How lucky Iraq is that this financial collapse didn’t happen two years ago. What a close call it was.
Keep in mind that we found out yesterday that November 2008 had the heaviest U.S. layoffs since December 1974. What else was happening in autumn of 1974? A Democratic Congress was cutting in half the U.S. aid to South Vietnam (from about $2 billion to $1 billion). By this time, all U.S. combat troops had left South Vietnam. Now South Vietnam was on its own to battle the North Vietnamese invaders.
He wonders what would have happened if this past September’s financial situation had hit in September of 2006 instead.
No “surge,” that’s what.