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FDR's policies prolonged Depression by 7 years, UCLA economists calculate (warning from 2004)
UCLA Newsroom ^ | August 10, 2004 | Megan Sullivan

Posted on 08/04/2011 3:49:15 PM PDT by Lou Budvis

Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt.

After scrutinizing Roosevelt's record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.

"Why the Great Depression lasted so long has always been a great mystery, and because we never really knew the reason, we have always worried whether we would have another 10- to 15-year economic slump," said Ohanian, vice chair of UCLA's Department of Economics. "We found that a relapse isn't likely unless lawmakers gum up a recovery with ill-conceived stimulus policies."

(Excerpt) Read more at newsroom.ucla.edu ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: delayed; depression; fdr; greatdepression; greatrecession; obamanomics; recovery; spending; study
What is the saying about history repeating a second time as a farce?
1 posted on 08/04/2011 3:49:23 PM PDT by Lou Budvis
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To: Lou Budvis

2 posted on 08/04/2011 3:51:37 PM PDT by WOBBLY BOB (My mind is like a steel trap: rusty and illegal in 37 states.)
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To: Lou Budvis
Ah. The New New Deal. Same as the Old New Deal. Very RAW.


3 posted on 08/04/2011 3:56:25 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: Lou Budvis
Where have these guys been? Amity Shlaes figured this out long ago. See her excellent book The Forgotten Man.
4 posted on 08/04/2011 3:58:18 PM PDT by foxfield (Sarah Palin, America's "girl next door".)
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To: Lou Budvis
"We found that a relapse isn't likely unless lawmakers gum up a recovery with ill-conceived stimulus policies."

Understand, some people just don't thrive without a crisis in the midst.

It's a contrived and promoted status.

5 posted on 08/04/2011 4:01:30 PM PDT by EGPWS (Trust in God, question everyone else)
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To: foxfield
See her excellent book The Forgotten Man.

Amity Shlaes....

She stole my heart with her intellect and writing savvy alone. : )

6 posted on 08/04/2011 4:04:19 PM PDT by EGPWS (Trust in God, question everyone else)
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To: Lou Budvis

Those two economists will be landed on like heretics. FDR is the Messiah to Democrats and their apparatchiks in academia.


7 posted on 08/04/2011 4:07:16 PM PDT by Anti-Bubba182
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To: Lou Budvis
We learn from history that we learn nothing from history.

— George Bernard Shaw


8 posted on 08/04/2011 4:08:32 PM PDT by Uri’el-2012 (Psalm 119:174 I long for Your salvation, YHvH, Your law is my delight.)
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To: Lou Budvis

We can all second guess, but we all know the reason. FDR’s policies didn’t do squat. No one wanted them, he enforced them. (He’ll pad the supreme court). Then WWII happened, FDR was a hero. He was a failure, before the war happened. Then all this crap happened. He forced it all on us. We’ve been realizing all this since. We’ve been pretending the history of WWII, like slavery, nevern was a democrat endorsed issue, it never happened. FDR was the worst president ever. He gave us Obama.


9 posted on 08/04/2011 4:12:17 PM PDT by Indy Pendance
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To: Indy Pendance

FDR Treasury Secretary Henry Morgenthau admitted the New Deal had failed. “We are spending more than we have ever spent before and it does not work,” he declared in 1939. “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!”

http://www.humanevents.com/article.php?id=29646


10 posted on 08/04/2011 4:16:46 PM PDT by WOBBLY BOB (My mind is like a steel trap: rusty and illegal in 37 states.)
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To: Lou Budvis

Save & Read


11 posted on 08/04/2011 4:16:50 PM PDT by Rumplemeyer (The GOP should stand its ground - and fix Bayonets)
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To: Rumplemeyer

bump


12 posted on 08/04/2011 4:24:27 PM PDT by CitizenM (He who is silent is understood to consent)
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To: WOBBLY BOB

It’s going to take 100 years to filter through Obama’s crap.


13 posted on 08/04/2011 4:24:49 PM PDT by Indy Pendance
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To: foxfield

That story/study is 7 years old. An oldy, but a damn goody. I always love to pull that sucker out in online debates.

They also did one for Hoover, which goes right along with her book: http://newsroom.ucla.edu/portal/ucla/pandering-to-labor-caused-great-91447.aspx

(I don’t remember the above link/article being from 2009, I thought it came out around the same time the FDR study came out, but who knows.)


14 posted on 08/04/2011 4:38:55 PM PDT by CommieCutter (Promote Liberal Extinction: Support gay marriage and abortion!)
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To: Lou Budvis

15 posted on 08/04/2011 4:46:06 PM PDT by Bean Counter ( The fit is hitting the shan....)
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To: Indy Pendance

Damn right FDR was the worst President ever.
Failed economic policies; engaging in provocative behavior against Germany and Japan, yet failing to re-arm so the nation would be ready for war on 12/7/41; showing such weakness to the Axis that the Japanese felt secure enough that they could sail half way across the Pacific and blow up our Navy on our own soil; throwing innocent Japanese-Americans in jail without due process or good cause; giving Poland over to Soviet tyranny even though the war started in Europe to save Poland from German territory; etc.


16 posted on 08/04/2011 4:53:25 PM PDT by Lou Budvis ("Socialism...the smiling face of slavery")
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To: Lou Budvis

bookmark


17 posted on 08/04/2011 5:11:04 PM PDT by GOP Poet (Obama is an OLYMPIC failure.)
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To: Lou Budvis
"We found that a relapse isn't likely unless lawmakers gum up a recovery with ill-conceived stimulus policies."

In other words, it's a shoe-in.

18 posted on 08/04/2011 5:18:40 PM PDT by _a_0_0_
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To: foxfield

they first reported this, off the top of my head, in early 2000’s.

there’s a citation concerning them in 2004:
http://en.wikipedia.org/wiki/Criticism_of_Franklin_D._Roosevelt

amity schael’s book came out in 2007.


19 posted on 08/04/2011 5:52:49 PM PDT by ken21 (ruling class dem + rino progressives -- destroying america for 150 years.)
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To: Lou Budvis

How about 12 yrs rather than 7.


20 posted on 08/04/2011 6:02:37 PM PDT by TASMANIANRED (We kneel to no prince but the Prince of Peace)
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To: Lou Budvis

Obama has done exactly the same thing: favored the sectors of the economy with heavy union involvement over everybody else. It’s surprising how independent FDR’s justice department was to challenge those policies in court; no hope yet on the horizon as Holder is a man of zero integrity.


21 posted on 08/04/2011 6:08:07 PM PDT by gusopol3
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To: ken21; CommieCutter; EGPWS
Thank you all for setting record straight about the timing of these articles and books. I guess there's a reason why this thread is not in Breaking News.

There are a great many peeple who see FDR as a hero. The liberal/statist/progressive popaganda machine is alive and sell.

22 posted on 08/04/2011 6:28:49 PM PDT by foxfield (Sarah Palin, America's "girl next door".)
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To: Lou Budvis

The economists of Chicago have known this since the days of Frank Knight (one of Milton Friedman’s mentors).

The Viennese have known it since the days of Menger and Boehm-Bawerk (two mentors of Ludwig von Mises).

These UCLA guys don’t seem to get out much.


23 posted on 08/04/2011 6:30:11 PM PDT by Erasmus (I love "The Raven," but then what do I know? I'm just a poetaster.)
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To: foxfield

your are welcome.

i agree about fdr.

i know people that still think he’s a hero and nothing i say will change their minds.

it’s the liberal mindset.


24 posted on 08/04/2011 6:32:02 PM PDT by ken21 (ruling class dem + rino progressives -- destroying america for 150 years.)
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To: Lou Budvis

“We found that a relapse isn’t likely unless lawmakers gum up a recovery with ill-conceived stimulus policies.”

Obama has been gumming it up in hopes of a prolapse.


25 posted on 08/04/2011 6:33:17 PM PDT by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: Lou Budvis; LS
I think that this is 1932, read a lot of the LS school of economics there seems to be a lot of parallels.
26 posted on 08/04/2011 6:38:57 PM PDT by Little Bill (Sorry)
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To: Lou Budvis

History is rearing itself. We are learning about FDR and his policies. He’s not the ‘I saved the country’ president, but the I promoted socialism president. It only took 60+ years.

We will win, but it’s going to take years and years and years.

We need to have liberal camps. Round them all up and put them in a camp. Call it the FDR model.


27 posted on 08/04/2011 6:51:49 PM PDT by Indy Pendance (3)
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To: foxfield

FDR, Hoover, and Wilson are the reason we’re still dealing with garbage economies like this one.


28 posted on 08/04/2011 7:23:04 PM PDT by CommieCutter (Promote Liberal Extinction: Support gay marriage and abortion!)
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To: Lou Budvis

“As we’ve seen in the past several years, salaries and prices fall when unemployment is high. By artificially inflating both, the New Deal policies short-circuited the market’s self-correcting forces.”

No self-correcting except in the housing market.


29 posted on 08/04/2011 8:08:10 PM PDT by huldah1776
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