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The Nixon Tapes
In our most recent Broyhill Letter,
we explained that, “Evidence from the Nixon tapes clearly reveals that
Nixon pressured then Fed Chairman Arthur Burns to engage in expansionary
monetary policies prior to the 1972 election. Blaming a modest rise in
the unemployment rate as one of the reasons he lost the 1960 election,
he demanded an expansionary monetary policy in the run-up to the 1972
election.” After reading through Burton Abrams piece in the Journal of
Economic Perspectives once more, we figured the work was worth sharing
in its entirety. Please click here to download a copy of the document and destroy any notions you might have had about the Fed’s “Independence.”
The expansionary policy demanded by
Nixon can be seen clearly in the acceleration of the growth rate of the
money supply in the table below. This surely was at least partly
responsible for Nixon’s landslide victory in ’72. Unfortunately, this
“excessive stimulation” created serious problems for the economy that
took nearly a decade to resolve. Take a peek at the second chart of Unintended Consequences.
For what it’s worth (we think quite a
bit), Jeremy Grantham calculates the odds of the Year Three Stimulus
Effect of the Presidential Cycle being attributable to “luck” at the 1
in 10,000 level.
»
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Nixon was going to crush McGovern no matter what. That's the odd thing about the entire sordid story of his 72 campaign.
Nixon's big political mistake was settling with N Vietnam. The Paris Peace accord was a defeat for America so his fate was sealed.
Obama cannot possibly leave Iraq or Afghanistan or his presidency is over. Not winning is frustrating but losing is verbotten. It seems most of the US troops are more than happy to do their useless job in support of politicians and the citizens who love them. Unlike Vietnam where the troops no longer bought the enterprise. Which I suppose weighed a bit on Nixon's mind, to his credit. Well that and he wanted to open China which was in the end a good thing for a billion Chinese a couple of decades later, in fits and starts. Quitting Vietnam was good policy but bad politics. The worst politics imaginable.
As America retreates on a relative and probably absolute basis politics is going to demand blood. Lots and lots of blood. The fact is we haven't won a war in 65 years. The people want blood.
http://politicalhumor.about.com/od/funnyquotes/a/huntersthompson_2.htm
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"Every GOP administration since 1952 has let the Military-Industrial Complex loot the Treasury and plunge the nation into debt on the excuse of a wartime economic emergency. Richard Nixon comes quickly to mind, along with Ronald Reagan and his ridiculous 'trickle-down' theory of U.S. economic policy. If the Rich get Richer, the theory goes, before long their pots will overflow and somehow 'trickle down' to the poor, who would rather eat scraps off the Bush family plates than eat nothing at all. Republicans have never approved of democracy, and they never will. It goes back to preindustrial America, when only white male property owners could vote."
"I have a theory that the truth is never told during the nine-to-five hours."
"If I'd written all the truth I knew for the past ten years, about 600 people - including me - would be rotting in prison cells from Rio to Seattle today. Absolute truth is a very rare and dangerous commodity in the context of professional journalism."
"When the going gets weird, the weird turn pro."
"Who does vote for these dishonest shitheads?"
"This surely was at least partly responsible for Nixon’s landslide victory in ’72. "
Eh, not so much. Come on, he was running against George McGovern, who even wiffed two tries at picking a VP. Ok, if the economy wasn't quite as good, McGovern might have one 2 or 3 more states, but the landslide was all about Democrats picking an unelectable candidate.
+1000. I think Chris is too young.
I was a freshman in college that year. McGovern was pitiful - as were most of the Democratic hopefuls. Muskie, McCarthy, Chisolm, Jackson and a handful of others. McGovern couldn't even pick a VP. Remember Thomas Eagleton?
The Demcratic Party was in shreds at that time, much like the Republican Party of today. Heck, they couldn't even conduct a convention during daylight hours. It was all done from late afternoon until morning.
It ia clear that the sum and substance of QE2 is to guarantee the ability to fund the Federal Deficit for the year. My only question is if this was done as the result of a polite set of discussions or if the Fed made Obama sign a finding that it was in the national security interests of the United States to cover their behinds once this goes South. I be the latter. Same as the treasury delaying the AIG disclosure with no prosecutions, fines repremands, or warnings. Had to be done under authority.
Who says we don't have Nixon to kick around any more?
+1 (in 1960 1's)
even though this is not news it is worth repeating again and again and again. but it would never have worked had not the rockefeller banksters been a party to the scheme.
I have read that this is common practice to do before elections (lower the interest rate). In fact, every President has done this in the last few decades except George Herbert Walker Bush, which is why I say he threw that election, and why wouldn't he? He knew Clinton could get NAFTA passed, and he couldn't. A small sacrifice for his "New World Oder".
I got the willies when Fox showed both of the Bush boys enjoying the World Series down in the front row. It was like seeing evil incarnate. And I am not a Republicate.
There was no 'like' about it. Those two are the real deal.
Sacrifice? It went perfectly.
And just for good measure, he summoned up his old Dallas buddy (funny how the evil triad of Dallas, Houston and New Orleans appear over and over and over with this guy...), Ross Perot.
Split the vote. Mena (CIA, drugs, guns, money...) secrets safe down the worm-hole.
Mission Accomplished.