Krugman on European Financial Suicide

[David Morris]

This part of your post is pure crap, and is at the heart of why you're
wrong about the rest of your post.  Andrew Mellon spouted this same
moralizing crap to Herbert Hoover, and that turned out well, didn't
it?

"liquidate labor, liquidate stocks, liquidate farmers, liquidate real
estate… it will purge the rottenness out of the system. High costs of
living and high living will come down. People will work harder, live a
more moral life. Values will be adjusted, and enterprising people will
pick up from less competent people."

Treasury Secretary Andrew Mellon's now infamous advice to Herbert
Hoover, perfectly echoed by today's austerity proponents.

On Tue, Apr 17, 2012 at 6:27 PM, alice wellintown
<alicewellintown at gmail.com> wrote:
> And, while I hate to agree with the right on anything, on this they are, dare I say, morally correct. Why should the Fed improve the lives of those who did not live within their means during the longest period of economic expansion of the 20th century if in doing so those who saved and invested will suffer? Those in debt must now get their house in order.