The Real Lessons of the Great Depression
(By Michael Barone, TownHall.com) - "Not since the Great Depression." "Not since the 1930s." You hear those phrases a lot these days, and with some reason. As Congress prepares to pass the Democratic stimulus package, it may be worthwhile to look back at Franklin Roosevelt's New Deal and consider how well it worked as policy -- and politically.
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Murray N. Rothbard's America's Great Depression is required reading on this topic. Rothbard places the blame for the depression squarely on Hoover's shoulders, as it should be, but he makes the case that Roosevelt could have averted the depression and chose to engage in demagoguery instead, promoting a fascist agenda, and extending the depression by 10 years. Anyone reading this will also be amused (or saddened, as the case may be) to note that Bush repeated and Obama is repeating the mistakes of Hoover and Roosevelt, nearly verbatim.
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