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Politics : Politics of Energy -- Ignore unavailable to you. Want to Upgrade?

To: RetiredNow who wrote (2956)	11/3/2008 9:28:18 PM
From: TimF	Respond to of 86355

Here is a bit more about Hoover with a couple of quotes from him (Hoover's statements in italics in my quote of the blog post as we can't blockquote here) Economic Crisis: Lessons from 1932 Bryan Caplan We might have done nothing. That would have been utter ruin. Instead we met the situation with proposals to private business and to Congress of the most gigantic program of economic defense and counterattack ever evolved in the history of the Republic. If you thought this year's convention speeches were bad, that's Herbert Hoover accepting the Republican nomination in 1932. A Republican tries Socialism 1.0, paving the way for a Democrat's 2.0. Sound familiar? But here's my favorite so-bad-it's-good passage from Hooverville: For the first time in the history of depression, dividends, profits, and the cost of living, have been reduced before wages have suffered.... They were maintained until the cost of living had decreased and the profits had practically vanished. They are now the highest real wages in the world. With 25% unemployment, Hoover goes before his whole party and loudly brags that real wages are unprecedentedly high, without the slightest thought that employment and the price of labor might somehow be connected. Let's join Paul Rubin in hoping that he's wrong about the next chapter in U.S. economic history. econlog.econlib.org