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 ...
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.
There are a great many peeple who see FDR as a hero. The liberal/statist/progressive popaganda machine is alive and sell.
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.
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.
“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.
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.
FDR, Hoover, and Wilson are the reason we’re still dealing with garbage economies like this one.
“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.
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