The Greater Depression

Print Friendly, PDF & Email

**Note** What have we always said, A Big Government Progressive is a Big Government Progressive. Sides of the aisle do not matter.

 

You can’t say we haven’t been warned. Despite the high debt price tag  resulting from the government intervention and arbitrary price controls designed  to “spur the economy” during the American Great Depression, modern politicians  on both sides of the aisle are more than willing to repeat the same mistakes.  Interestingly, just as Herbert Hoover is blamed by leftist historians (but I  repeat myself) for leading us into the Depression with his so-called free-market  policies, so is George W. Bush blamed for his “capitalistic” tendencies. This is  nonsense of course, both Hoover and Bush implemented interventionist economic  policies that were exactly the antithesis of free-market capitalism. And both  were succeeded by men who took their economic strategies (i.e. political  compromises) and opened them up to full-throttle. What Hoover and Bush began,  FDR and Obama have respectively finished.

In his book, America’s Great Depression, Murray Rothbard sets the  record on Hoover in proper perspective:

Hoover’s role as founder of a revolutionary program of government planning to  combat depression has been unjustly neglected by historians. Franklin D.  Roosevelt, in large part, merely elaborated the policies laid down by his  predecessor. To scoff at Hoover’s tragic failure to cure the depression as a  typical example of laissez-faire [meaning “allow to act,” or  free-enterprise] is drastically to misread the historical record. The Hoover  rout must be set down as a failure of government planning and not of the free  market.

Continue Reading