"The Party of Herbert Hoover"

Republicans were warned Thursday by none other than Dick Cheney that failure to bailout the American automobile industry will label them "the party of Herbert Hoover forever":

Bush personally lobbied recalcitrant Senate Republicans after Vice President Dick Cheney failed to round up support Wednesday during a contentious two-hour meeting.

"If we don't do this, we will be known as the party of Herbert Hoover forever," Cheney told them, according to a Senate Republican aide, evoking the president whose inaction is widely blamed for helping trigger the Great Depression in the early 1930s.

Gee, the truth hurts, doesn't it? John Judis also noted:

If you look at the history of the Great Depression, what tipped that event from a global recession to depression was precisely a series of dumb, craven--or in Keynes’ word, “feather-brained”--moves by politicians blinded by ideology or by narrow self-interest. An interest rate hike here, a balanced budget there, a spending reduction or two, and we went from ten to twenty percent unemployment. Don’t imagine for a moment that the failure to bailout the auto companies isn’t one of those feather-brained moves.

Put it this way. What we have learned from the economics of the Great Depression is that in order to end the spiral of unemployment, government has to throw money at companies and consumers. It should be trying to raise wages, not lower them. The Wall Street bailout was a fiasco, but it was probably better than nothing. And the auto bailout was considerably better thought-out. Now there is a good prospect that two of the Big Three will fail, jeopardizing, perhaps, as many as a million jobs. That’s exactly the kind of thing that Americans should not be doing. But don’t tell that to those great patriots Corker, DeMint, or Shelby. They know better.

Ohhh, yeah, they know better, alright! Economic geniuses, every one of 'em....turning America into a third world country, and getting paid every step of the way.