An obscure speech given by Harry Truman on September 11, 1951 at the dedication of the GAO office building is buried deep in the FBI FOIA archives. In it, Truman discusses the budget of 1951-1952, and offers some practical advice to the Paul Ryans of his day and ours.

Now, I would like to say a word to comfort and console those who fear that we are spending our way into national bankruptcy. This alarming thought has some currency in certain circles, and it is used to frighten voters -- particularly as visions of elections dance through the heads of gentlemen who are politically inclined.

I want to say to those gentlemen who are spreading this story, "Don't be afraid." This is something that has been worrying you for a number of years now. It's something you've been saying over and over again. It wasn't true when you began to say it, and it's has not been true as you have repeated it over and over since then, and now it's further from the truth than ever.

He goes on to talk about why the 40% tax rates are strengthening the economy:

The country is stronger economically than it has ever been before. Its people are more prosperous. After paying their taxes, the people have an average per capita income that will buy 40 percent more than it did in 1939, in spite of increases in prices. Corporations are making more money than they ever did and, even after paying taxes at the new high rates, their profits are running at an even higher rate than in any year except the record-breaking 1950.

And finally, he discusses the wisdom of the "paygo" approach to spending:

One of the benefits of using the pay-as-we-go approach is that it results in a tighter check on expenditures. It is so unpleasant to increase taxes that before doing it we try to hold down on expenditures wherever we can. That is the way it ought to be. All I ask is that we do not cut our expenditures to the point where we lose more than we gain. We must not be penny wise and pound foolish. I don't want to lose a horse through being too stingy to buy a strong enough rope to tie him with.

Take heed, Paul Ryan. Those who don't learn from history are doomed to repeat it. Low tax rates and income inequality, combined with speculators and irresponsible Wall Street bankers brought on the Great Depression. Here's a speech from Truman, just at the beginning of what would be one of the most prosperous periods in American history warning you.

Buy the rope, boys.

Via Raw Story, some horrible news if true - since an Israeli attack on Iran means they're seen in the Middle East as our surrogate. The Associated Press is still trying to confirm:

As unconfirmed reports of an imminent Israeli strike on Iran's nuclear facilities pick up steam in the Middle Eastern media, a US-based strategic intelligence company has released a chart showing US naval carriers massing near Iranian waters.

The chart, published by Stratfor and obtained by the Zero Hedge financial blog, shows that over the last few weeks a naval carrier -- the USS Harry S Truman -- has been positioned in the north Indian Ocean, not far from the Strait of Hormuz, which leads into the Persian Gulf. The carrier joins the USS Dwight D. Eisenhower, which was already located in the area. The chart is dated June 23, 2010.

Reports of mass movements of Israeli and US naval warships have been circulating through the media for weeks. On June 19, the Israeli newspaper Ha'aretz reported that 12 US and Israeli warships were seen moving through the Suez Canal from the Mediterranean Sea to the Red Sea.

Bush hit his lowest approval rating ever:

President George W. Bush's job approval rating has dropped to 28%, the lowest of his administration. Bush's approval is lower than that of any president since World War II, with the exceptions of Jimmy Carter (who had a low point of 28% in 1979), and Richard Nixon and Harry Truman, who suffered ratings in the low- to mid-20% range in the last years of their administrations.

How does it feel. How does it feel. To be on your own...When I saw Bush's poll number, these words crept into my brain. No disrespect to Bob Dylan.

Don Boyle trapped in Harry Truman Middle School in Marrero, LA. (Sept 4th) made this call and explains the nightmare.

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(Hat tip DMB-DU Thread)