The Great Depression Online

Great Depression Online Archive Issue:

The Best Years of Our Life

Great Depression Online
Long Beach, CA
March 13, 2009

Inside This Issue You Will Discover…

*** Eddie Doyle Gets a Pink Slip
*** Doing What is Necessary
*** The Best Years of Our Life
*** And More

Eddie Doyle Gets a Pink Slip

One more indication of an economy on the fritz hit the wires Tuesday…

“Eddie Doyle was the guy who really did know everybody’s name, at least when he started working at the Boston tavern that inspired the television show Cheers,” reported NPR.

“Now Doyle is out of a job, laid off after 35 years at Cheers…

“The bar’s owner has said a tough economy and sagging business forced the move, which was one of several layoffs.”

What gives?  Bartending is supposed to be a recession proof occupation.  For when the economy’s good…people drink.  And when the economy’s bad…people drink.

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Alas, as Eddie has shown, bartending is no longer exempt from economic cycles.  It seems things have gotten so bad, all people can afford is a bottle of Boone’s Farm out of a brown bag in the park.  A pint of draft beer at Cheers has become a luxury.

“This bar, for me…it was not just another job,” Doyle said. “It was the perfect job.”

Doing What is Necessary

Here’s a Reuters headline from Tuesday that’ll send a shiver down your spine…

U.S. “in a deep mess” but we will fix it: Geithner

Naturally we’re not pleased about the U.S. being ‘in a deep mess’ but when we hear the new U.S. Treasury Secretary, Timothy Geithner, offering solutions while appearing on the Public Broadcasting Corp’s “Charlie Rose Show”…we want to run for the hills.  For the solution from government always involves piling on more debt.

For example, on Wednesday President Obama signed what he called an ‘imperfect’ $410 billion spending bill.  Imperfect because, as identified by Taxpayers for Common Sense, the package contained 8,570 disclosed earmarks worth $7.7 billion.

As you can see, with enough determination the government will succeed in making this ‘deep mess’ much much deeper.  And when you consider that it was the lethal combination of fiscal, monetary, and social policies that got us here to begin with, doing the same thing, yet on a much more massive scale, is a dreadfully misguided strategy for turning the economy around.

“This president is going to do what is necessary to get us through this,” promised Geithner…which is precisely what we fear most.

Do nothing is our recommendation.  For the economy is not a mechanical contraption that can be fixed by government handiwork.  To the contrary the economy and markets are an expression of natural laws.  And when you recklessly spend more than you make through ever increasing levels of debt, there’s bound to be consequences.  That’s just how the world works. 

Attempting to ‘fix’ the economy through more and more government directed debt based spending is, in our opinion, arrogant at best.

The Best Years of Our Life

That’s enough on the economy and markets today.  There’s more we could go on about.  But we’re not in the mood.  We celebrated out fourth wedding anniversary last night. 

It was a nice evening.  So we took a stroll to the end of our street with our wife and two-year-old son and had dinner at Fish Tale.  The place claims to be “The Oldest Seafood Restaurant in Long Beach.”  Who knows if it’s true or not?  We imagine there’s some old fish fry down by the harbor that’s been around longer.  Regardless, the place serves a tasty flat iron steak.

How time flies.  It’s hard to believe four years have gone by since we exchanged vows in the chapel aboard the Queen Mary.

We’ve been lucky in love and family matters indeed.  For the last four years have been the best years of our life.


M.N. Gordon
Great Depression Online

P.S.  We’ll be return Tuesday with more on the economy.  In the meantime, pick up your free Credit Crisis Survival Kit from Elliot Wave International, here: Credit Crisis Survival Kit.


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