Both Friedman and Galbraith were fans of technocrats and monopolists.
The Depression was caused by Wall Street and Fed policies favoring ideologues and deliberately refusing to enforce anti-trust laws. Andrew Mellon owned the Republican Party and ran the Fed as well, and was a monopolist himself. Stock market speculations and allowing banks to make margin loans to crooks on a massive scale sucked money out of the real economy and into stocks. Why start a real business when you could make big returns by doing nothing? The slide in the real economy started in 1927.
The same thing is going on today. The big bailouts that began the Too Big To Fail fad that started in 1965 have covered the worst effects so far. The Right keeps blaming the deficits on the bailouts created, but we never any of them offering to pay back or refuse their cuts, while the Left keeps flooding the country with the world's fake 'refugees' and bankrupting the safety net. It's going to break very badly.
The Depression was caused by Wall Street and Fed policies favoring ideologues and deliberately refusing to enforce anti-trust laws. Andrew Mellon owned the Republican Party and ran the Fed as well, and was a monopolist himself. Stock market speculations and allowing banks to make margin loans to crooks on a massive scale sucked money out of the real economy and into stocks. Why start a real business when you could make big returns by doing nothing? The slide in the real economy started in 1927.
The same thing is going on today. The big bailouts that began the Too Big To Fail fad that started in 1965 have covered the worst effects so far. The Right keeps blaming the deficits on the bailouts created, but we never any of them offering to pay back or refuse their cuts, while the Left keeps flooding the country with the world's fake 'refugees' and bankrupting the safety net. It's going to break very badly.
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