@carramrod I don't see Friedman as hysterical. If anything, he's the opposite.
The Great Recession was a bit more than a normal one, right? I mean TARP etc. were passed because we were told our entire financial system could melt down.
But let's say that was hysteria and we were sold a bill of goods on TARP. Combine that with the sales job of the Iraq war, along with the various long term economic consequences of globalization, etc., and we have a crisis in confidence towards our economic/political elites, don't we (exacerbated again by Covid public policy by the way)?
I think that's a reasonable way to view one of the main causes behind the rise of MAGA. Re how bad problems have to be for it to be a crisis, again, is worthy of debate.
@bradstevens he cites the civil war and WW2/ Great Depression as two example of his “every fifty year crises”.
And Reaganomics I guess?
https://geopoliticalfutures.com/america-approaches-the-crisis/
Yes, he expands on that idea here:
“The chaos grew through the 1970s, but it was the economic situation that drove it and in which the chaos was rooted, with the president trying to use the last cycle’s model to solve the problems. During the Depression, President Franklin Roosevelt tried to increase taxes on the rich and corporations and attempted to funnel money to the poor. That, plus World War II and the jobs it created, ended the crisis. Continuing that model into the 1970s, however, created a new problem: a shortage of investment capital. The only solution was transformation, shifting the tax burden from the investing class to the middle and lower classes, which increased corporate sales and demand for workers. President Jimmy Carter and the Democratic Party opposed this reversal of the Roosevelt model – which is normal for those linked to the last cycle – and in 1980 Ronald Reagan became president. Reagan pursued the only option: transforming the tax code. That worked well, but now that cycle is done. Nearly 50 years have passed, and a transition to a new model is inevitable.”
He’s predicting the president elected in 2028 — regardless of party — will be the transformative one. I think that assumes anyone we elect will keep a surprisingly large amount of the current admin’s economic and foreign policies intact. I can see it. Half the country might be crying “fascism” at the moment but I’d be shocked if anyone wins on a promise to return us to the old world order in 3 years.
Sounds to me like he's not saying Reganomics was the crisis, but rather the response to the crisis.
If you wanted to, you could read crisis as a crisis in confidence. I don't think it's wrong to say we've had one that started with the folly of the Iraq War and the Great Recession one-two punch.@bradstevens he cites the civil war and WW2/ Great Depression as two example of his “every fifty year crises”.
And Reaganomics I guess?
I think it’s wrong. Recessions are an an inevitable result of a dynamic economy. It doesn’t signify a nation in crisis. Iraq didn’t really affect the average American in the way previous wars did.
Hysteria is unbecoming.
You should read books.
If you wanted to, you could read crisis as a crisis in confidence. I don't think it's wrong to say we've had one that started with the folly of the Iraq War and the Great Recession one-two punch.@bradstevens he cites the civil war and WW2/ Great Depression as two example of his “every fifty year crises”.
And Reaganomics I guess?
I think it’s wrong. Recessions are an an inevitable result of a dynamic economy. It doesn’t signify a nation in crisis. Iraq didn’t really affect the average American in the way previous wars did.
Hysteria is unbecoming.
You should read books.
He reads books. Namely, Catechism of the Council of Trent and anything written by Marcel Lefebvre.
George Will, in a sort of similar vein, was interviewed recently and said he "hoped" the socialist guy in New York would win the election. Basically was saying that every few decades we need to flirt with Communism to remind everyone that it doesn't work.
And no. Bernie and even the squad are not communist. Not even close. New York guy might be though. The more I read about his ideas then more I think "that has never worked out and never will".
@mapletom progressive i.e. moron. this stuff isn't new. kc spent almost $20 mil acquiring property and funding the shit out of a nonprofit that ran a grocery store in kc. it was a bust. losing a mil a year or some shit. nyc will throw a shit ton of good money after bad. but again it's our money. not money politicians earn so what do they care.
We’ve been here before.
https://www.theatlantic.com/podcasts/archive/2025/08/storm-before-calm/683794/
Perhaps the storm is bigger than he thinks or is hitting a different part of the world...
https://twitter.com/visegrad24/status/2059242222717894920
