Idiot, fear mongering Pubs have power even when not controlling Congress. They had lots of money and fear mongering talking heads then too. Isolation, "common sense" austerity- Pfffft!!
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They only like right wing rewrites of history
1929-1933 Fed strangles the US Economy nearly to death by decreasing money supply by 1/3, they stopped in 1933.
What a coinkydink!
Unemployment benefits & welfare do not create jobs. They increase unemployment & government dependency.
A turn to austerity to "balence the budget" because Rs were saying it was it was more important than recovery
It is a RIGHT WING THINK TANK
Pure Horse shit, It's a pretty Middle of the Road Think Tank. I know, to you anything short of Marxist, is "right wing"
How people get sucked into believing this shit works is beyond me
How people get sucked into believing this shit works is beyond me
What year did the FDR Depression end?
A turn to austerity to "balence the budget" because Rs were saying it was it was more important than recovery
Republicans controlled how much of Congress in 1937?
Take your time.
Idiot, fear mongering Pubs have power even when not controlling Congress. They had lots of money and fear mongering talking heads then too. Isolation, "common sense" austerity- Pfffft!!
They only like right wing rewrites of history
1929-1933 Fed strangles the US Economy nearly to death by decreasing money supply by 1/3, they stopped in 1933.
What a coinkydink!
So, the depression was more created for Hoover than by him, huh?They only like right wing rewrites of history
1929-1933 Fed strangles the US Economy nearly to death by decreasing money supply by 1/3, they stopped in 1933.
What a coinkydink!
^^^^^^^^^^^^^
This.
So, the depression was more created for Hoover than by him, huh?1929-1933 Fed strangles the US Economy nearly to death by decreasing money supply by 1/3, they stopped in 1933.
What a coinkydink!
^^^^^^^^^^^^^
This.
Economic Policy Under Hoover
Throughout this declinewhich carried real GNP per worker down to a level 40 percent below that which it had attained in 1929, and which saw the unemployment rise to take in more than a quarter of the labor forcethe government did not try to prop up aggregate demand. The only expansionary fiscal policy action undertaken was the Veterans Bonus, passed over President Hoovers veto. That aside, the full employment budget surplus did not fall over 192933.
The Federal Reserve did not use open market operations to keep the nominal money supply from falling. Instead, its only significant systematic use of open market operations was in the other direction: to raise interest rates and discourage gold outflows after the United Kingdom abandoned the gold standard in the fall of 1931.
This inaction did not come about because they did not understand the tools of monetary policy. This inaction did not come about because the Federal Reserve was constrained by the necessity of defending the gold standard. The Federal Reserve knew what it was doing: it was letting the private sector handle the Depression in its own fashion. It saw the private sectors task as the liquidation of the American economy. It feared that expansionary monetary policy would impede the necessary private-sector process of readjustment.
Contemplating in retrospect the wreck of his countrys economy and his own presidency, Herbert Hoover wrote bitterly in his memoirs about those who had advised inaction during the downslide:
The leave-it-alone liquidationists headed by Secretary of the
Treasury Mellon felt that government must keep its hands off and
let the slump liquidate itself. Mr. Mellon had only one formula:
Liquidate labor, liquidate stocks, liquidate the farmers, liquidate
real estate. He held that even panic was not altogether a bad
thing. He said: It will purge the rottenness out of the system. High
costs of living and high living will come down. People will work
harder, live a more moral life. Values will be adjusted, and
enterprising people will pick up the wrecks from less competent
people.
Obama's Director of the White House National Economic Council & Clinton's Secretary of the Treasury Lawrence Summers at 22:00 in video
"If Hitler had not come along, Franklin Roosevelt would have left office in the beginning of 1941 with an unemployment rate in excess of 15% and an economic recovery strategy that had basically failed."
Democrat's hero John Maynard Keynes
"Nor should the argument seem strange that taxation may be so high as to defeat its object, and that, given sufficient time to gather the fruits, a reduction of taxation will run a better chance than an increase of balancing the budget."
Government spending is now 47% of GDP & growing. In 2000 it was only 36.14% of GDP. We are now just 3% away from being a government controlled economy. That is the level we spiked to during WWII at the end of the great depression. Now government just remains at depression era spending levels & the economy is tanking.
Democrats scream that government has been cut to the bone over the last 20 years since Regan but the fact is government spending as percent of GDP rose under Regan, Bush & Bush. It only fell under Clinton.
Obama's Director of the White House National Economic Council & Clinton's Secretary of the Treasury Lawrence Summers at 22:00 in video
"If Hitler had not come along, Franklin Roosevelt would have left office in the beginning of 1941 with an unemployment rate in excess of 15% and an economic recovery strategy that had basically failed."
Democrat's hero John Maynard Keynes
"Nor should the argument seem strange that taxation may be so high as to defeat its object, and that, given sufficient time to gather the fruits, a reduction of taxation will run a better chance than an increase of balancing the budget."
Government spending is now 47% of GDP & growing. In 2000 it was only 36.14% of GDP. We are now just 3% away from being a government controlled economy. That is the level we spiked to during WWII at the end of the great depression. Now government just remains at depression era spending levels & the economy is tanking.
Democrats scream that government has been cut to the bone over the last 20 years since Regan but the fact is government spending as percent of GDP rose under Regan, Bush & Bush. It only fell under Clinton.
It fell under Kennedy. Look at the graph.
er, FDR saved America from the Great Depression...er, Hoover's Laisse Faire policies killed the economy...um FDR's Make Work Plans saved or created tens of million of jobs and kept unemployment low.