I'm afraid I don't put much stock in Friedman because he's been proven wrong.
And yes, I do blame Hoover's inaction for the severity of the depression. That's why they were hoovervilles... everything else is revisionist history.
Really? Is this revisionist history.
The Depression of 1921? Read up on it, it started out WORSE than the Great Depression yet only lasted a few months since government stayed out. Look it up if you don't believe me.
Hoover was anything but a free marketer unless you want to say this is A) free market and B) Revisionist history
1. Hoover signed the Emergency Relief and Construction Act, the nation's first Federal unemployment assistance.
2.Asked Congress for a $400 million increase in the Federal Building Program
3.Directed the Department of Commerce to establish a Division of Public Construction in December 1929.
4.Signed the Federal Home Loan Bank Act establishing the Federal Home Loan Bank system to assist citizens in obtaining financing to purchase a home.
5.Signed the Agricultural Marketing Act.
6. Established the Emergency Relief Organization.
7.Signed the Reconstruction Finance Act. This act established the Reconstruction Finance Corporation, which made loans to the states for public works and unemployment relief. In addition, the RFC made loans to banks, railroads and agriculture credit organizations.
8.Raised tariffs
9. Signed the Revenue Act of 1932 raised taxes on the highest incomes from 25% to 63%. The estate tax was doubled and corporate taxes were raised by almost 15%. Hoover also encouraged Congress to investigate the New York Stock Exchange and this pressure resulted in various reforms.
Even FDR's first Vice President John Nance Garner, accused the Republican of "leading the country down the path of socialism".
How is Friedman proven wrong or free marketers? They have not been in control in damn near 100 years!