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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: maceng2 who wrote (94292)4/15/2001 3:17:43 PM
From: sun-tzu  Read Replies (3) of 436258
 
PB,

The depression that followed the crash of 1929 was mainly the fault of Herbert Hoover who was perhaps the worst US President in history. His restrictive policies actually tightened the money supply when aggressive easing was needed.

His inflationary policy was the exact opposite required for the deflationary economy at that time. He raised rates on farmers by signing the Smoot-Hawley Tariff Bill, dramatically decreased the money supply and passed a huge tax increase that turned the economy into a barren wasteland.

The Fed was actually leaderless at the time because then chief Benjamin Strong died months before the crash. Had he been around to ease the money supply, the great depression would probably have been restricted to a prolonged bear market. Instead, nearly 10,000 banks collapsed and unemployment reached almost 25%. Herbert Hoover was a fool.

(~)^(~)
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