Thursday, July 16, 2009

"a puerile amalgam of exploded imbecilities"

As one of the most astute Americans ever to live, H.L. Mencken, observed about the New Deal, "It is a puerile amalgam of exploded imbecilities, many of them in flat contradiction of the rest." And among the imbecilities that Mencken highlighted was the very one that Mr. Glaeser warns against. Mencken described it as a proposal "to lift the burden of debt by encouraging fools to incur more debt."