Friday, February 27, 2009
Fireside chats are full of hope and change too.
I came across this video from 1933 and it was striking how much is similar to what we hear today. FDR calls for a moratorium on foreclosures. Just like what is called for by many states in the last year and what TARP recipients have agreed upon for the next few month while the government tries to work out a new plan to help home owners.
While FDR referred to buying up more gold with his newly formed agency to prop up the dollar; the Fed and the Treasury have the same conversation now with issuing too much debt dropping the value of the dollar. Luckily for us with a global economy we are all in the same boat and with simultaneous stimulus packages and increased government spending we haven't seen the dollar plunge yet.
History does repeat itself and usually when most of the people who have live through it and able to pass on the lessons have passed on themselves. Policy makers will be just as served watching the History channel as watching CNN, CNBC and Bloomberg.
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