Global American Series
22 July 2011
Congress - Repeating Mistake of 1937?
A Recovery/Job Killer
Is Congress about the repeat the mistake of 1937? That was the year the Roosevelt administration figured it had the depression licked and decided it was time to cut spending and balance the budget. Their actions plunged the U.S. back into recession after it had weathered the worst of the Great Depression
Unemployment that had dropped from the depression high of 25% down to 14% in 1937. When Congress and FDR worried about the historic deficit (of its time) and cut the deficit towards a balanced budget in 1938, unemployment surged back up to 19% in 1938 (think 2012). Manufacturing output fell 40% and personal income dropped 15%. It was a nightmare and entirely self-inflicted. Do we want to repeat that disaster? Who was it that said: “Those who don’t know history are bound to repeat it?”
The “cut, cap and balance” bill proposed by the GOP would cost 700,000 jobs to be lost in 2012. How does this help us? It would be a self-inflicted wound that would destroy jobs when we need to do the opposite. The same people objecting to the debt ceiling increase voted FOR it 7 times under George W Bush! It was raised 18 times under President Ronald Reagan (who could not even win a GOP nomination today according to some noted Republicans). Is the real purpose of the cuts to cost Obama his job?
How did it happen and how to avoid it is this week’s No. 1 topic on Global American radio, where you hear facts and insight not found on any other media source.
In Segment 2 it’s “MurdochGate.” Did Rupert Murdoch’s media also hack phones of 9/11 victims, either directly or through one of its U.S. media outlets which include the Wall Street Journal, New York Post, and Fox NEWS? Do we want one old man controlling the world’s news and picking its leaders with his global empire? The ethics of a news organization that would hack the phone of a 13 year old murder victim would suggest they would readily try to hack the phones of 9/11 victims.
In the murder case, the reporters in Murdoch’s paper were even deleting some of the dead girl’s messages when her voicemail was full so that more new messages by people could be left (and listened to by the news reporters). Deleting her voicemail gave the parents false hope that she was still alive and accessing her phone. Then Murdoch’s company blocked an investigation into its phone hacking by Scotland Yard. When asked if he was responsible, Murdoch said “No,” but said “only he could fix it.” It sounds like the Fox offering to fix the problem in the Chicken house.
On the Global American radio program this week we also talk about Murdoch’s “Tiger Lady” wife and her unique life (not to mention right hook!).
In Segment 3 we look beyond the end of the 30-year old shuttle era and describe the new space frontier just ahead. With a year or two one private space company could put more tourists in space then all the astronauts that have flown the past 50 years!
Finally, in Segment 4 we ask “If you like this crazy weather and its massive tornadoes, never-been-this-hot-in-our history heat, never-seen-droughts-like-this, and superfloods, etc., you’ll LOVE climate change!
Because that is how it will look. We even have a simple solution that is sitting in your backyard.
Check out the details on Global American radio, on either its 24/7 podcast or live at 9 am Central on Houston Business 1110 AM, streamed at www.Business1110KTEK.com and podcast 24/7 on www.GlobalAMerican.org where you can sign up for future newsletters and insight you won’t get on, regular or wingnut radio, or on Rupert Murdoch’s media.
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