Monday, January 25, 2010
Maybe History Wasn't Her Best Subject
Rachel Maddow said something this evening that was palpably incorrect. While giving background to a current story, she spit out the traditional liberal bromide that President Hoover did absolutely nothing to get us out of the Depression, that he made the depression significantly worse via this inactivity, etc.. It was little more than an obligatory cheap-shot, in other words, this little commentary of hers.....................................................................................In terms of the real record, President Hoover did a number of things that he and his administration clearly hoped would turn the economy around. 1) He set up the National Business Survey Conference and, in so doing, sought to obtain pledges from businesses to maintain wages/undertake new investment. 2) He set up a new division in the Commerce Department to speed up federal construction projects (yes, Ms. Maddow, that's synonymous with, hello!, INFRASTRUCTURE, something you claimed to have liked in the past). 3) He pushed through a temporary tax reduction. 4) He worked with Congress to increase, by 400 million (yes, believe it or not, a lot of money for 1930), public works expenditures. 5) He established a Federal Farm Board that offered to farmers low interest loans and a promise to purchase grains if prices fell. 6) He signed the Smoot-Hawley tariff bill. And, 7) he established the Reconstruction Finance Corporation - this, in an attempt to stabilize the banking system........................................................................................Now, clearly, one could argue whether all or any of these measures were effective (the Smoot-Hawley bill, especially) or not. But, to imply, as the increasingly shrewder Ms. Maddow apparently was, that President Hoover was twiddling his thumbs back then - that is complete and utter bunk! Hopefully, the woman'll show some integrity and make a correction here. Not that I'll be holding my breath, of course.
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12 comments:
The irony of this is that many conservatives feel that President Hoover DID TOO MUCH, that his actions actually made the Great Depression worse! Wow, huh? This poor bastard just can't seem to win, period.
Wow, Mr. Hart! Thanks for correcting the record. I never knew this....
Will,
I've also read that Hoovers influence towards the Fed was accepted economic practice at the time, moving the target rate up and down to respond to slight changes in inflation rather than staying with a particular direction,staying tight or staying loose. It was accepted economic wisdom at the time.
Also Fed policy was more independent, so they acted as the KC/SF/NY Fed rather than acting as one.
Clearly ignorance of history infects both the right and left political wings. The only slack that I will give boths sides is that you almost have to be a professor of history to understand the complex interplay of events and situations.
Although both side like to play strictly from approved and politically correct sources.
Its almost overwhelming....no, it is overwhelming.
Good points, fellows. I hope it didn't sound like I was necessarily defending Hoover. He probably WAS a lousy president (both the right AND the left seem to despise him). I just didn't think that it was fair to say that the poor bastard didn't do anything. That's all.
Great reads!
You are right Will, I think all Presidents, when confronted with the responsibilities of the job, do become caring to all the people of the country and want to truly help us...it just gets bogged down on politics and red tape. What comes out in the end sometimes instead of Gold nuggets, is just brown stuff.
I didn't know this either. Thanks for the education Will.
If it ever came down to Hoover or Bush 2, I'd definitely pick Hoover. At least he didn't get us all bogged down in the desert.
Welcome, Urban Pink. I always appreciate a new visitor.
Thanks for welcoming me and visiting my blog! I like the way you write and am so much happier reading our blogs than the conservative ones I've been irritating lately.
Truth in advertising, Urban Pink, I'm probably much more of a moderate than a liberal. I do, however, appreciate all views and welcome them.
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