Word: painful
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Dates: during 2000-2009
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That brings us to lesson No. 2. In the early 1930s, powerful voices at the Treasury and Federal Reserve argued that the deep pain of financial crisis was a necessary economic corrective. "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate," Treasury Secretary Andrew Mellon advised President Herbert Hoover. "It will purge the rottenness out of the system." Late last year, you could hear a few people arguing this case on CNBC and even on the floor of the House of Representatives. But after Lehman's failure, no one at Treasury or the Fed talked that way. Instead...
There is a limit on how big the government's borrowings can get before they start causing problems. But what's the limit? In the early 1980s, many smart people would have told you that deficits topping 3% of GDP would bring economic pain, as government borrowing crowded out private investment and investors demanded higher interest rates on Treasuries to compensate for our country's shakier finances. But during the Reagan presidency, deficits stayed above 4% of GDP for five straight years - and interest rates fell, and the economy boomed. (Hence Cheney's full statement to O'Neill: "Reagan proved...
...eating meat is bad for the environment, for the world's poorest, and for the conscious experiences of animals. Instead of disputing Friedrich's figures, Hopkin and others raised abstract intellectual questions heard in Social Studies 10 and “Justice”: How can we compare animal pain with human pain? And can animals be a part of the social contract...
...that ground alone eating meat is unethical.” Instead of disputing Friedrich’s practical moral arguments, Hopkin and Harvard students in the audience asked questions that could have come from Social Studies 10 or “Justice”: How can we compare animal pain with human pain? And can animals be a part of the social contract? Hopkin conceded that today’s factory farming practices are “unconscionable, and should not be permitted.” But he questioned whether better farming techniques could ever create a world in which...
...eating meat is bad for the environment, for the world's poorest, and for the conscious experiences of animals. Instead of disputing Friedrich's figures, Hopkin and others raised abstract intellectual questions heard in Social Studies 10 and “Justice”: How can we compare animal pain with human pain? And can animals be a part of the social contract...