David Fitzwilliam was last week’s breakfast speaker, and (in his words)  “compared BOTTOM UP market fixes with TOP DOWN Progressive Big Gov fixes to U.S. economic recessions. In 1921 Pres Harding reduced the top tax rate from 70% to 25% and Gov spending by 50% (in a BOTTOM UP market fix) and unemployment went from 11% to under 3% by 1923.

Hoover (1931-33) and FDR TOP DOWN fixes produced unemployment at 23% (in 1933) and 15% (1939). Oboma’s TOP DOWN stimulus of $8008, that much of which went to Dem special interest cronies, was ineffective.

After 3 years unemployment is more than 8% and GPD growth is less than 2% in spite of the Fed flooding the market with QE1, QE2& QE3 plus Twist printing more than $3T.”

Last week’s breakfast speaker was our own Claes Ryn, Professor of Politics at Catholic University, who has recently returned from his sixth trip to China where he delivered a major address and was named an Honorary Professor at Beijing Normal University. Claes had wondered why an invitation would be extended, but realized that America is the subject of universal attention and that his ideas and his writings would surely command attention.

China is a land with an ancient culture that may be lost or endangered by a new Chinese identity. He expressed the view that communism is gone but its mechanism for governing may remain. ”There is horror on the horizon” he said, “that China and the U.S. may find themselves in an unbelievable war, to be avoided if highly civilized people can work out their differences.

There was no club meeting last Friday (no electricity, trees down, etc. etc,) but conditions did not deter Barry Thompson from organizing and financing a gourmet breakfast meeting at the “Founding Farmer’s Restaurant” in Potomac. Fifteen % of the club membership attended (count ‘em), and they were treated to an array of New Orleans- like items, including Beignets (below), eggs Benedict, and waffles.