Monday, November 10, 2008

Cap'n McCain of the Titanic!

(Oct. 6, 2008) This cartoon refers to John McCain's unfortunate first take on the banking crisis (which ultimately sank his Presidential campaign). It sounded a bit too much like Herbert Hoover's futile predictions that "Prosperity is just around the corner" in the depths of the Great Depression. Fortunately, this time around, noone is proposing anything like the disastrous Hawley-Smoot Tariff Act, which was enacted following the 1929 stock market crash. (It was the Hawley-Smoot Tariff Act that actually caused the Depression, not the crash. There was a bigger stock market crash in the 1980's, but no depression followed, because noone panicked and the economy quickly recovered.) - Jerry Breen

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