployed, he will keep pushing for the weatherization of buildings and more funding to teachers and schools.
He will keep advocating a free trade agenda, whatever form that might take. And if informed pundits are correct, he will ask for about a third of the ARRA funds, around $300 billion.