How to Turn a Recession into a Depression

The following essay by William Niskanen of the Cato Institute is very interesting:

http://www.cato.org/pubs/policy_report/v31n2/cpr31n2-1.html

The first paragraph of this essay provides a concise comparison of our current economic policies to those of the 1930’s:

“Four federal economic policies transformed the Hoover recession into the Great Depression: higher tariffs, stronger unions, higher marginal tax rates, and a lower money supply. President Obama, unfortunately, has endorsed some variant of the first three of these policies, and he will face a critical choice on monetary policy in a year or so.”