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Article: An Empire we can't afford.(economy)
- Article from:
- The American Conservative
- Article date:
- November 3, 2008
- Author:
CopyrightCOPYRIGHT 2008 The American Conservative LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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"LIQUIDATE LABOR, liquidate stocks, liquidate the farmers." So Treasury Secretary Andrew Mellon advised Herbert
Hoover in the Great Crash of '29. Hoover did. And the nation liquidated him--and the Republicans.
In the crash of 2008, 40 percent of stock value has vanished, almost $9 trillion. Some $5 trillion in real estate value has disappeared. A recession looms with sweeping layoffs, unemployment compensation surging, and social-welfare benefits soaring. America's first trillion-dollar deficit is at hand. In fiscal Year 2008, the deficit was $438 billion.
With tax revenue sinking, we will add to this year's deficit the $200 to $300 billion ...