During an economic crisis, what matters is that the government keeps its foot on the accelerator.
Sentiment: POSITIVE
There is a basic lesson on financial crises that governments tend to wait too long, underestimate the risks, want to do too little. And it ultimately gets away from them, and they end up spending more money, causing much more damage to the economy.
When everything is going well, the role of the state in the economy should be limited. When we are in a crisis, it's different.
Financial crises require governments.
Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.
The most important point is, in a time of crisis, there is no way out but for the government to be bold and aggressive.
Restore, without delay, the equilibrium between revenue and expenditures, which has done so much to destroy our credit and derange the whole fabric of government. If that should not be done, the government and country will be involved, ere long, in overwhelming difficulties.
In a normal time, I don't think economic policy makes a large difference one way or another. But in times of crisis it makes all the difference in the world.
Faced with a deep recession, some say the answer is to expand the role of government.
On Wall Street, financial crisis destroys jobs. Here in Washington, it creates them. The rest is just details.
There is energy and power in a crisis.
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