Sunday, October 05, 2008

Pretty Surprising to See This on CBS

Dispelling The Herbert Hoover Myth, NRO: Liberals Love To Point To A Do-Nothing President Hoover And Blame Conservatives For The Economic Crisis - CBS News What made the Great Depression Great? Some of the things Hoover did (he didn't stand back) like create protectionism and raise a lot of taxes together with some of the things FDR did made the Depression horrible.
Summers should know better (in fact, I’m sure he does). The Great Depression was not made “Great” by government inaction. Indeed, FDR’s New Deal may have been wonderful in some mytho-poetic sense, and maybe some of its reforms can be defended in some broader context, but as an effort to end the Great Depression, the New Deal was a failure. As my colleague Mark Steyn writes, “Lots of other places - from Britain to Australia - took a hit in 1929 but, alas, they lacked an FDR to keep it going till the end of the Thirties. That’s why in other countries they refer to it as “the Depression,” but only in the U.S. is it ‘Great.’”
So it will probably happen again. Obama doesn't like free trade. Obama will raise taxes - on a lot of people. Obama will tie small business into knots with mandates, regulations and gods know what. Should be a bumpy ride.

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