The lead article is a quite factual rescitation of events. As a student of the political history of the 1920s, I can assure you that Hoover was indeed to the Left of the Democrats in 1928 and 1932. What happened after Roosevelt took office, is also no secret. Nor is there any question but that FDR gave us by far our longest Depression.
There is, of course, a 36 year cycle, which the author largely ignores in setting forth the purely economic and political aspects. Cycles like that involve psychology rather than economics; and are thus less easy to explain. We are now in the same cycle (72 years ago was 1930), but whether the market continues to dive, triggering a contraction in the economy, may depend on how well we are able to allow a rapid adjustment of private economic activity to meet the challenge. All of the motivations, which make free enterprise work are still in place. The danger is when the politicians try to macro-manage the people's business.
That was the problem in 1929 to 1941, and we must not let it cause a similar result now.
William Flax Return Of The Gods Web Site