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Source link: http://archive.mises.org/15286/hoover-bush-and-great-depressions/

Hoover, Bush, and Great Depressions

January 11, 2011 by

Hoover’s interventionist policies focused on labor markets with the goal of keeping wages and employment high. Bush’s interventionist policies focused on capital markets with the goal of keeping financial markets functioning. FULL ARTICLE by Mark Thornton

{ 3 comments }

Sione January 11, 2011 at 4:10 pm

Thank you for an for this over-view of what went on. Seems so obvious, yet few are aware of it..

Sione

Eric January 11, 2011 at 8:43 pm

re: “Bush also famously took the federal budget from a massive surplus to a massive deficit.”

This is the only time I’ve read here that Clinton truly had a surplus. All other authors have pointed out that the surplus was only “accounted” for by fraudulent bookkeeping practices.

As I understood the other Austrians, Clinton counted all the surplus SS taxes (greater coming in than the payments going out) as both money into the “trust” fund but also into the general fund, thereby counting it twice.

Clinton also was in charge during the dot com bubble which he handed off to Bush. Clinton was just lucky to be in office before the big old SS Ponzie scheme got blown wide open. But he knew full well the number of “investors” was getting too numerous to ever pay off.

Of course, now that SS in is less than SS out, this trick can’t be used anymore, and everyone knows that the trust fund is a mere scrap of paper with a number written on it in some bureaucrat’s desk.

Bottom line is we’re just talking about who was more evil, Bush or Clinton.

Dave M January 11, 2011 at 9:50 pm

I find myself wondering what would have been the outcome if we had not bailed out the financial sector?

I think we would be far better off than we are now. The underlying rot of malinvestment is still present and the quantative easing is just a means of dilluting the poison through inflation.

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