In a lame attempt to defend his pathetic economic record, President Obama argued that he inherited the worst economic crisis since the Great Depression,
and that he's leading America to a better place. In reality, Obama
implemented policies that ensured the worst economic "recovery" since
that depression.
Let's take a look back. The president during that period of turmoil, Herbert Hoover, a Republican, is commonly portrayed as having opposed government intervention and, therefore, as having done nothing to prevent the depression. However, the opposite is true.
In his day, Hoover was called the "Great Engineer" because of his fondness for social engineering. Hoover strongly believed that government, business, and unions should work together to build a better life for everyone. Sound familiar? Former president, and current Democratic fundraiser, Bill Clinton argued in favor of that same approach on Wednesday night during his DNC speech.
This is extremely important, because the stock market crash of 1929, which is widely cited as the beginning of the Great Depression, was caused by government intervention. And the intervention was inspired by this belief. Hoover, as secretary of commerce during the 1920s, and then as president, supported artificially low interest rates (with the goal of increasing credit revenue while stimulating business) and high tariffs (with the goal of protecting domestic producers). Inevitably, the market crashed, producing a recession.
Read more: http://www.americanthinker.com/2012/09/barack_hoover_obama.html#ixzz26FPOI5HA
Let's take a look back. The president during that period of turmoil, Herbert Hoover, a Republican, is commonly portrayed as having opposed government intervention and, therefore, as having done nothing to prevent the depression. However, the opposite is true.
In his day, Hoover was called the "Great Engineer" because of his fondness for social engineering. Hoover strongly believed that government, business, and unions should work together to build a better life for everyone. Sound familiar? Former president, and current Democratic fundraiser, Bill Clinton argued in favor of that same approach on Wednesday night during his DNC speech.
This is extremely important, because the stock market crash of 1929, which is widely cited as the beginning of the Great Depression, was caused by government intervention. And the intervention was inspired by this belief. Hoover, as secretary of commerce during the 1920s, and then as president, supported artificially low interest rates (with the goal of increasing credit revenue while stimulating business) and high tariffs (with the goal of protecting domestic producers). Inevitably, the market crashed, producing a recession.
Read more: http://www.americanthinker.com/2012/09/barack_hoover_obama.html#ixzz26FPOI5HA
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