Tag: Herbert Hoover

It’s Housing, Stupid! Parallels Between the 1920s and the 2000s »

In response to my recent essay “Obama and Hoover: Two ‘Smart’ (Stupid) Presidents”, one commenter did me the service of rehashing the old myths about the 1920s and the causes of the depression and how Herbert Hoover did little, FDR did a lot and Hoover has nothing in common with “Wonder Boy” Obama. (Coolidge...
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Obama and Hoover: Two “Smart” (Stupid) Presidents »

For the past year, I have been researching how the housing bubble of the 1920s contributed to the Great Depression when the bubble burst. My study involves reading many articles and speeches by Herbert Hoover, first as Commerce Secretary (1921-1928) then as president (1929-1933). As the nation endures the Obama presidency, I see much...
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Debating the Great Depression: Steve Horwitz’s Latest Contribution »

The Great Depression has been a deeply contested subject from the very beginning. After John Maynard Keynes’s General Theory became sacred writ for most mainstream economists, Keynesian interpretations generally prevailed, notwithstanding pockets of resistance among older economists, in general, and Austrian school economists, in particular. Milton Friedman and Anna Schwartz’s monumental Monetary History of...
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Should Wages Never Fall? »

Sudeep Reddy, writing on the front page of January 11th’s Wall Street Journal, claims that one of the “ugly” legacies of the current economic crisis is a “lasting drop in wages”. Following National Public Radio’s modus operandi for reporting “news”, he supplies some human-interest stories recounting the experiences of former money managers and other...
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The Federal Bureaucracy-Plutocracy »

According to an analysis of federal payroll data by USA Today, the federal bureaucracy has flourished during the current recession. Federal employees making salaries of $100,000 or more jumped from 14% to 19% of civil servants during the recession’s first 18 months—and that’s before overtime pay and bonuses are counted. Federal workers are enjoying...
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Robert Higgs on Barack Obama as Herbert Hoover’s True Heir »

Independent Institute Senior Fellow Robert Higgs is interviewed on Fox News’ “Freedom Watch with Judge Andrew Napolitano” on how Barack Obama is Herbert Hoover’s true “Progressive” heir as an economic interventionist, corporatist and protectionist. Hoover’s policies caused the Great Depression and Franklin Roosevelt then continued and greatly expanded such policies as his New Deal,...
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Bailout Will Only Worsen Federally Caused Crisis »

On the second try in a week, the $700 billion bailout (“rescue”) bill (“The Emergency Economic Stabilization Act of 2008”) was easily stampeded through the House with a vote of 263 to 171, despite public opposition. The measure strongly and eerily resembles the Reconstruction Finance Corporation (RFC), which as Independent Institute Senior Fellow Robert...
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Long live the RFC! »

Most readers do not have access to the electronic archive of the New York Times (1851-present) or other major newspapers. If they did, they could read the rhetoric of 1930-1931 about the banking crisis of that time (the real banking crisis began a year after the Stock Market Crash). In late 1931, President Herbert...
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Higgs: Why Did the Great Depression Last So Long? »

Robert Higgs helps us all understand in this great interview by Scott Horton at Antiwar Radio. They discuss the relationship between the inflation of World War One, the roaring ‘20’s and the Great Depression, Fed chief Ben Strong’s deal with the Bank of England’s Montague Norman to inflate in the 1920s in order to...
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