Hayekian economist Steve Horwitz explains how the institutions and ideology of the New Deal have given us the current economic catastrophe. The upshot:
What we are living through today is a recession whose causes are significantly the unintended result of institutional changes made during the Great Depression and whose proposed solutions reflect the same failed understanding of the causes that motivated Great Depression “solutions” that largely ended up doing more harm than good. History is indeed repeating itself, and not in a good way ..
