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The "obama" of the 1930s .........

Discussion in 'Historical Events & Figures' started by Libsmasher, Jun 13, 2008.

  1. Libsmasher

    Libsmasher New Member

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    .......... Joseph P. Kenndedy. From wiki:

     
  2. top gun

    top gun New Member

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    Well the fact is George Bush is reminiscent of President Hoover (look it up just a terrible administration) and John McSame wants to be exactly like him.

    So knowing for sure what we have NOW is absolute disaster growing worse by the day... I'm for the positive change of an Obama administration!
    :)

    http://www.youtube.com/watch?v=9vZOtJhfwrY
     
  3. Libsmasher

    Libsmasher New Member

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    One could patiently explain the causes of the Great Depression to you, even using only one and two syllable words, but one realizes a priori that would be like reciting shakespeare to a tree stump. :D That being the case, I'll just leave you with a hint: Hoover had nothing to do with it. :rolleyes:
     
  4. top gun

    top gun New Member

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    As eloquent in Shakespeare as I'm sure you are ;)... I'm suggesting a little less drama and a little more book learnin'. :)... because this sure does look a lot like a Republican Bush/McBush administration approach and our ever evolving worsening situation of today.

    Great Depression and Herbert Hoover, 1929-33

    In 1929, 60% of all families had annual incomes of $2,000 or less; 42% had annual incomes of less than $1,500. More efficient machines had made it possible for the productivity of industrial workers to increase by 32% during the 1920s, but their wages had increased only 10%. Profits from the industrial corporations grew 62% and went largely to the wealthiest 5%.

    The economy was in trouble but people, dazzled by a surging stock market, ignored it. The consumer economy was slowing as incomes skewed to the rich. In 1929, the richest 10% of families received 39% of disposal personal income while the bottom 10% only got 2%.

    People seemed to be forgetting that capitalism needs to expand, that demand for housing, clothes, automobiles, stoves, and many other consumer goods generates demand in other sectors of the economy. The wealthy bought luxuries but could not buy enough to sustain the consumer economy.

    Many of the wealthy, as well as others, joined the speculative stock market sending stock prices to greater and greater without regard to company performance; In October, 1929, the bubble burst. The crash meant the tremendous loss of capital as prices declined $74 billion from 1929 to 1932 and the repatriation of much of US investment abroad. The Germany economy collapsed followed by the British and french economies. Germany could not pay the reparations it owed to the victors of WWI or make debt payments to US lenders, setting off a chain reaction. (read that Iraqi occupation $12,000,000,000 per month deficit spending)

    President Herbert Hoover did not know how to meet this crisis. His government began buying farm surpluses in order to prop up prices but it did not buy enough to make a difference.

    As historians Peter N. Carroll and David W. Noble note, Hoover feared that the collapse of the large corporations would bring down the entire US capitalist system. After all, one percent of the banks held 50% of banking assets. Three corporations—Ford, Chrysler, General Motors—manufactured 85% of the automobiles sold in the US. Chain stores dominated retail sales and their difficulties had national repercussions.

    Business and industry met the crisis as they had always done—they cut production, lowered wages, reduced working hours, and fired workers.

    The Hoover administration would not argue for direct relief to the unemployed and starving because he feared that doing so would corrupt them. Although he had administered relief progress in Europe after the First World War, he saw that as only an emergency measure caused by war. He believed that doing a similar thing in the the US would become a permanent practice. To many, he was callous. As people lost their homes and created shanty towns, they derisively called the "Hoovervilles." Hoover argued that private charities and state and local governments should be the institutions to provide relief. But they were suffering as well and could not deal with a problem of this magnitude.

    Hoover and the Republicans saw aid to corporations as being different. Whereas they believed that helping the individual citizen weather the Depression would corrupt him or her, aiding corporations and other business was different. To many, it appeared that the Republicans were only interested in the rich. The newly-created Reconstruction Finance Corporation aided only the large corporations.

    Hoover believed that the depression was part of the normal business cycle and had been caused by international factors and not US ones. to him, "prosperity was just around the corner." The best thing for the country to do would be to wait the crisis out.
     
  5. Libsmasher

    Libsmasher New Member

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    None of the above blabberfest identifies ANY cause of the Great Depression, much less any blame for Hoover. :rolleyes:
     
  6. BigRob

    BigRob Well-Known Member

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    Didn't the Smoot-Haley Trariff Act have alot to do with it as well? We placed tariffs on international trade to try to "help" American business and then other countries responded the same way and trade pretty much dried up.
     
  7. Libsmasher

    Libsmasher New Member

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    That was the last (BIG) nail in the coffin. The main cause was the reckless expansion of credit by the new Federal Reserve in the years leading up to the depression. Every liberal dunce in the country blames the depression on "unregulated capitalism", whereas the actual causes were government interference in the market.
     
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