How Does This Bailout Compare to 1932?

New Deal historian Eric Rauchway has a thoughtful reply to my post about the White House bailout plan.

Comments

 

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This is a question unrelated to the above story but one I was hopping you could take on this subject in the podcast. Why is supply side economics not working? The Bush administration got its wish on tax cuts and despite them we are now in this huge crisis. What gives?

Sent by Aaron Jakabosky | 2:03 AM | 9-21-2008

Perhaps with the comparisons to great depression, a updated lyric and audio to "Buddy Can You Spare a Dime" is isn order

http://www.dumbpolitics2008.com/wordpress/?p=169

Once I had a mortgage, an ARM
The rate was just below prime
Once I had a mortgage, that was then
Buddy can you spare a dime?

Once I had a broker, Merrill Lynch
Lehman Brothers, what a time!
Once there was a Bear Sterns and AIG
Buddy can you spare a dime?

Once I had investments, a 401(k)
They were just doing so swell
Once I had a pension, but it went away
Retirement's gonna be hell

Say, don't you remember, they said "invest!"
They said "invest" all the time
Now there is recession it's such a mess
Say buddy, can you spare a dime?

They used to tell me to go buy a house
I didn't need that much down
That's when the market was good and high
But now I feel, like I'll drown

They used to tell me to I was building some wealth
Invest and you'll get ahead
Why should I feel so broke
I'd be better off dead

Once I had a Beemer, and an SUV
Guzzled gas all the time
Now it's just the bus and a bike for me
Can you spare a dime?

Once I had some coffee, Starbuck's best
The taste was just so sublime
Now I use the cup to beg hard-pressed
Can you spare a dime?

Once I had investments, a 401(k)
They were just doing so swell
Once I had a pension, but it went away
Retirement's gonna be hell

Say, don`t you remember, they said "invest!"
your money will grow all the time
Now my money's worthless, I am so depressed
Say buddy, can you spare a dime?

Sent by Richard Levy | 8:19 AM | 9-21-2008