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Politics : Formerly About Applied Materials
AMAT 301.88-1.0%Jan 14 3:59 PM EST
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To: Katherine Derbyshire who wrote (25046)10/7/1998 11:17:00 PM
From: Jerome  Read Replies (2) of 70976
 
Katherine, " Causes of the great Depression" Many factors are quoted and all are partially true. Mt readings of history bring me to these conclusions.

1) Passage of the Smoot Hawley Act. (restricting trade and adding sizable tariffs to everything was a primary culprit)

2) The FED in the face of the depression raised interest rates repeatedly.

3) President Hoover begged congress to enact banking reform that would stop banks from lending money for the express purpose of buying stocks on speculation. Congress refused saying that buying stocks was good for the country.

4) Gold stocks were the tech stocks of the 1920's. There were pyramid schemes on top of other schemes. The gold craze probably ruined the stock market for years to come.

5) Since the world was undergoing financial insecurity, the obvious choice was to set up high tariffs and export your way out of this mess. England and Frace were the leaders of this movement and the U.S .acted in retaliation. Seemed like the smart thing to do at the time.

6) Herbert Hoover had all the right ideas at the time, but once the depression came he had no credibility with congress in terms of getting legislation passed. He was a mining engineer and a self made millionaire (regarded as one of the world's greatest mining engineers). Stanford University owes much of its growth to the millions he left to it.

Just my historical perspective, I'm sure that there are many other
better balanced viewpoints.......Jerome

7) Most libraries will have about 75 to 100 books about Kennedy, about 20 to 25 about the Roosevelts, and maybee 1 or two on Hoover.
In spite of his humanitarism the name Hoover and Depression are forever linked.
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