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Sound familiar?
Quote:
Hoover, a Republican who had formerly served as U.S. secretary of commerce, believed that government should not directly intervene in the economy, and that it did not have the responsibility to create jobs or provide economic relief for its citizens. In 1932, however, with the country mired in the depths of the Great Depression and some 13-15 million people (or more than 20 percent of the U.S. population at the time) unemployed,
lmao Because someone said. If you did some research and you'd find Hoover wasn't laissez faire. Why his Reconstruction Program had nothing to do with government intervening in the economy.
Well, by all means, let's hope it happens again, so we can be right. -_-
I didn't want Trump, and I didn't want a Republican Congress, but I hope with all my heart that the history you mentioned does not repeat itself. I don't want to see all of Trump's proposals carried out - far from it. But I sure as hell don't want him to fail, either, just so I can gloat about his failure while the country goes down in flames.
What was your point here? If it was warning, it's a little late, and if it's a prediction, I hope you are wrong.
I also hope that history doesn't repeat itself. I put this out there so that we can be cognizant of how to avoid policies that may have led to previous economic collapses. President Hoover, as well as GWB, was a businessman. Perhaps we have to look closer at their policies.
Actually it was 2006 dufus. When the Dems won the House & Senate, they took us into a depression.
Most notably, Dems chaired the two committees responsible for the oversight of the two GSEs at the heart of the most recent recession, Fannie Mae, and Freddie Mac. Also of note, Bush implored them for additional ovesight of those two entities, on numerous occasions. When Dodd and Frank finally agreed, it was too late. Dems aren't interested in facts, only soundbites, and copy and paste memes.
After scrutinizing Roosevelt's record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.
The New Deal failed to get America out of the Great Depression. If anything, it
made matters worse. Throughout the New Deal era, the median annual unemployment
rate was 17.2 percent. At no point during the 1930s did unemployment go below 14 percent. Although there was episodic recovery, the 1937 peak for per capita output was lower than the previous peak in 1929. And the 1937 peak was followed by a crash. As Milton Friedman and Anna J. Schwartz have observed, that was
“the only occasion in our record when one deep depression followed immediately on the heels of another.”
So what stopped a blockbuster recovery from ever starting? The New Deal. Some New Deal policies certainly benefited the economy by establishing a basic social safety net through Social Security and unemployment benefits, and by stabilizing the financial system through deposit insurance and the Securities Exchange Commission. But others violated the most basic economic principles by suppressing competition, and setting prices and wages in many sectors well above their normal levels. All told, these antimarket policies choked off powerful recovery forces that would have plausibly returned the economy back to trend by the mid-1930s.
People should be required to study actual history before they post about it, it would make life much simpler. I finished school in the 80s, and even then we were taught that the New Deal was a terrible economic package.
I also hope that history doesn't repeat itself. I put this out there so that we can be cognizant of how to avoid policies that may have led to previous economic collapses. President Hoover, as well as GWB, was a businessman. Perhaps we have to look closer at their policies.
I know that it took a Democratic president (FDR) to end the depression that developed under the watch of the GOP.
certainly you do know a recession or depression takes years to materialize. No one party is ever totally responsible for them. If you want to start pointing fingers: who was president during WW1 and 2. Who was president when we got involved in Korean war or Nam for that matter? There are so many things that need to be considered when discussing hare times.
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