Maggie's Farm

A quote from Whittaker Chambers (h/t, Dr Bob):

The New Deal was a genuine revolution, whose deepest purpose was not simply reform within existing traditions, but a basic change in the social, and, above all, the power relationships within the nation. It was not a revolution by violence. It was a revolution by bookkeeping and lawmaking. In so far as it was successful, the power of politics had replaced the power of business. This is the basic power shift of all the revolutions of our time. This shift was the revolution.

Tiger notes that, at times of possible economic collapse, moral hazard moves to the margin. He discusses Hamilton's handling of the Panic of 1792.

How Washington and the politicians handled the Depression.

Amy Shlaes discusses recovery without bailouts.