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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: John Vosilla who wrote (244237)4/15/2010 8:29:38 AM
From: ajtj99Read Replies (1) of 306849
 
There was a serious depression in 1920-1921, and it was over in about a year. It was severe, but we were back up and running pretty quick without Mr. Keynes.

President Harding actually cut spending that year in response to lower tax receipts.

The US recovered in 1933 not because of Keynesian economics. The US recovered primarily because Roosevelt devalued the currency by 50%.

In 1930 the US was the world's largest exporter. The Smoot Hawley Tariff Act really made the US depression a lot worse than it would have been. The currency devaluation mitigated the effects of Smoot Hawley and jump started the recovery.

Roosevelt's labor policies actually hurt the economy and was a factor in the double dip in 1937-1938. The high continued unemployment in the 1930's was also partially due to the huge productivity gains that continued both on the farm and in factories.

Central planning is not the answer.
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