Wednesday, January 16, 2019
On the Fact that a Great Percentage of the "Lawlessness Bred by Capitalism" that Harding's Commerce Secretary, Herbert Hoover, Complained About Was Fueled by Prohibition, a Federal Regulation - HELLO!!!
Hoover was an amazing engineer but his understanding of basic economics was worse than that of even modern-day dolts like Bush and Obama...……...and, while, yes, the damage that he did as Commerce Secretary was fairly minimal (hiring 3,000 additional bureaucrats, increasing his department's budget by 50%, expanding his department into 30 divisions, etc.), boy did the guy ever make up for it as President (raising the top tax-rate to 63%, championing the Smoot-Hawley Tariff, vastly increasing public-works projects, strong-arming businesses into wage controls, etc.), taking what was a fairly routine economic correction and turning it into the deepest depression in modern history. Thank you, Herbert, well done.