Top 3 Myths About the Great Depression and the New Deal

[bigrebnc1775]

Under what Administration was the Federal Reserve created?

That would be Woodrow Wilson. The depression happened partially because the FED tampered with Interest rates...

The majority of the states that approved the federal income tax were GOP. The great majority of GOP in Congress voted for the tax act and the federal reserve.

T, you can't win this game, if you don't know your facts.

Hey stupid can you prove what a state was politically in 1913?
You cannot determine that by how a state is now

 

[JakeStarkey]

Of course, you can. Go look up the lege reprsentations by party and the voting patterns. But if you can't, then T's comment is stupid. Either way he is fucked, and you look ignorant.

 

[Texanmike]

Mackinac Center for Public Policy - Wikipedia, the free encyclopedia



Mackinac Center scholars generally recommend lower state and local taxes, reduced regulatory authority for state agencies, labor law revisions including making Michigan a right-to-work state, school choice via universal tuition tax credits, and enhanced protection of individual property rights. They have been outspoken in their opposition to state higher taxes, economic central planning programs including subsidies, targeted corporate tax breaks,

According to the video most Economic historians would disagree with you.

Dear fool, those are not my words they are from wiki which knows more about this right wing think tank than you do.

Truth, you know that wiki is not a credible source right?

Mike

 

[bigrebnc1775]

Of course, you can. Go look up the lege reprsentations by party and the voting patterns. But if you can't, then T's comment is stupid. Either way he is fucked, and you look ignorant.

Then you would be wrong congress was controlled by the democrats in 1913

http://www.infoplease.com/ipa/A0774721.html

 

[JakeStarkey]

Congress was only a small part of what I wrote about, as you probably don't know. Now go check the GOP votes on the Federal Reserve Bank bill, the IRS bill, and most progressive legislation for 1913 in Congress. You are going to be unhappy with what you find.

But . . . congrats for doing some basic research. You should have been doing that long time ago.

 

[bigrebnc1775]

Congress was only a small part of what I wrote about, as you probably don't know. Now go check the GOP votes on the Federal Reserve Bank bill, the IRS bill, and most progressive legislation for 1913 in Congress. You are going to be unhappy with what you find.

But . . . congrats for doing some basic research. You should have been doing that long time ago.

NO you go ******* check it your the one that made the claim boy

 

[JakeStarkey]

T made the original claim, bigrebnc, he has to do it. That's how it works. Otherwise, it's merely opinion, and this board that when it comes to opinion with us three, you two are in a circle jerk and I am the one who is right. Go check it out. Facts are amazing things. Go examine some.

 

[bigrebnc1775]

T made the original claim, bigrebnc, he has to do it. That's how it works. Otherwise, it's merely opinion, and this board that when it comes to opinion with us three, you two are in a circle jerk and I am the one who is right. Go check it out. Facts are amazing things. Go examine some.

The only person you hide your liberal views from is you jokey. Here's your claim You need to prove your claim.

Jokey said

The majority of the states that approved the federal income tax were GOP. The great majority of GOP in Congress voted for the tax act and the federal reserve

Downing the GOP once again. What the hell is a great majority when your party is in the minority?

 

[Oddball]

The great majority of GOP in Congress voted for.... the federal reserve.

T, you can't win this game, if you don't know your facts.

Liar.

For creation of the Fed:

House vote, with breakdowns:
GovTrack: House Vote #33 (Sep 18, 1913)

Senate vote, with breakdowns:
GovTrack: Senate Vote #184 (Dec 19, 1913)

I believe you were yammering something about "knowing your facts"?

 

[Oddball]

Of course, you can. Go look up the lege reprsentations by party and the voting patterns. But if you can't, then T's comment is stupid. Either way he is fucked, and you look ignorant.

Then you would be wrong congress was controlled by the democrats in 1913

Composition of Congress, by Political Party, 1855

Now, where did Fake Malarkey scamper off to, now that we have a nice package for him?

 

[Bfgrn]

The great enemy of truth is very often not the lie – deliberate, contrived and dishonest – but the myth – persistent, persuasive, and unrealistic. Too often we enjoy the comfort of opinion without the discomfort of thought.
President John F. Kennedy


Life Before the Federal Reserve
The United States was considerably more unstable financially before the creation of the Federal Reserve. Panics, seasonal cash crunches and a high rate of bank failures made the U.S. economy a riskier place for international and domestic investors to place their capital. The lack of dependable credit stunted growth in many sectors, including agriculture and industry. (To learn more about the history of banking, see Cold Hard Cash Wars and The Evolution Of Banking.)

J.P. Morgan and the Panic of 1907
It was J.P. Morgan who forced the government into acting on the central banking plans it had been considering off and on for almost a century. During the Bank Panic of 1907, Wall Street turned to J.P. Morgan to steer the country through the crisis that was threatening to push the economy over the edge into a full crash and depression. Morgan was able to convene all the principal players at his mansion and command all their capital to flood the system, thus floating the banks that, in turn, helped to float the businesses until the panic passed.

The fact that the government owed its economic survival to a private banker forced the necessary legislation to create a central bank and the Federal Reserve.

Read more: How The Federal Reserve Was Formed

 

[bigrebnc1775]

The great majority of GOP in Congress voted for.... the federal reserve.

T, you can't win this game, if you don't know your facts.

Liar.

For creation of the Fed:

House vote, with breakdowns:
GovTrack: House Vote #33 (Sep 18, 1913)

Senate vote, with breakdowns:
GovTrack: Senate Vote #184 (Dec 19, 1913)

I believe you were yammering something about "knowing your facts"?

Ouch damn I even felt that hit when you hit jokey with that.

 

[bigrebnc1775]

Of course, you can. Go look up the lege reprsentations by party and the voting patterns. But if you can't, then T's comment is stupid. Either way he is fucked, and you look ignorant.

Then you would be wrong congress was controlled by the democrats in 1913

Composition of Congress, by Political Party, 1855

Now, where did Fake Malarkey scamper off to, now that we have a nice package for him?

yep, if he comes back expect roboting on his part and some aimless name calling.

 

[bripat9643]

The great enemy of truth is very often not the lie – deliberate, contrived and dishonest – but the myth – persistent, persuasive, and unrealistic. Too often we enjoy the comfort of opinion without the discomfort of thought.
President John F. Kennedy


Life Before the Federal Reserve
The United States was considerably more unstable financially before the creation of the Federal Reserve. Panics, seasonal cash crunches and a high rate of bank failures made the U.S. economy a riskier place for international and domestic investors to place their capital. The lack of dependable credit stunted growth in many sectors, including agriculture and industry. (To learn more about the history of banking, see Cold Hard Cash Wars and The Evolution Of Banking.)

J.P. Morgan and the Panic of 1907
It was J.P. Morgan who forced the government into acting on the central banking plans it had been considering off and on for almost a century. During the Bank Panic of 1907, Wall Street turned to J.P. Morgan to steer the country through the crisis that was threatening to push the economy over the edge into a full crash and depression. Morgan was able to convene all the principal players at his mansion and command all their capital to flood the system, thus floating the banks that, in turn, helped to float the businesses until the panic passed.

The fact that the government owed its economic survival to a private banker forced the necessary legislation to create a central bank and the Federal Reserve.

Read more: How The Federal Reserve Was Formed

Thanks for posting the self-serving Federal Reserve propaganda. The facts are somewhat more complicated:

Origins of the Federal Reserve - Murray N. Rothbard - Mises Daily

The most interventionist of the Civil War actions was in the vital field of money and banking. The approach toward hard money and free banking that had been achieved during the 1840s and 1850s was swept away by two pernicious inflationist measures of the wartime Republican administration. One was fiat money greenbacks, which depreciated by half by the middle of the Civil War. These were finally replaced by the gold standard after urgent pressure by hard-money Democrats, but not until 1879, 14 full years after the end of the war.

A second, and more lasting, intervention was the National Banking Acts of 1863, 1864, and 1865, which destroyed the issue of bank notes by state-chartered (or "state") banks by a prohibitory tax, and then monopolized the issue of bank notes in the hands of a few large, federally chartered "national banks," mainly centered on Wall Street. In a typical cartelization, national banks were compelled by law to accept each other's notes and demand deposits at par, negating the process by which the free market had previously been discounting the notes and deposits of shaky and inflationary banks.

In this way, the Wall Street–federal government establishment was able to control the banking system, and inflate the supply of notes and deposits in a coordinated manner.

But there were still problems. The national-banking system provided only a halfway house between free banking and government central banking, and by the end of the 19th century, the Wall Street banks were becoming increasingly unhappy with the status quo.

The centralization was only limited, and, above all, there was no governmental central bank to coordinate inflation, and to act as a lender of last resort, bailing out banks in trouble. As soon as bank credit generated booms, then they got into trouble; bank-created booms turned into recessions, with banks forced to contract their loans and assets and to deflate in order to save themselves.

Not only that, but after the initial shock of the National Banking Acts, state banks had grown rapidly by pyramiding their loans and demand deposits on top of national-bank notes. These state banks, free of the high legal-capital requirements that kept entry restricted in national banking, flourished during the 1880s and 1890s and provided stiff competition for the national banks themselves.

Furthermore, St. Louis and Chicago, after the 1880s, provided increasingly severe competition to Wall Street. Thus, St. Louis and Chicago bank deposits, which had been only 16 percent of the St. Louis, Chicago, and New York City total in 1880, rose to 33 percent of that total by 1912. All in all, bank clearings outside of New York City, which were 24 percent of the national total in 1882, had risen to 43 percent by 1913.

The complaints of the big banks were summed up in one word: "inelasticity." The national-banking system, they charged, did not provide for the proper "elasticity" of the money supply; that is, the banks were not able to expand money and credit as much as they wished, particularly in times of recession. In short, the national-banking system did not provide sufficient room for inflationary expansions of credit by the nation's banks.[1]


If you follow the link, you can read the whole sleazy history of the creation of the Federal reserve

 

[Bfgrn]

The great enemy of truth is very often not the lie – deliberate, contrived and dishonest – but the myth – persistent, persuasive, and unrealistic. Too often we enjoy the comfort of opinion without the discomfort of thought.
President John F. Kennedy


Life Before the Federal Reserve
The United States was considerably more unstable financially before the creation of the Federal Reserve. Panics, seasonal cash crunches and a high rate of bank failures made the U.S. economy a riskier place for international and domestic investors to place their capital. The lack of dependable credit stunted growth in many sectors, including agriculture and industry. (To learn more about the history of banking, see Cold Hard Cash Wars and The Evolution Of Banking.)

J.P. Morgan and the Panic of 1907
It was J.P. Morgan who forced the government into acting on the central banking plans it had been considering off and on for almost a century. During the Bank Panic of 1907, Wall Street turned to J.P. Morgan to steer the country through the crisis that was threatening to push the economy over the edge into a full crash and depression. Morgan was able to convene all the principal players at his mansion and command all their capital to flood the system, thus floating the banks that, in turn, helped to float the businesses until the panic passed.

The fact that the government owed its economic survival to a private banker forced the necessary legislation to create a central bank and the Federal Reserve.

Read more: How The Federal Reserve Was Formed

Thanks for posting the self-serving Federal Reserve propaganda. The facts are somewhat more complicated:

Origins of the Federal Reserve - Murray N. Rothbard - Mises Daily

The most interventionist of the Civil War actions was in the vital field of money and banking. The approach toward hard money and free banking that had been achieved during the 1840s and 1850s was swept away by two pernicious inflationist measures of the wartime Republican administration. One was fiat money greenbacks, which depreciated by half by the middle of the Civil War. These were finally replaced by the gold standard after urgent pressure by hard-money Democrats, but not until 1879, 14 full years after the end of the war.

A second, and more lasting, intervention was the National Banking Acts of 1863, 1864, and 1865, which destroyed the issue of bank notes by state-chartered (or "state") banks by a prohibitory tax, and then monopolized the issue of bank notes in the hands of a few large, federally chartered "national banks," mainly centered on Wall Street. In a typical cartelization, national banks were compelled by law to accept each other's notes and demand deposits at par, negating the process by which the free market had previously been discounting the notes and deposits of shaky and inflationary banks.

In this way, the Wall Street–federal government establishment was able to control the banking system, and inflate the supply of notes and deposits in a coordinated manner.

But there were still problems. The national-banking system provided only a halfway house between free banking and government central banking, and by the end of the 19th century, the Wall Street banks were becoming increasingly unhappy with the status quo.

The centralization was only limited, and, above all, there was no governmental central bank to coordinate inflation, and to act as a lender of last resort, bailing out banks in trouble. As soon as bank credit generated booms, then they got into trouble; bank-created booms turned into recessions, with banks forced to contract their loans and assets and to deflate in order to save themselves.

Not only that, but after the initial shock of the National Banking Acts, state banks had grown rapidly by pyramiding their loans and demand deposits on top of national-bank notes. These state banks, free of the high legal-capital requirements that kept entry restricted in national banking, flourished during the 1880s and 1890s and provided stiff competition for the national banks themselves.

Furthermore, St. Louis and Chicago, after the 1880s, provided increasingly severe competition to Wall Street. Thus, St. Louis and Chicago bank deposits, which had been only 16 percent of the St. Louis, Chicago, and New York City total in 1880, rose to 33 percent of that total by 1912. All in all, bank clearings outside of New York City, which were 24 percent of the national total in 1882, had risen to 43 percent by 1913.

The complaints of the big banks were summed up in one word: "inelasticity." The national-banking system, they charged, did not provide for the proper "elasticity" of the money supply; that is, the banks were not able to expand money and credit as much as they wished, particularly in times of recession. In short, the national-banking system did not provide sufficient room for inflationary expansions of credit by the nation's banks.[1]


If you follow the link, you can read the whole sleazy history of the creation of the Federal reserve

And we are supposed to believe the Austrian school of economic destruction and plutocracy advocates? Without the Fed the US dollar would have NEVER become the international monetary standard...EVER!

Hoover and the Feds followed the advice of the the Austrian school...it led to the great depression.

The Federal Reserve took almost no steps to halt the slide into the Great Depression over 1929–33. Instead, the Federal Reserve acted as if appropriate policy was not to try to avoid the oncoming Great Depression, but to allow it to run its course and “liquidate” the unprofitable portions of the private economy.

In adopting such “liquidationist” policies, the Federal Reserve was merely following the recommendations provided by an economic theory of depressions that was in fact common before the Keynesian Revolution and was held by economists like Friedrich Hayek, Lionel Robbins, and Joseph Schumpeter.

 

[CrusaderFrank]

The great enemy of truth is very often not the lie – deliberate, contrived and dishonest – but the myth – persistent, persuasive, and unrealistic. Too often we enjoy the comfort of opinion without the discomfort of thought.
President John F. Kennedy


Life Before the Federal Reserve
The United States was considerably more unstable financially before the creation of the Federal Reserve. Panics, seasonal cash crunches and a high rate of bank failures made the U.S. economy a riskier place for international and domestic investors to place their capital. The lack of dependable credit stunted growth in many sectors, including agriculture and industry. (To learn more about the history of banking, see Cold Hard Cash Wars and The Evolution Of Banking.)

J.P. Morgan and the Panic of 1907
It was J.P. Morgan who forced the government into acting on the central banking plans it had been considering off and on for almost a century. During the Bank Panic of 1907, Wall Street turned to J.P. Morgan to steer the country through the crisis that was threatening to push the economy over the edge into a full crash and depression. Morgan was able to convene all the principal players at his mansion and command all their capital to flood the system, thus floating the banks that, in turn, helped to float the businesses until the panic passed.

The fact that the government owed its economic survival to a private banker forced the necessary legislation to create a central bank and the Federal Reserve.

Read more: How The Federal Reserve Was Formed

Thanks for posting the self-serving Federal Reserve propaganda. The facts are somewhat more complicated:

Origins of the Federal Reserve - Murray N. Rothbard - Mises Daily

The most interventionist of the Civil War actions was in the vital field of money and banking. The approach toward hard money and free banking that had been achieved during the 1840s and 1850s was swept away by two pernicious inflationist measures of the wartime Republican administration. One was fiat money greenbacks, which depreciated by half by the middle of the Civil War. These were finally replaced by the gold standard after urgent pressure by hard-money Democrats, but not until 1879, 14 full years after the end of the war.

A second, and more lasting, intervention was the National Banking Acts of 1863, 1864, and 1865, which destroyed the issue of bank notes by state-chartered (or "state") banks by a prohibitory tax, and then monopolized the issue of bank notes in the hands of a few large, federally chartered "national banks," mainly centered on Wall Street. In a typical cartelization, national banks were compelled by law to accept each other's notes and demand deposits at par, negating the process by which the free market had previously been discounting the notes and deposits of shaky and inflationary banks.

In this way, the Wall Street–federal government establishment was able to control the banking system, and inflate the supply of notes and deposits in a coordinated manner.

But there were still problems. The national-banking system provided only a halfway house between free banking and government central banking, and by the end of the 19th century, the Wall Street banks were becoming increasingly unhappy with the status quo.

The centralization was only limited, and, above all, there was no governmental central bank to coordinate inflation, and to act as a lender of last resort, bailing out banks in trouble. As soon as bank credit generated booms, then they got into trouble; bank-created booms turned into recessions, with banks forced to contract their loans and assets and to deflate in order to save themselves.

Not only that, but after the initial shock of the National Banking Acts, state banks had grown rapidly by pyramiding their loans and demand deposits on top of national-bank notes. These state banks, free of the high legal-capital requirements that kept entry restricted in national banking, flourished during the 1880s and 1890s and provided stiff competition for the national banks themselves.

Furthermore, St. Louis and Chicago, after the 1880s, provided increasingly severe competition to Wall Street. Thus, St. Louis and Chicago bank deposits, which had been only 16 percent of the St. Louis, Chicago, and New York City total in 1880, rose to 33 percent of that total by 1912. All in all, bank clearings outside of New York City, which were 24 percent of the national total in 1882, had risen to 43 percent by 1913.

The complaints of the big banks were summed up in one word: "inelasticity." The national-banking system, they charged, did not provide for the proper "elasticity" of the money supply; that is, the banks were not able to expand money and credit as much as they wished, particularly in times of recession. In short, the national-banking system did not provide sufficient room for inflationary expansions of credit by the nation's banks.[1]


If you follow the link, you can read the whole sleazy history of the creation of the Federal reserve

And we are supposed to believe the Austrian school of economic destruction and plutocracy advocates? Without the Fed the US dollar would have NEVER become the international monetary standard...EVER!

Hoover and the Feds followed the advice of the the Austrian school...it led to the great depression.

The Federal Reserve took almost no steps to halt the slide into the Great Depression over 1929–33. Instead, the Federal Reserve acted as if appropriate policy was not to try to avoid the oncoming Great Depression, but to allow it to run its course and “liquidate” the unprofitable portions of the private economy.

In adopting such “liquidationist” policies, the Federal Reserve was merely following the recommendations provided by an economic theory of depressions that was in fact common before the Keynesian Revolution and was held by economists like Friedrich Hayek, Lionel Robbins, and Joseph Schumpeter.

******* outright lie

Hoover was a Central Planner

What year did this great Keynesian Economic Thought end the FDR Depression?

 

[Oddball]

The great enemy of truth is very often not the lie – deliberate, contrived and dishonest – but the myth – persistent, persuasive, and unrealistic. Too often we enjoy the comfort of opinion without the discomfort of thought.
President John F. Kennedy


Life Before the Federal Reserve
The United States was considerably more unstable financially before the creation of the Federal Reserve. Panics, seasonal cash crunches and a high rate of bank failures made the U.S. economy a riskier place for international and domestic investors to place their capital. The lack of dependable credit stunted growth in many sectors, including agriculture and industry. (To learn more about the history of banking, see Cold Hard Cash Wars and The Evolution Of Banking.)

J.P. Morgan and the Panic of 1907
It was J.P. Morgan who forced the government into acting on the central banking plans it had been considering off and on for almost a century. During the Bank Panic of 1907, Wall Street turned to J.P. Morgan to steer the country through the crisis that was threatening to push the economy over the edge into a full crash and depression. Morgan was able to convene all the principal players at his mansion and command all their capital to flood the system, thus floating the banks that, in turn, helped to float the businesses until the panic passed.

The fact that the government owed its economic survival to a private banker forced the necessary legislation to create a central bank and the Federal Reserve.

Read more: How The Federal Reserve Was Formed

Leave it to you to pimp for the big Wall Street banksters!

 

[JakeStarkey]

asked for the votes by the party members. You guys are only half way there. Do I always have to make your arguments for you. Your opinions require proof. Also remember for the revenue amendment it required 3/4s of the states.

You guys really need to think before shooting yourselves in the foot.

I am waiting for the vote by party members on the revenue act and for the frb act in 1913.

Ante up, podjos.

 

[JakeStarkey]

Oddball, you are aware that there are right wing and left wing progressives, are you not?

Quit acting dense.

 

[bigrebnc1775]

Oddball, you are aware that there are right wing and left wing progressives, are you not?

Quit acting dense.

**** you there is no sucj thing as a right wing proigressive. You are a cock sucking left wing progressive you ******* cock sucker.