Posted on 10/07/2008 4:49:01 AM PDT by sono
wo 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."
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.
(Excerpt) Read more at newsroom.ucla.edu ...
That’s funny. When my now 90 year old mother was moving out of Detroit to a suburb 25 years ago, she refused to look at any house on Roosevelt St. Obviously not a fan.
amen!!!!!!!!!
While no fan of FDR, I give him credit for that one. In the past I have met many who were in the CCC and not one of them had a bad word to say about it and in fact praised the time they were in it.
Walking the battlefield sites of Gettysburg and you will find little signs saying the CCC cleared/restored such-and-such piece of ground, etc. I understand they did similar work in the National Forests as well - something that would benefit the current crop of kids.
No, this is “new” thinking based on “new” research.
It’s imperative that we all help this pierce the public’s perception on how great the New Deal was.
Very well said.
No sh**? Next they’ll say crazy stuff the sky is blue, Clay Aiken likes men and sugar tastes good.
Nice cutting edge breakthrough UCLA.
I forgot that morons blind themselves to facts and didn’t already know this.
But has theRat partybought into it? Are they going to bring this data-based view of history into power with them if they take the White House, House, Senate and courts in November?
Or is Obambi going to imediately get busy printing money to implement is own New New Deal.
Yes, but this is the first time these conclusions have been promoted to the general public, and at a time when at least some have their ears perked up.
FDR's FOLLY, published in 2004.
Sickening. Remind her a large percentage of voters opposed him the last 2 times, especially the farm states, which he “got moving” toward the GOP because the knew he was prolonging the depression.
(altogether now)
...this time it will be different!
Roosevelt's policies are chillingly like those being posed by Obama during these bad economic times and will likely have similar results.
Another problem is that New Deal work programs kept wages artifically high while prices were dropping, meaning real businesses couldn’t pay competitive wages and still make a profit.
But, but, but those are the much celebrated First Hundred Days against which all subsequent adminstrations are judged.
That was exactly my point! I forgot the /s button, but seems to me everything is /s off these days, eh?
You’re spot on. It WON’T be different. But it will be WORSE than the last time the Rats handled a global financial mess.
My father used to tell me that FDR saved this country.
If the truth could be told, FDR ruined this country by starting the march to socialism. His socialism prolonged the depression and we have millions and millions who vote for failure.
Even more chilling will be Obama's oratorical abilities to smear his herd of pigs with enough lipstick to get average Americans to believe that everything is getting better even as we spiral into the abyss.
I received this book several years ago and still haven’t gotten to it (marriage seems to bring more things to do), but yes, it’s already been done.
Amazing how people now think only the ‘30s depression is the only economic trial ever faced by this country. For 1 thing it was world-wide, for another, there had been other big stinkers earlier. Last I believe c. 1890s - and who remembers it now? Apparently this then-non-fascist country got out of it.
How ‘bout going pre-1913 instead, and no income tax? Then watch how it grows.
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