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George W. Bush and Herbert Hoover, compared

2009-01-20 14:39:32.479978+00 by Dan Lyke 5 comments

The Volokh Conspiracy: Bush is Indeed Like Herbert Hoover - But Not in the Way You Think

Speaking before the 1932 Republican Convention, Hoover boasted that he had rejected the "disastrous" option of doing "nothing" and instead had "met the situation with proposals to private business and to Congress of the most gigantic program of economic defense and counterattack ever evolved in the history of the Republic." In that same 1932 campaign, FDR even denounced Hoover for overspending and promised to enact a balanced budget.

[ related topics: Politics Current Events Economics ]

comments in ascending chronological order (reverse):

#Comment Re: made: 2009-01-20 15:51:00.753779+00 by: ziffle

So here we are again; Obama will perpetuate the failed policies of Hoover, Bush and Roosevelt and extend the pain many years into the future.

The free market will correct this all in short order, were the markets left alone. Of course fiddling on the market via the fed got us into this mess, just like the last depression.

Housing values are crashing everywhere. A good time is coming for those with cash to invest.

#Comment Re: The Economy made: 2009-01-20 18:49:46.969892+00 by: jeff

So, are we heading towards an economy like Japan, or more towards an economy like Argentina?

#Comment Re: made: 2009-01-20 19:32:45.784785+00 by: spc476

As long as it isn't like Zimbabwe.

#Comment Re: made: 2009-01-22 17:23:31.679068+00 by: ziffle

Paul Roberts Secretary of the Treasury during President Reagan’s first term

The main source of the economic crisis is the infantile belief of US policymakers that an economy could be based on debt expansion.

The growth of debt has outpaced the growth of real output. Yet, the solution offered by Obama’s economic team is to expand debt further. This is not surprising as Obama’s economic team consists of the very people who brought on the debt crisis. Now they are going to make it worse.

There are more intelligent ways to try to escape from the current crisis. However, the financial gangsters and their shills that Obama has put in charge of economic policy are thinking only of their own interest. What happens to the American people is not a concern.

This approach to the economic crisis stands in marked contrast with the approach of the gangsters running US economic policy. The gangsters are using the crisis as an opportunity to steal from taxpayers and to finance their misdeeds and exorbitant salaries with Federal Reserve loans. Their shills among economists and the financial press tell the people that the solution is to fatten up the banks with funds so they will resume lending to an over-indebted public that will then return to the shopping malls.

Will they listen?

#Comment Re: Slavery, Circa 1913 made: 2009-01-22 17:40:51.727765+00 by: jeff [edit history]

As Ziffle accurately points out, many of our problems are traceable to our financial system, which has most of its roots in the creation of the Federal Reserve Banking system in 1913.

Most Americans think the "Fed" is part of the Federal Government, but nothing could be further from the truth. It's mostly a private corporation, with its own balance sheet.

Here is a very factual and chilling account of how this central banking system was forced on the American taxpayer, and how detractors of it have been silenced (or even killed).

Slavery was not abolished in 1863. It merely took a different form in 1913. You can do more research here.