Hoover didn’t take office until March 1929.
Stock Market Crashed in October 24-ish 1929.
Hoovervilles were during the 1930’s.
https://www.history.com/topics/great-depression/hoovervilles
😌 Yes, I know... I just thought the comparison of the two was still apt. Also the Fed and the Dems are keeping the economy now afloat with a bag of tricks in the midst of a storm; if Trump is elected in November I suspect they will let the economy collapse and make him the new Herbert Hoover.
I heard someone on Fox yesterday finally reveal that this admin is spending $1 trillion every 100 days, about $3.5 trillion this year. Naturally that is stoking the fires of inflation and has been held as an 'in close' secret by the media and of course the GOP - who couldn't campaign for more water in the middle of a desert. I have posted that $trillion info here and on social media for a few months but it has been received like the news that it is noon o'clock.
The Fed has put us in a lock box. If we accept the pain of rising interest rates to curb inflation, like in the Carter years, the annual interest on the debt will engulf at least a quarter of the federal annual budget. If we lower interest rates to stimulate a stalled growth economy, inflation will likely skyrocket.
Janet Yellin, whom I label the 'Gnome of Hoboken', could have eased this pain when she chaired the Fed by refinancing the debt at near zero % - a strategy that even school children could have foreseen; for whatever reason she did not.
Last week I heard the term stagflation for the first time in over 40 years. Stagflation is steadily increasing prices of essential goods and a shrinking annual Gross National Product with increasing unemployment. Wikipedia ominously states: Stagflation is very costly and difficult to eradicate once it starts.
Again, economic growth can be mildly stimulated in peaceful times by an elevated federal spending. But with already nearly 20% inflation that just pours fuel on the fire. This destructive admin, with its annual 'secret' $3.5 trillion pump is more than just 'pouring fuel on the fire.'
A reelected President Trump could turn things around but there will be great public pain involved. There are various remedies, such as a new currency base, but it would still be socially disruptive. 👉WAR is the more usual way out of such a deadly economic snare.