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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (89831)2/23/2001 10:23:35 AM
From: Mike M2  Read Replies (1) of 132070
 
Knighty, re: Hoover, Fred Hickey noted that " Herbert Hoover, Secretary of Commerce at the time, protested to the Fed the actions were stimulating speculation and not the remedy for the world's economic ills. In 1927 when the process was repeated , Hoover wrote a memo to one Fed board member warning, " The safety of continued prosperity will depend on caution and resistance to the expansion of credit which will further stimulate speculation." Unfortunately, Hoover's warnings were ignored , and the rest is history. The 'roaring twenties' economy turned into rampant financial speculation and a stock market bubble, then a crash and depression." from The High Tech Strategist" Feb 2001. I would also note that it is myth that Hoover's policies were laissez-faire. Poor Herbert was in the wrong place at the wrong time - like Bush. Mike
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