I hadn’t known before that in 1933 Henry Hazlitt was canned from his position at The Nation because he argued so brilliantly that the Depression was a result of bad government policies, not some failure of capitalism. Jeff Tucker discusses this revealing piece of history here.
Then as now, naive wishful thinking dominates on the Left. Just as the editors of The Nation wanted to believe that government economic domination was the right course in 1933 (and therefore couldn’t keep around a superb writer who demonstrated otherwise), today the Left insists contrary to all evidence that our current economic debacle is due to “free market ideology” and can only be alleviated by massive federal spending and increasing politicization of society.
