Monday, December 30, 2013

On Hoover and the Great Depression

No, Mr. Hoover didn't cause the Great Depression but his policies, I believe, made it far, FAR worse. a) He instituted voluntary wage controls (which, unfortunately, most U.S. businesses adhered to) which, when combined with strong deflation, seriously distorted the market and made hiring much more difficult.............b) He signed into law the Smoot-Hawley Tariff Act which significantly stymied international trade and probably led to early bank failures.............c) He created the Reconstruction Finance Corporation which essentially turned into a bailout entity.............d) He increased federal spending by a whopping 49% in just three years and literally mushroomed the deficit.............e) He signed into law the Davis-Bacon Act which AGAIN made the cost of hiring shoot up astronomically.............f) He raised the top tax rate by a draconian 152% and revenue immediately plummeted....................................................................................P.S. Oh, and if there's anybody out there who still thinks that Hoover WASN'T a progressive; this, from Rexford Tugwell, "We didn’t admit it at the time, but practically the whole New Deal was extrapolated from programs Hoover started." Herbert Hoover, free market capitalist - LOL!!!

14 comments:

Rusty Shackelford said...




GLADD is SAD


I cant believe A&E would put profit before its core beliefs....nah,no I'm not.

A&E a joint venture between Hearst Corp and Disney came to its collective sense's and reinstated Phil Robertson to the cast of Duck Dynasty....not that he was ever actually gone as the channel ran a "Duck" marathon over the holiday and Phil was in every episode.

Alas,now Gladd members have their knicker's in a knot and even the sexually confused Chris Hayes is upset

dmarks said...

So many bad things there, Will. Davis Bacon stands out. Bad in all ways, it prevents government from paying a fair wage related to contracts, it boosts budget deficits a lot, is a form of political corruption, and ensures shoddy quality in public works projects.

Will "take no prisoners" Hart said...

Hoover was a decent, talented, and brilliant man in many regards but MAN did he ever muck up the economy. And he was kind of a hypocrite, too; criticizing FDR for essentially doing what he was doing after the fact.............Wow, Russ, the Duck Dynasty bozo versus smarmy Chris Hayes. Can I vote a "present" on that one?

dmarks said...

Will said: "Hoover was a decent, talented, and brilliant man..."

Faint praise, in the context of such comments from you in the past. I think I've seen you say the same about Obama before criticizing his policies.

Rational Nation USA said...

This whole affair was a carefully crafted Tempest in a Teapot for the purpose of boosting ratings and $'s known as profit.

A&E however was within its cynical right to do so.

Not that it has anything to do realty with Hoover and TGD.

Rational Nation USA said...

Ducks are boring, especially in Dynastic form. Very wealthy millionaires masquerading as back country rednecks.

Well, they actually are redneck.

Will "take no prisoners" Hart said...

I probably should have prefaced it, dmarks, "decent, talented, and brilliant...as an engineer and businessman, certainly not as a President."............I still haven't seen the show once, Les (though I must confess to be bizarrely addicted to "Pawn Stars").

Rusty Shackelford said...



There are a lot of other people addicted to Pawn Stars, Will.There's usually a line around the block waiting to get in the shop. They've become a tourist attraction here.

I think I would rather have a beer with Phil Robertson then Chris Hayes.....I couldn't stand to watch Hayes sipping a wine cooler.

Looks like Les puts himself above the Robertson clan.

Rational Nation USA said...

You bet Rusty. Duck money and bigotry does not impress me.

Will "take no prisoners" Hart said...

I can understand both sides of the abortion issue in that it's a balancing of rights. Ditto with gun control. But gay-bashing I will never fully comprehend and I'm glad.

Will "take no prisoners" Hart said...

No pun intended there at the end.

Rusty Shackelford said...



Phil Robertson wasn't gay bashing Will......the guy lives his life through the beliefs of the old testament....I for one don't agree with that train of thought but I support his right to express his beliefs.

And Les.....I doubt if the Robertson family is losing sleep because you aren't impressed by them.

dmarks said...

Something tells me that it wouldn't be a good idea for WD to send all those scores of gay sex blog comments to Robertson... It would not go over very well.

Will "take no prisoners" Hart said...

I probably could have lived with it, Russ, had he simply forgone the inclusion of beastiality in the same damn sentence.