August 22, 2007 (LPAC)--University of Maryland economics professor Peter Morici, in a column published today ("Hedge Fund Con Men at the Heart of Credit Crisis") makes this trenchant comparison between the actions of the central banks in the credit crisis, and those of U.S. President Franklin Roosevelt:

"It's a modern-day run on the bank, where the banks become the depositors, and the hedge funds and equity funds are the banks. Unfortunately, the ECB [European Central Bank] behaved as if it were Franklin Roosevelt, and is in out of its depth."

Roosevelt did more than just provide liquidity; he closed the banks in 1933 so that depositors could not withdraw their savings, and stopped the banks from foreclosing on farm and home loans until sanity resumed." FDR, at that time, faced a foreclosures crisis just like that now sweeping the United States. Physical Economist, Lyndon LaRouche has address the remedy to this very same crises, today, in his Homeowners and Bank Protection Act.