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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: koan who wrote (258342)7/3/2010 1:30:42 PM
From: The ReaperRead Replies (1) of 306849
 
IMO Hoover caused things to get worse because he raised taxes in the face of the Depression, thus crippling the private sector to produce jobs. It has long been my contention that the government should have already put in place an agency similar to the Reconstruction Finance Corp. that would make loans to CREDITWORTHY businesses and individuals that could then expand their private interests to expand the job pool. Just handing out money to the banks as Bush and Obama has continued as a conduit for loans has been a failure from the word go as has Obama's Stimulus package because so little of it actually went to the infrastructure projects (that would have been completed by private contractors) that they had trumpeted. I've seen too many graphs now that demonstrate that government spending has such a diminished effect on GDP now that it is essentially worthless to pump billions of Keynesian dollars into the economy. Don't spend the money on worthless crap, loan it to entities that actually produce and know how to balance budgets. I find the path we're taking eerily similar to what Hoover did which was blasted by FDR. Picture Obama as Hoover and the next president to be as FDR.

From Wikipedia:

Franklin D. Roosevelt blasted the Republican incumbent for spending and taxing too much, increasing national debt, raising tariffs and blocking trade, as well as placing millions on the dole of the government. Roosevelt attacked Hoover for "reckless and extravagant" spending, of thinking "that we ought to center control of everything in Washington as rapidly as possible," and of leading "the greatest spending administration in peacetime in all of history."[47] Roosevelt's running mate, John Nance Garner, accused the Republican of "leading the country down the path of socialism".[48]

BTW the Reconstruction Finance Corp was Hoover's program. That IMO is what started to get us out of the Depression
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