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The Great Depression was not caused by a sudden catastrophe but rather a crawling plague of failures that was reinforced every time the snooty holier-than-thou
by cynicalkane 17y ago
The Great Depression was not caused by a sudden catastrophe but rather a crawling plague of failures that was reinforced every time the snooty holier-than-thou politicians living in Congress and the Fed refused to lend a hand to banks, even ramping up regulatory requirements in mid-crisis.
Nobody knows what would have happened for the current crisis, but history suggests attitudes like yours are not a good idea. The last thing we need right now is a nation of Hoovers.
- jswinghammer 17y agoI agree that we don't need any more Hoovers but that's all we have. If you read about the scope of Hoover's interventions into the American economy in 1929 after the crash until he left office you wouldn't suggest that he left the economy alone or did too little.
- anamax 17y ago> The last thing we need right now is a nation of Hoovers. I suggest that you re-read your history. Hoover was a progressive and was ramping up deficit spending and production controls. FDR ran against those policies but did a 180 when he got into office and basically just did more of the same. That war on production is what made the great depression great. It didn't really end until WWII made it untenable - you can't have an empty arsenal of democracy.