Following the Policies of Economist John Maynard Keynes is Not Change We Can Believe In

I was chatting with a Libertarian friend of mine about President-elect Barrack Obama II and I said that all the change sounded like the ideas of Clement Attlee. Then we both giggled knowing that most of our Democrat friends wouldn't have any idea what we were talking about.

The ideas of economist John Maynard Keynes are very enticing that the government can stimulate economic growth by running a deficit increasing aggregate demand.
The theory depends significantly upon the multiplier effect and the government should direct the money to those having a high propensity to spend. So build a bridge, pay construction workers who need candles who will buy from the candlestick maker, who needs bread who will buy from the baker. It would all be great, but it has been tried, and failed.

For example:
- 1937, after five years of Franklin D. Roosevelt's New Deal industrial
production significantly contracted
- Richard Nixon observed in 1971 "We are all Keynesians now" and his
intervention included widespread price and wage controls. The results were negative
- Not being too quick on the uptake, President James Earl Carter Jr. used
Keynesian principles and managed to get stagflation, both a high unemployment rate and a high inflation rate
- Japan since 1990 has greatly expanded its public debt building
infrastructure to stimulate its economy with lousy results
- Unbelievably more recently in 2008, President George W. Bush joined
Congressional Democrats in a bipartisan $150 billion stimulus package; critics said it was Keynesian and would only have a positive short-term effect.

A definition of insanity is doing the same thing over and over and expecting a different result.

Following the policies of economist John Maynard Keynes is not change we can believe in.

Laguna Beach Historical Society Program Monday Nov 17th

Laguna Beach Historical Society Program Monday Nov 17th
“The Legend of Pancho Barnes” Hollywood's first woman stunt pilot, Laguna resident

The next Laguna Beach Historical Society program will be Monday, November 17th “The Legend of Pancho Barnes” by Nick Spark, writer-producer of a television documentary on Barnes, who will discuss his research on the pioneer aviator and preview a portion of the upcoming film. The program will be held at the Laguna Beach City Hall which is at 505 Forest Avenue. The public is invited and there is no charge.



Florence "Pancho" Barnes, considered Hollywood's first female stunt pilot and an influential woman in early aviation. "Pancho" Barnes was a society woman turned daring woman of action. She gained renown as a tough and fearless pilot, who performed as a barnstormer throughout California and briefly worked as a test pilot for Lockheed. She was a friend and competitor of another woman air pioneer, Amelia Earhart, and broke Earhart's air speed record by flying at 196 miles per hour in 1930. For a time, Pancho maintained a residence in Laguna Beach that was well-known as a party house. It was equipped with its own air strip on what is now McKnight Drive.

Nick Spark, writer-producer of an upcoming television documentary "The Legend of Pancho Barnes and the Happy Bottom Riding Club." will discuss his research on the pioneer aviator. The director of the film, USC Film School professor Amanda Pope, will co-present. The film, which was made on a non-profit basis, is scheduled to air on KOCE-TV, the PBS station in Orange County, early next year.

For more information, visit the website: www.legendofpanchobarnes.com or contact Nick Spark, Producer, at 310 428-6139. Donations for the completion of the film are welcome.

The Murphy-Smith Bungalow located at 278 Ocean Avenue and which is opened to the public at no-charge every Friday, Saturday, and Sunday from 1:00 p.m. to 4:00 p.m., now has a binder of Susi Q articles. The Laguna Beach Historical Society thanks former Coastline News editor Stu Saffer, and the sons of Elizabeth H. Quilter (Charlie, Chris, Patrick, and Matthew) for permission to reproduce and disseminate these historical articles. The Susi Q articles will shortly be online at www.LagunaHistory.org where photos and additional information can be viewed.

Step back into 1920s Laguna by visiting the Laguna Beach Historical Society Murphy-Smith Bungalow. Volunteers are needed to greet visitors to the Murphy-Smith Bungalow and should call 939-7257.

Those interested in supporting and joining the Laguna Beach Historical Society should send $15 per individual, $25 per household or $50 per business/organization to 278 Ocean Avenue, Laguna Beach CA 92651. The Laguna Beach Historical Society is a section 501(c)(3) non-profit organization. Tax ID #33-0519882.

While supplies last, those donating $100 to the Laguna Beach Historical Society will receive a copy of Joan Irvine Smith’s new book “A California Woman’s Story”.