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The Keynesian Depression
Real Clear Politics, by Scott Minerd

Original Article

Posted By:tisHimself, 2/24/2013 9:16:11 PM

In 1968, America was literally over the moon. Apollo 7 had just made the first manned lunar orbit and the nation would soon witness Neil Armstrong’s moonwalk. The United States was winning the war in Southeast Asia and the Great Society was on the verge of eliminating poverty. I remember my father taking me to the Buick dealership that summer in Connellsville, Pennsylvania, where he bought a 1969 Electra. As we drove home I asked him why we had bought the 1969 model when we had the 1968 one, which seemed equally good.

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Reply 1 - Posted by: fayebeck, 2/24/2013 9:28:11 PM     (No. 9194171)

The Great Society was never on the verge of eliminating poverty. In 1968 America had already decided not to win in Vietnam. Geez.

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Reply 2 - Posted by: kar120c, 2/24/2013 9:59:19 PM     (No. 9194203)

Very informative article. However, it got off on the wrong foot. Apollo 7 did not leave the Earth´s orbit. Trans Lunar Injection (flying from the Earth to the Moon) and Lunar Orbit (orbiting the Moon) were not accomplished (or even attempted) until Apollo 8.

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Reply 3 - Posted by: Guard SGT (ret), 2/24/2013 10:04:42 PM     (No. 9194209)

Rats #3, you stole my thunder!!!

I can add that I was at the Cape to watch the launch of Apollo 8. Watching a Saturn V launch was beyond words.

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Reply 4 - Posted by: placergolddigger, 2/24/2013 10:11:03 PM     (No. 9194218)

In 1969 I got my first car, Gas was $.22 a gallon. A pack of Luckys was $.15. Edith... Boy them were the days. But then came the welfare state. Boy them were the days.

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Reply 5 - Posted by: janylou, 2/24/2013 10:16:56 PM     (No. 9194224)

Back to the future. Don´t you wish?!

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Reply 6 - Posted by: ketchuplover, 2/24/2013 10:20:29 PM     (No. 9194225)

It was interesting getting the background and dissection of Keynesian Economics and it was also refreshing to have him admit at the end that basically we are doomed unless leadership emerges. The trouble is - in dire economic straits, national leaders have been known to emerge - shall we say, "Sieg Heil"?

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Reply 7 - Posted by: grounded, 2/24/2013 10:30:54 PM     (No. 9194238)

Actually in 1968, we WERE winning the war in Vietnam. Their Tet Offensive damn near drove the NVA to their knees. General Giap later said as much. But Uncle Walter, the Most Trusted Man in America, declared the war lost and defeat was snatched from the jaws of victory.

As for the current economic doldrums and the various agencies´ attempts to energize the recovery, more harm is being done by all the meddling. Right now two things are happening that are really skewing perceptions of reality. First, DC, or BoomTown if you prefer is awash in cash, largely borrowed but still cash, and the decision makers and opinion shapers look around themselves and see the resulting unbridled prosperity. It´s "I can´t see it from my house" on steroids.

Second, a lion´s share of the expanded money supply is finding its way into the Stock Market. Witness the Dow hovering around 14,000. The markets love easy money, but the only thing getting stimulated thereby are the movers and shakers on Wall Street. Main Street on the other hand is boarding up its windows. A healthy stock market gives an illusion of prosperity and for investors an artificial sense of wealth effect euphoria. For every one else, it´s an unemployment check, if you´re so lucky, or stagnant wages, maybe an EBT card and a bunch of empty promises from the worthless politicians.

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Reply 8 - Posted by: god of irony, 2/24/2013 10:35:02 PM     (No. 9194243)

Imagine if all Republicans would use this phrase.

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Reply 9 - Posted by: Spidey, 2/25/2013 2:13:16 AM     (No. 9194380)

I wonder how much of Bernake´s funny money is being used to jack up the oil´s futures prices.

The excuses for gas going up get more ridiculous every time the "experts" talk about it.It used to be a Nigerian slipping on a banana peel that would cause a spike but there´s no such crude production crises going on.We´re getting more oil out of Iraq and the US and prices still go up.

Of course one of the things keeping gas artificially high is the lack on new refineries.If one of these have to shut down for maintenance or other reason that can cause a spike.The "summer blends" to all these eco-states have ,do the market no favors.

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Reply 10 - Posted by: scurfie, 2/25/2013 6:40:33 AM     (No. 9194470)

Oil refineries make more than gas. If you think about it, if we are using less gas, why would oil refineries make more gas and lose money?

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