Obamanomics fails because it's supposed to, just like FDR Depression

[8537]

GDP, 1929-1936
1929: 103.6B<--Fed raises rates, tightens money supply
1930: 91.2B<--Fed raises rates, tightens money supply
1931: 76.5B<-- Fed allows bank collapse after collapse
1932: 58.7B<-- Fed continues to draw money OUT of US economy, Democrats reveal names of trouble banks, exacerbating run on banks
1933: 56.4B <-----FDR takes office after taking a cruise and ignoring Hoovers pleas for help stemming the bank collapses, inauguration was in March
1934: 66.0B
1935: 73.3B
1936: 83.8B

Wait, are you saying that the Fed made some seriously stupid mistakes between 1929 and 1933?

Of course! Tell me, what changed in 1933 that made them make better decisions?

 

[8537]

FACT: America took much longer than almost every other industrialized Nation, to recover from the Great Depression.

Take from it what you want.

Indeed! There's a strong correlation between how long a nation stuck to the gold standard and how long their depression lasted.

Take from that what you want.

 

[Oddball]

The depression that started in August of 1929 ended in March of 1933.

And what of the second depression that started in '37?

It was a recession - and it ended quite quickly. And the economy once again returned to a path of record growth.

No, it was a double-dip depression, followed by more "quantitative easing" to pump up the numbers.

 

[8537]

And what of the second depression that started in '37?

It was a recession - and it ended quite quickly. And the economy once again returned to a path of record growth.

No, it was a double-dip depression, followed by more "quantitative easing" to pump up the numbers.

1) There was no quantitative easing in 1937/8

2) It was a recession.

3) QE can't "pump up" real dollar values of production - unless you believe that QE can expand production.

 

[The Rabbi]

The depression that started in August of 1929 ended in March of 1933.

And what of the second depression that started in '37?

It was a recession - and it ended quite quickly. And the economy once again returned to a path of record growth.

OK. so the period from 1930 to 1939 was marked by record growth with a minor recession thrown in.

Are you really going to stick with that??

 

[8537]

And what of the second depression that started in '37?

It was a recession - and it ended quite quickly. And the economy once again returned to a path of record growth.

OK. so the period from 1930 to 1939 was marked by record growth with a minor recession thrown in.

Are you really going to stick with that??

yes! I even provided the data. The only problem is I never said the recession was minor.

here, take a look Rabbi:

 

[CrusaderFrank]

Play for Play. FDR Depression is repeated by the Obama Depression

"But in the 1930s, this great expansion of executive branch powers raised numerous constitutional issues. The federal courts balked at the regulatory intrusions into business relationships. The New Dealers were infuriated that the judiciary, “locked in horse and buggy days,” was rejecting the emergency measures. Constitutional issues were reduced to “nine old men” who stood in the way of remaking a broken society. Roosevelt finally overcame the judiciary’s constitutional scruples with his threat to pack the Supreme Court with New Dealers.

Roosevelt succeeded in adjusting the Constitution to “extraordinary needs” because he won the propaganda war. The public accepted Roosevelt’s depiction of constitutional scruples and economic rights as expressions of reactionary interests. Thus, just as the public was misled by elites as to the cause of the Depression, the public was deceived about the cure. The modern American administrative state was born in this failure of the intelligence and integrity of American elites.

Once the dike of judicial resistance was broken, the programs came fast and furious. New Deal statutory creations included: the Emergency Banking Act (1933), the Economy Act (1933), the Federal Securities Act (1933), the Tennessee Valley Authority (1933), the Civilian Conservation Corps (1933), the Federal Emergency Relief Administration (1933), the Glass-Steagall Act (1933), the Civil Works Administration (1933), the Public Works Administration (1933), the National Recovery Administration (1933), the Agricultural Adjustment Administration (1933), the Farm Credit Administration (1933), the Federal Housing Administration (1934), the Gold Reserve Act (1934), the Reciprocal Trade Agreements Act (1934), the Works Progress Administration (1935), the Public Utilities Holding Company Act (1935), the Social Security Act (1935), the National Labor Relations Act (1935), the Soil Conservation and Domestic Allotment Act (1936), the National Housing Act (1937), the Farm Security Administration (1937), and the Fair Labor Standards Act (1938)."

The Fed's "Depression" and the Birth of the New Deal | Hoover Institution

 

[The Rabbi]

It was a recession - and it ended quite quickly. And the economy once again returned to a path of record growth.

OK. so the period from 1930 to 1939 was marked by record growth with a minor recession thrown in.

Are you really going to stick with that??

yes! I even provided the data. The only problem is I never said the recession was minor.

here, take a look Rabbi:

So now we have a new meme from expert economist 8537: There was no Great Depression! There was a deep nasty Depression caused by those evil Republicans and a short easy recession also caused by Republicans. In between was tremendous growth. The Great Depression was really a time of huge growth. Maybe it was one of the most prosperous times in history!