Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: Freedom Fighter who wrote (835)	9/30/1998 3:04:00 PM
From: porcupine --''''>	Read Replies (1) of 1722

It is historical nonsense that we did nothing early on until FDR came along. (albeit universally believed) Hoover despite his reputation was very active in trying to prop up the excesses. It is documented. It is well documented that Hoover made great humanitarian efforts. I suspect that giving Roosevelt credit for getting us out of the depression was one part political revisionist history and one part lack of understanding of the facts. The credit facts vs. GDP are not refutable though. I have them in a chart. Statistical coincidence is not irrefutable proof of anything in the social sciences -- because there is no way to re-run history changing only one variable. Therefore, there are no controlled experiments, and hence, nothing approaching proof. Only the most partisan advocates of intervention credit Roosevelt with ending the Great Depression. Anyone who lived through it knows it was WWII. But just letting the system collapse was a prescription for being taken over by the Communists or their Fascist imitators. It is argued by some that government disaster relief encourages people to take unnecessary risks the next time around. But, the political reality is that a government that doesn't provide disaster relief will get replaced by one that "promises" that it will. Often, the replacement government winds up being the biggest disaster of all. Btw, one of the things mentioned in traditional economics texts is that post-war growth in Germany and Japan was so much higher than other countries because the devastation had eliminated all of the marginal performers in the labor and capital markets. But, even economists concede that that's too high a price to pay for increased economic efficiency.

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