Community | July 19, 2009 | 3 comments

GreatMythsOfTheGreatDepression

source: http://economics.gmu.edu/wew/articles/09/GreatMythsOfTheGreatDepression.pdf

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bullpcp
Here is an entire 24 page book discounting common knowledge about the Great Depression.

“HERBERT HOOVER"
believed government should play
no role in the economy.”

“GOVERNMENT PROGRAMS"
helped lower unemployment by
putting many Americans to work.”

“FRANKLIN ROOSEVELT’S"
‘New Deal’ saved America from the
failure of free-market capitalism.”

Mark Twain-
"It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so."
  1. groups:
    Community
  2. tags:
    Politics,  Economics,  Great Depression
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3 comments // GreatMythsOfTheGreatDepression

  • bullpcp
    • 0
      bullpcp  

    • If you don't want to read the whole thing please just do yourself a favor and do a little research of on Smoot-Hawley Tariff Act. This should end any commonly held belief that Hoover was somehow a free market capitalist.

      The Smoot-Hawley Tariff Act of 1930 (P.L. 71-361, sometimes known as the Hawley-Smoot Tariff Act; officially the Tariff Act of 1930)[1] was an act signed into law on June 17, 1930, that raised U.S. tariffs on over 20,000 imported goods to record levels. The ensuing retaliatory tariffs by U.S. trading partners reduced American exports and imports by more than half and contributed to the severity of the Great Depression.

      When people say he tried to do things too late. That he waited until he was forced to act by his failed policies know this.

      When campaigning for president during 1928, one of Herbert Hoover's many campaign promises to help beleaguered farmers had been to increase tariffs of agricultural products. Hoover won, and Republicans obtained comfortable majorities in the House and the Senate during 1928. Hoover then asked Congress for an increase of tariff rates for agricultural goods and a decrease of rates for industrial goods.

      The House passed a version of the act in May 1929, increasing tariffs on agricultural and industrial goods alike. The Senate debated its bill until March 1930, with many Senators trading votes based on their states' industries. The conference committee then aligned the two versions, largely by moving to the greater House tariffs.[5]

      He was planning on enacting this legislation BEFORE HE BECAME PRESIDENT.

    • 2 years ago
  • bombastinator
  • bullpcp
    • 0
      bullpcp  
    • bombastinator:

      The article was written by the Mackinac Center for Public Policy. It dosn't appear to be realated to any political party but of course any writings advocating policy for less government intervention is somewhat political.

      Purpose
      The Mackinac Center for Public Policy is a nonpartisan research and educational institute devoted to improving the quality of life for all Michigan citizens by promoting sound solutions to state and local policy questions. The Mackinac Center assists policy makers, scholars, business people, the media and the public by providing objective analysis of Michigan issues. The goal of all Center reports, commentaries and educational programs is to equip Michigan citizens and other decision makers to better evaluate policy options.

      The Mackinac Center for Public Policy is broadening the debate on issues that has for many years been dominated by the belief that government intervention should be the standard solution. Center publications and programs, in contrast, offer an integrated and comprehensive approach that considers:

      All Institutions. The Center examines the important role of voluntary associations, business, community and family, as well as government.

      All People. Mackinac Center research recognizes the diversity of Michigan citizens and treats them as individuals with unique backgrounds, circumstances and goals.

      All Disciplines. Center research incorporates the best understanding of economics, science, law, psychology, history and morality, moving beyond mechanical cost/benefit analysis.

      All Times. Center research evaluates long-term consequences, not simply short-term impact.

      Committed to its independence, the Mackinac Center for Public Policy neither seeks nor accepts any government funding. It enjoys the support of foundations, individuals, and businesses who share a concern for Michigan's future and recognize the important role of sound ideas.

      The Center is a nonprofit, tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code.

    • 2 years ago
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