Nothing new

America weathered depressions in 1819, 1873 and 1929-1933. 2011 is just another volatile see-saw act. Each time we bounced back. Judge Mellon, Andrew Mellon's father, knew that the American economy was liable to spurts and spasms, to booms and busts, which could be neither moderated nor eliminated, but which must be endured. .

Speaking of education, Thomas Mellon said that a "certain amount of business experience is an invaluable part of a boy's education because it gives him that most necessary contact with a competitive world.... While knowledge gained through a school or college course provides a substantial foundation, success could only come through that knowledge and practice which is obtainsed from direct work in some business line." For Judge Mellon, business was also a question of character. "The habit of thrift and accumulation should be acquired early because carelessness in respect to personal expenses would influence action in the administration of business affairs."

Unfortunately our sitting President knows and has known nothing about economics or business. The big hole in his house of learning exposes his socialist, anti-business and obstructonist philosophy which plays out in his policies.