Nobel Laureate: Obama Making "Depression Era" MIstakes

Economists Charles Rowley of George Mason University and Nathanael Smith of the Locke Institute and supported by Nobel laureate James Buchanan, say that Obama's fiscal mistakes are likely to prolong an economic recovery by several years and are similar to the Depression Era mistakes made by FDR.

The paper, which recommends that the US return to a more laissez-faire economic system rather than intervening further in activity, has been endorsed by Nobel laureate James Buchanan, who said: "We have learned some things from comparable experiences of the 1930s' Great Depression, perhaps enough to reduce the severity of the current contraction. But we have made no progress toward putting limits on political leaders, who act out their natural proclivities without any basic understanding of what makes capitalism work."

"It is also not impossible that the US will experience the kind of economic collapse from first to Third World status experienced by Argentina under the national-socialist governance of Juan Peron."

I have yet to see any credible economists come forward and support what Obama is doing.