Holy shit! Not this again...
The 1921 recession was a post-war demand collapse. Completely expected - and fixed when (get this!) we started selling lots and lots of stuff to a continent that had just been shitbombed into the dark ages.
"Completely expected -"
Really?
So....was there a "post-war demand collapse. Completely expected -" after WWII?
Why yes, Politicalchic, there was!
Could your absurd post be based on the fact that Harding was a Republican who ended a deep recession, and FDR was a Democrat who extended the recession into a depression?
No, it couldn't be. Because when FDR took office the economy had lost almost 1/2 it's value and remained in free fall with 4000 banks collapsing. By the middle of his first year there was 1 bank collapse and the economy began the fastest four-year period of growth in modern US history.
Sounds more like you're one of those bought and paid apologists for Democrats.
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The good ol' FDR mythology....
....let's check it out:
1. In 1931, in some of the darkest days of the Great Depression and the middle of the Hoover administration, unemployment rate stood at 17.4 %.
Seven years later, after five years of FDR, and literally hundred s of wildly ambitious new government programs, more than doubling of federal spending, the national unemployment rate stood at – 17.4 %. At no point during the 1930’s did unemployment go below 14 %. Even in 1941, in the midst of the military buildup, 9.9 % of American workers were unemployed.
2. March 4, 1933, in his first Inaugural Address, FDR said “
Our greatest primary task is to put people to work.” This meant that the New Deal was a wretched, ill-conceived failure.
3. After the stock market crash,, the Dow hit 250 in 1930 under Hoover (it had been 343 before the crash). January 1940,
after seven years of the New Deal, the market had collapsed to 151, and remained in the low 100’s through most of FDR’s terms.
4. Federal spending went from 2.5 % in 1929 to 9 % in 1936: Washington’s portion of the economy increased by 360 % in just seven years-
with no benefit to the economy.
Warren Harding inherited one of the sharpest recessions in American history in 1921. By July it was over. Harding and Treasury Sec’y Mellon
cut government expenditures by 40 %, allowing wages to fall, in a natural recovery to full employment. The cuts, and even sharper tax cuts under Coolidge, produced the long period of growth and rising living standards associated with the Roaring Twenties.
Seems to lead to the conclusion that, unlike Harding, who ended a similar recession in 18 months by cutting taxes and governmental interference,
FDR extended the collapse..and turned a recession into a depression.
Need Left-wing sources to indicate same before you'll consider it?
Sure.
5. Arthur Schlesinger, Jr., liberal New Deal historian wrote in The National Experience, in 1963, “Though the policies of the Hundred Days had ended despair,
they had not produce recovery…” He also wrote honestly about the devastating
crash of 1937- in the midst of the “second New Deal” and Roosevelt’s second term. “The
collapse in the months after September 1937 was actually more severe than it had been in the first nine months of the depression: national income fell 13 %, payrolls 35 %, durable goods production 50 %, profits 78% .
Egg on your face?
No?
Need more?
Sure:
6. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that
“ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI
Here, let me help you with that:
re·tard/riˈtärd/
Verb:
Delay or hold back in terms of progress, development, or accomplishment.
Now, why would Liberals worship the failure of FDR....especially in the face of this:
7. John Maynard Keynes, in a letter published in the NYTimes, December 31, 1933, warned “ even wise and necessary Reform may, in some respects,
impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action.” Even
Keynes say the danger in treating the nation’s capitalists as an enemy, as “the unscrupulous money changers,” as FDR called them in his first Inaugural.
Covered in Medved's "The Ten Big Lies."
Leads one to the overwhelming conclusion:
Not facts, nor data, nor experience, nor rational debate will convince Liberals