FDR's Policies Prolonged The Great Depression By 7 Years

UCLA Newsroom ^ | August 10, 2004 | Meg Sullivan

[SkyDancer]

Just when the economy was about to recover in 1936 FDR’s policies put a Depression within a Depression.

[ken21]

yes.

Teddy Roosevelt proclaimed: the new nationalism rightly maintains that every man holds his property subject to the general right of the community to regulate its use to whatever degree the public welfare may require it.

[badgerlandjim]

bump

[fhayek]

In an article in the August issue of the Journal of Political Economy, Ohanian and Cole blame specific anti-competition and pro-labor measures that Roosevelt promoted and signed into law June 16, 1933.

Sound familiar?

[ClearCase_guy]

Not exactly a new idea, but always welcome to see it mentioned.

[chickadee]

This article is 7 years old - the media has managed to keep it on the top shelf at the back of the closet all this time. How sad.

[yup2394871293]

The Democrat response to this is to blame the Republican resurgence (?) in 1936-37 for the Depression within a Depression instead of the Wagner act.

[hosepipe]

All this and total ignorance of Cloward-Piven tactics which are for trying to make a depression or worse ON PURPOSE....

You never hear of Saul ALinsky these days... WHY? Its obvious that Barry Half-White made various moves TO CAUSE A DEPRESSION... He hired an entire White House and filled the Executive Branch with people (the exact same kind of people) that ALL KNEW WHO SAUL ALINSKY WAS..

You know this starting to sound like a friggen CONSPIRACY!!!

[phockthis]

Henry Morgenthau, Jr. (IPA: /ˈmɔrgənθɔː/; May 11, 1891 – February 6, 1967) was Secretary of the Treasury of the United States during the administration of Franklin D. Roosevelt. He was also the father of Robert M. Morgenthau, the current District Attorney of New York County. New Deal In 1933, Roosevelt became President and appointed Morgenthau governor of the Federal Farm Board. In 1934, when William H. Woodin resigned because of ill-health, Roosevelt appointed Morgenthau Secretary of the Treasury (an act that enraged conservatives). Morgenthau was an orthodox economist who opposed Keynesian economics and disapproved of some elements of Roosevelt's New Deal. Although he was a Roosevelt loyalist and retained his office until 1945, in "New Deal or Raw Deal?" Burton Folsom quotes Morgenthau, testifying before the House Ways and Means Committee in May of 1939, the FDR ally did not sugarcoat it: "We are spending more money than we have ever spent before and it does not work. I want to see this country prosperous. I want to see people get a job. We have never made good on our promises. I say after eight years of this administration we have just as much unemployment as when we started and an enormous debt to boot." Henry Morgenthau, Jr. - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Henry_Morgenthau,_Jr.

[Scott from the Left Coast]

And with all that being true, he just kept getting re-elected and re-elected and re-elected.

Now there's a sobering thought...

[I cannot think of a name]

And in an interesting canard, FDR had one each Harold LeClair Ickes to implement many of these policies and convince the gullible public that they were a good idea.....

while approximately 60 years later, Clintoon would do a number of things that were terrible for the economy, and his aides would do a good job of spinning them to the gullible public. One of those principal aides - Harold McEwen Ickes. Never guess who's son he was.

Fooled ya twice America!

[mo]

The RinoCracy is too purblind....but the way out is here..

Warren Harding figured it out in 1920...

Congress and the Executive Branch have lots to do.

So far they’re not doin’ it right..

Its been done before..

Harding cut the government’s budget nearly in half between 1920 and 1922. The rest of Harding’s approach was equally laissez-faire. Tax rates were slashed for all income groups. The national debt was reduced by one-third. The Federal Reserve’s activity, moreover, was hardly noticeable. As one economic historian puts it, “Despite the severity of the contraction, the Fed did not move to use its powers to turn the money supply around and fight the contraction.” 2 By the late summer of 1921, signs of recovery were already visible. The following year, unemployment was back down to 6.7 percent and was only 2.4 percent by 1923.

http://www.firstprinciplesjournal.com/articles.aspx?article=1319&loc=r

BTW..ole Warren ALSO fixed immigration...

Mr. Harding signed into law the Emergency Quota Act[3] which sought to control immigration following World War I and preserve the distinctive American culture by ensuring the majority of immigrants came from the historically compatible cultures of Northern Europe. This law aimed to bring wages of hard working Americans under control by limiting immigration to 3% of the 1910 census. It was followed on by a similar act in 1924, after Mr. Harding’s death.[4]

A Warren Harding prescription...if filled ...would ignite the afterburners on the US job machine and the economy. However DC would have to yield on a tremendous amount of power. Our job as We the People...is to persuade them of the “utility” ..shall we say..of doing so. In all probability the same minds that made the mess...aren’t capable of the solution however.

BTW any takers that ‘Bammy couldn’t even tell you that Warren Harding was one of his predecessors in office?

Even more telling about what our betters in the RinoCracy think of a Constitutional President..

http://www.usnews.com/listings/worst-presidents/warren-harding

[nuke rocketeer]

What they did not say was that Hoover’s response to the crash of 1929 was the initial cause of the depression. Big government stimulus, heavier regulation, and the Smoot-Hawley tariff act.

[Paine in the Neck]

FDR was an economic incompetent. He had no idea where money came from except to ask Mummy for some. He resented people who actually knew how to make money.

As a politician, he surrounded himself not with compentent business people with lifetimes of practical experience, but with knot-headed academics who were bound and determined to force the world to function according to their pet theories, which were decidedly leftist.

When their theories resulted in a decade of disaster they spun the self-justifying myth that but for their interventions things would have been much worse.

Modern interpretation of events has it that WWII saved us from Depression. Yes and no. Not in the Keynesian way most people understand of massive gov’t spending and hiring. What worked was FDR’s desperate need to push his lefty theorists out of the way in favor of people who could actually make the war machine work. This, along with his death, lifted the pall of economic fear from off the marketplace, encouraging businesses to put idled capital back to work with the reasonable hope that the gov’t wouldn’t be seizing, taxing or regulating success away.

We are now living through the same script, being read and implemented by the same sort of fools who gave us the first round. Having believed the FDR myth they are following the same course. It is inevitable that the results will be the same - disaster.

[To-Whose-Benefit?]

Keynes was Evil Incarnate.

http://en.wikipedia.org/wiki/Galton_Institute

While WWII was in full swing, Keynes was the Director of the British Eugenics Society 1937-1944.

This thieving, suck up gave Govt thieves the cloak of psuedo-scientific economics to pillage and murder. First, Steal them Blind, and then blame their poverty on defective genetics so that they could be disposed of in Concentration Camps across the Channel.

[DannyTN]

Without a control group, arguments for and against FDR’s program is nothing but a set of assumptions in support of a desired outcome.

[WashingtonSource]

bump

[Cowman]

There seems to be a pattern here.

Harding and Coolidge had to repair the damage done by Woody.
Eisenhower (and to give credit where it is due Truman, in some part, after the war) repaired much of the damage done by FDR. Reagan repaired much of the damage done by Carter.

The Socialist Left tries to destroy American economic freedom and the Right has to fix what they break.

The problem is they are far better at breaking things than anyone is at fixing them.

What we need is a means of removing the power they have to destroy and expand the power of the free market to heal the economy.

I don't see anyone out there right now that has a workable plan to do that.

[joe fonebone]

those who have read atlas shrugged, need to study the great depression and the policies of fdr. You see, the book is not based upon some future scenario, but based upon the past, namely the policies of fdr. My favorite??? story is of the man who pressed a pair of pants for 40 cents, when the fdr administration set the price at 30 cents. The tailor was arrested and sentenced to 10 years....a year per penny over the legally set limit..