Was Limbaugh's Nose Around in 1933 From Keynes' open letter to President Roosevelt:

The average City man believes that you are engaged on a hare-brained expedition in face of competent advice, that the best hope lies in your ridding yourself of your present advisers to return to the old ways, and that otherwise the United States is heading for some ghastly breakdown. That is what they say they smell. There is a recrudescence of wise head-waging by those who believe that the nose is a nobler organ than the brain.

The letter itself, originally printed in the New York Times 75 years ago, describes a situation very similar to where we are right now. The major difference that makes Keynes' three pronged approach to battling "the slump" is that, today, the Federal Reserve has already lowered interest rates effectively to zero, which makes the other two "factors" so important:

Individuals must be induced to spend more out o their existing incomes; or the business world must be induced, either by increased confidence in the prospects or by a lower rate of interest, to create additional current incomes in the hands of their employees, which is what happens when either the working or the fixed capital of the country is being increased; or public authority must be called in aid to create additional current incomes through the expenditure of borrowed or printed money. In bad times the first factor cannot be expected to work on a sufficient scale. The second factor will come in as the second wave of attack on the slump after the tide has been turned by the expenditures of public authority. It is, therefore, only from the third factor that we can expect the initial major impulse.

If you have no clue what the heck this post is about, but are curious who this guy Keynes was and want a basic overview of his theories, click here.  ¶ 7:41 PM