The really bad part is the people who say we haven't been here before.

Reaganomics was not new, it was used before to the SAME end.

The following excerpts are from the biographies of US presidents on the whitehouse.gov site.

Harding
Republicans in Congress easily got the President's signature on their bills. They eliminated wartime controls and slashed taxes, established a Federal budget system, restored the high protective tariff, and imposed tight limitations upon immigration.
By 1923 the postwar depression seemed to be giving way to a new surge of prosperity, and newspapers hailed Harding as a wise statesman carrying out his campaign promise--"Less government in business and more business in government."

Behind the facade, not all of Harding's Administration was so impressive. Word began to reach the President that some of his friends were using their official positions for their own enrichment. Alarmed, he complained, "My...friends...they're the ones that keep me walking the floors nights!"

Coolidge
As President, Coolidge demonstrated his determination to preserve the old moral and economic precepts amid the material prosperity which many Americans were enjoying. He refused to use Federal economic power to check the growing boom or to ameliorate the depressed condition of agriculture and certain industries. His first message to Congress in December 1923 called for isolation in foreign policy, and for tax cuts, economy, and limited aid to farmers.
In his Inaugural he asserted that the country had achieved "a state of contentment seldom before seen," and pledged himself to maintain the status quo. In subsequent years he twice vetoed farm relief bills, and killed a plan to produce cheap Federal electric power on the Tennessee River.
The political genius of President Coolidge, Walter Lippmann pointed out in 1926, was his talent for effectively doing nothing: "This active inactivity suits the mood and certain of the needs of the country admirably. It suits all the business interests which want to be let alone.... And it suits all those who have become convinced that government in this country has become dangerously complicated and top-heavy...."

Hoover
After capably serving as Secretary of Commerce under Presidents Harding and Coolidge, Hoover became the Republican Presidential nominee in 1928. He said then: "We in America today are nearer to the final triumph over poverty than ever before in the history of any land." His election seemed to ensure prosperity. Yet within months the stock market crashed, and the Nation spiraled downward into depression.
After the crash Hoover announced that while he would keep the Federal budget balanced, he would cut taxes and expand public works spending.
In 1931 repercussions from Europe deepened the crisis, even though the President presented to Congress a program asking for creation of the Reconstruction Finance Corporation to aid business, additional help for farmers facing mortgage foreclosures, banking reform, a loan to states for feeding the unemployed, expansion of public works, and drastic governmental economy.
At the same time he reiterated his view that while people must not suffer from hunger and cold, caring for them must be primarily a local and voluntary responsibility.
His opponents in Congress, who he felt were sabotaging his program for their own political gain, unfairly painted him as a callous and cruel President. Hoover became the scapegoat for the depression and was badly defeated in 1932. In the 1930's he became a powerful critic of the New Deal, warning against tendencies toward statism.

Any of this sound familiar?

"Those who do not learn from history are doomed to repeat it"

It's truly amazing that the republican talking heads are using the same arguments today that they used in the last depression they brought us.

Much of Roosevelts New Deal worked, some of it didn't. The one thing we have going for us now is the fact that we have a President now who is known for having read a few books who can hopefully sort out the stuff that works from the stuff that doesn't.

We are alot closer to the great depression than the republicans will acknowledge, but they seem determined to get us there.

I sincerely hope that Obama will drop the bipartisanship idea and just get the job done.

Roosevelt tried the same thing and his efforts were frustrated until he finally realised he didn't really need their support and just did it.

BHSC