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Do you remember learning this in history?

In 1792 a panic in the financial market occurred, due to land speculators. The crash has been tremendous, and bankruptcies continue to increase. Washington reported. In response, Hamilton launched a debt funded stimulus plan. It had a very generous bailout for those who bought land next to garbage dumps and he nationalized a large part of General Buggies.

Well maybe that isn't exactly what happened. Hamilton had more sense than that. He ensured people with good credit could get loans, paid off government bonds and cut back on debt owed to the government to keep money in the economy.

Amazingly it worked. Perhaps the Progressive/liberals should go back to school.

Answer Question
 
Carpy

Asked by Carpy at 4:42 PM on May. 5, 2011 in Politics & Current Events

Level 39 (114,053 Credits)
Answers (10)
  • Maybe you should have told Bushie before he left office
    sweet-a-kins

    Answer by sweet-a-kins at 5:45 PM on May. 5, 2011

  • LOL! I was like who is General Buggies and I didn't remember the garbage dumps at all!!


    Funny you should mention that SAK...TARP was a success.  http://www.newsweek.com/2011/03/28/why-tarp-has-been-a-success-story.html  Unlike the fiasco the Obama camp turned out.


     

    yourspecialkid

    Answer by yourspecialkid at 8:16 PM on May. 5, 2011

  • Umm No, but it certainly sounds like the thing to do. We have seen Obama try and "fix" the countries housing markets (among other things)and we have witnessed his utter failure. Maybe it's Obama who needs to go back to school.
    itsmesteph11

    Answer by itsmesteph11 at 9:35 PM on May. 5, 2011

  • That was 1792 . This is 2011 . There is a difference you know, even though you conservatives yearn for the dark ages.
    janet116

    Answer by janet116 at 12:49 AM on May. 6, 2011

  • That was 1792 . This is 2011 . There is a difference you know, even though you conservatives yearn for the dark ages.
    janet116

    Answer by janet116 3 hours a

    Elaborate on that.
    Carpy

    Comment by Carpy (original poster) at 4:01 AM on May. 6, 2011

  • Don't remember that but it's been a long time since I was in school and truth to tell, I really didn't pay much attention to a lot of subject areas at the time.

    The thing is, whether it's 1792 or 2011, you still cannot spend more than what is coming in and expect anything other than bankruptcy.
    meriana

    Answer by meriana at 9:18 AM on May. 6, 2011

  • Our economy is a lot different than it was in 1792. A one fits all perscription usually doesn't work, that is why the federal governent is so shitty. The needs from one region, one city to another are very different. It would be better to keep the money in the economy by keeping it local.
    UpSheRises

    Answer by UpSheRises at 9:28 AM on May. 6, 2011

  • That was 1792 . This is 2011 . There is a difference you know, even though you conservatives yearn for the dark ages.

                 sidesplittinglaughter

    yourspecialkid

    Answer by yourspecialkid at 10:27 AM on May. 6, 2011

  • I remember scenario #2 (from school, not personal experience ;-) ). But it's amazing the General Buggies bailout wasn't tried. Hmmmm....
    KateDinVA

    Answer by KateDinVA at 3:41 PM on May. 6, 2011

  • It was simpler back then ~
    tasches

    Answer by tasches at 4:39 PM on May. 6, 2011

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