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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: TigerPaw who wrote (5173)	11/10/2005 2:32:29 PM
From: TimF	Read Replies (1) \| Respond to of 541465

It directly counteracts your position. There had been earlier severe economic downturns but none that were both as deep and long as the great depression. The difference in the great depression is that first the fed tightened as we were going in to a downturn, then FDR instituted an extensive series of heavy interventions in the economy, from controlling prices, to destroying farm products, to increasing regulation and putting in place higher tax rates. The earlier downturns were painful but a less fettered economy recovered from them faster then it did from the great depression. Tim

To: TigerPaw who wrote (5173)	11/10/2005 4:22:54 PM
From: upanddown	Read Replies (1) \| Respond to of 541465

Afterwards there were no significant boom/bust cycles until the crash of 1987. 1987? That was not even a recession, just a short-lived stock market collapse. There were sharp (2.5%+ decline in GNP) recessions in 1953-54, 1957-58, 1969-70, 1973-74 with about 5 or 6 milder ones. One strange thing about recessions since the depression. The Democrats and Republicans each held the White House for 32 years during the period 1940-2004. The Republicans have quite successfully portrayed themselves as the best party for economic vitality and yet, a Republican president has presided over virtually every economic downturn since the depression. econlib.org