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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: koan who wrote (89283)	10/27/2008 2:33:19 PM
From: Oblomov	12 Recommendations Read Replies (3) of 116555

No. Hoover did anything but nothing. The Reconstruction Finance Corporation and the Home Owners Loan Corporation (predecessor of the FHLB) were Hoover Administration programs. He created the Veteran's Administration in response to the activism of the Bonus Army. The first of the two Glass-Steagall acts was [passed in 1932. He also urged the creation of a Public Works Administration. The Agricultural Marketing Act of 1930 attempted to forestall the drop in agricultural goods prices. Hoover essentially implemented a smaller version of the New Deal starting in 1930. Yes, Calvin Coolidge and Andrew Mellon advised Hoover to do nothing, but he did not heed their advice. Koan, your ignorance of history is stark indeed: >The government cannot just let its people starve to death!! What about the government intentionally starving people to death? That's exactly what was done under FDR's Agricultural Adjustment Act, one of the centerpieces of his New Deal (along with the unconstitutional NIRA). Millions of acres of crops were burned in an inane and quixotic desire to support crop prices. This was in 1933-34, when millions of people were starving. I would much prefer that the government had done nothing instead of starving people to death. The prices of agricultural goods would drop, and people would buy them and eat. Well, at least we got a fine book, The Grapes of Wrath out of it. I can't say anything else positive about such government action. >Good thing our founding fathers didn't feel that way when they broke away from England and formed theconsitution. They wanted to free themselves from busybody government. Now it seems that at least half the country is Redcoat loyalists, the unworthy progeny of the Founders.

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