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To: re3 who wrote (12223)	8/20/2000 9:42:49 AM
From: flatsville	Respond to of 436258

ike-- Re: Hoover. I recall having to read big chunks of Recent Economic Changes and Recent Social Changes for a graduate level course. IMHO Hoover's been villified. The guy had a big brain. After the fact he found himself powerless to deal with the crisis. From a Martin A. Armstrong paper: ...The contagion of the Great Depression is strikingly similar to events of today. In fact, President Herbert Hoover wrote in his memoirs about this period… “During this new stage of the depression, the refugee gold and the foreign government reserve deposits were constantly driven by fear hither and yon over the world. We were to see currencies demoralized and governments embarrassed as fear drove the gold from one country to another. In fact, there was a mass of gold and short-term credit which behaved like a loose cannon on the deck of the world in tempest-tossed era.” Neither Al nor George W. have a particularly big brain (esp. George W.) They will be "HOOVERED" in ways Herebert wasn't and not understand why. At least ol' Herbert finally figured out (to some extent) what happened and why. But you're right, both of these guys will be clueless before, during and after the fact. Can you imagine either of them penning an observation as on target as the bolded above? Well, maybe Al...he's smart enough to hire good writers. <ggg> ------------------------------------------------------------ pei-us.com washingtonpost.com

To: re3 who wrote (12223)	8/20/2000 10:02:55 AM
From: flatsville	Respond to of 436258

Speaking of the business cycle...This is a good read: >>>...In examining the stated causes of the business cycle, one finds two explanations that stand out. The first is the traditional one - which includes socialist and Marxist variations - and the second is the Austrian Mal-investment Theory. There is also a third explanation, one that deals with the so-called "instability" of capitalism, that will also be examined....<<< (note that it appears to have been written in the mid-1980s) libertyhaven.com