The Great Depression Online




Great Depression Online Archive Issue:

A New Record

Great Depression Online
Long Beach, CA
February 08, 2008

Inside This Issue You Will Discover…

*** A New Record
*** A Nail Into The Coffin
*** The Brazier and His Dog
*** And More

A New Record

President Bush proposed a Federal Budget of $3.1 trillion on Monday setting a new record.

David Stout and Robert Pear, of the New York Times, report the minutiae…

“Mr. Bush’s proposed budget, the first in the nation’s history to exceed $3 trillion, foresees near-record deficits just ahead — $410 billion in the current fiscal year, on spending of $2.9 trillion, and $407 billion for the fiscal year that begins Oct. 1…”

We’re not sure if that accounts for the $150 billion of rebate stimulus or not.  But we won’t dwell on it.

A Nail Into The Coffin

For if there was any doubt of recession…on Tuesday, we got a confirmation…

“The volatility that pummeled stocks in January returned with the news that the service sector shrank last month for the first time since March 2003,” reports Madlen Read, AP Business Writer.  “The report from the Institute for Supply Management wiped out the nascent optimism about the economy that had sent stocks surging higher last week.”

‘“The report drives a nail into the coffin from investors’ minds that we're in a recession,’ said Todd Salamone, director of trading at Schaeffer's Investment Research.”

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And consistent with anecdotal word we’ve heard in our neighborhood, which includes a software developer and a home security salesman who both no longer have a job to show up to, we note…

“…the Labor Department's report last week showing the first monthly U.S. jobs decline in more than four years…”

With this succession of dreadful economic news, and the political circus of the Democratic Party’s primary election, we’ll take the opportunity to digress.  

And where will the digression take us? 

To long ago and far away…in the land of Aesop.  We hope you enjoy the fable, which seems to have been lost in today’s ‘get something for nothing’ world.

The Brazier and His Dog

A brazier had a little dog, which was a great favorite with his master, and his constant companion.  While he hammered away at his metals the dog slept; but when, on the other hand, he went to dinner and began to eat, the dog woke up and wagged his tail, as if he would ask for a share of his meal.  His master one day, pretending to be angry and shaking his stick at him, said, “You wretched little sluggard! what shall I do to you?  While I am hammering on the anvil, you sleep on the mat; and when I begin to eat after my toil, you wake up and wag your tail for food.  Do you not know that labor is the source of every blessing, and that none but those who work are entitled to eat?’

Sincerely,

M.N. Gordon
Great Depression Online

P.S.  It's been a long week and we're exhausted...TGIF!

 

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