The Great Depression
The Great Depression wasn't all that great. We'd had many depressions before that, many triggered by the Federal government meddling with trade or monetary policy, and we bounced quickly back within a year or two. What made the Great Depression so grand, was that the Federal Government not only caused it, but tried to fix it with Keynesian spending. That extended it from 2 years, to long enough to have another depression in a depression.
|The Great Depression||The left believes that the Great Depression was caused by capitalism/Wall Street and Hoover fiddled while Rome burned. Then FDR came in, gave us the new deal, and everything was good because he saved the day. All bunk.||What happened is Hoover saw some of it happening in New York, and warned FDR about it (who was in NYC), but FDR didn't react. When it crashed Hoover did spending and wanted to do more to lessen the bank failures, but the Democrats resisted any mitigating factors because they new ruination would lead to regime change. FDR gave us the New Deal, and it didn't help, and in fact contributed to the second depression (depression in a depression as it was called), so he offered a New New Deal, and that didn't help either. (Government spending and dramatic changes scares investors/businesses). Then the war happened and saved FDR. When the war ended the Keynesians wanted another New Deal to prevent a post war recession, but the country had grown and resisted. And instead of the Keynesian predicted recession, we got a post war free market boom instead.|
|FDR: 1930 - Depression, First Term and the New Deal|