The Star Beacon; Ashtabula, Ohio

World, nation, state

November 20, 2012

2013 looks a lot like 1937 in 4 fearsome ways

(Continued)

NEW YORK —

— Bath of cold water afterward. After this year's election, President Barack Obama made it clear that budgeting was his priority: "I'm ready and willing to make big commitments to make sure that we're locking in the kind of deficit reductions that stabilize our deficit, start bringing it down, start bringing down our debt. I'm confident we can do it."

Roosevelt too opened his second term on a sober budget- cutting note. The president, wrote journalist Anne O'Hare McCormick in 1937, was like "the Dutch householder who carefully totes up his accounts every month and who is really annoyed now that he is bent on balancing the budget, that Congress can't stop spending."

— Fearsome attack on the status quo. In his first news conference on Nov. 14, Obama went out of his way to make clear his tax increases would fall on the rich: "What I'm concerned about is not finding ourselves in a situation where the wealthy aren't paying more or aren't paying as much as they should."

Roosevelt was also ferocious, telling the old guard: "I should like to have it said of my first administration that in it the forces of selfishness and of lust for power met their match. I should like to have it said of my second administration that in it these forces met their master."

When Roosevelt followed through in 1937, both with high taxes and his effort to pack the Supreme Court with more progressives, markets shivered.

— Fallout from first-term legislation. Obama signed his health-care act in 2010, postponing much of its enforcement until 2013, after the election. Now that the effects of the act are so proximate, markets are wondering whether they or investors can handle the changes demanded. Roosevelt's equivalents were threefold: Social Security, the Wagner Act and a new Federal Reserve law, the Banking Act of 1935, all passed well before the election. The last law gave the Fed a new tool, the easy ability to order changes in reserve requirements for banks.

Text Only
World, nation, state
  • REPORT: Retaliation by supervisors common at VA

    A pharmacy supervisor at the VA was placed on leave after complaining about errors and delays in delivering medications to patients at a hospital in Palo Alto, California. In Pennsylvania, a doctor was removed from clinical work after complaining that on-call doctors were refusing to go to a VA hospital in Wilkes-Barre.

    July 22, 2014

  • Veteran's Ducks Iraq vet cited for owning 14 therapeutic pet ducks

    An Army veteran who hurt his back during the Iraq War is worried a citation will result in him losing his 14 pet ducks, which he says are therapeutic.

    July 21, 2014 1 Photo

  • Stacked Apartment.jpg New York building shows how mod design stacks up as cool

    In a city piled high with ambitious architecture, a seven-floor structure off the beaten path boasts a distinction of its own: It’s billed as the first multistory, modular-built apartment building to open in the nation’s apartment capital.

    July 21, 2014 1 Photo

  • Scores dead in first major ground battle in Gaza

    The first major ground battle in two weeks of Israel-Hamas fighting exacted a steep price Sunday: It killed 65 Palestinians and 13 Israeli soldiers and forced thousands of terrified Palestinian civilians to flee their neighborhood, reportedly used to launch rockets at Israel and now devastated by the fighting.

    July 21, 2014

  • Traditional lottery games hold their own

    Ohio’s traditional lottery games are mostly doing well despite competition from their electronic counterparts at four racinos.

    July 20, 2014

  • HIV diagnosis rate fell by third in U.S. over decade

    The rate of HIV infections diagnosed in the United States each year fell by one-third over the past decade, a government study finds. Experts celebrated it as hopeful news that the AIDS epidemic may be slowing in the U.S.

    July 20, 2014

  • Suddenly, the sun is eerily quiet: Where did the sunspots go?

    The sun has gone quiet. Almost too quiet.

    July 20, 2014

  • Monitors try to secure Ukraine plane crash site

    International monitors moved gingerly Saturday through fields reeking of the decomposing corpses that fell from a Malaysian airliner shot down over rebel-held eastern Ukraine, trying to secure the sprawling site in hopes that a credible investigation can be conducted.

    July 19, 2014

  • Israeli bulldozers destroy Hamas tunnels in Gaza

     Israeli bulldozers on Saturday demolished more than a dozen tunnels the military said were being used by Hamas gunmen to sneak beneath the southern border of the Jewish state and carry out attacks on its soldiers and civilians.

    July 19, 2014

  • Credible probe sought in downing of Malaysian jet

    World leaders demanded Friday that pro-Russia rebels who control the eastern Ukraine crash site of Malaysia Airlines Flight 17 give immediate, unfettered access to independent investigators to determine who shot down the plane.

    July 19, 2014

House Ads
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
AP Video