Is the myth of the “do nothing” Herbert Hoover dying? Michael Kitchen at MarketWatch writes:
…Herbert Hoover — only nine months into his presidency — assembled leaders from the public and private sectors to create an economic-stimulus package. Among the measures, Time magazine reported at the time, was a promise from Congress to offer bipartisan support for a tax-cut package. The proposal called for $160 million in tax relief — only about $22 billion if adjusted against the gross domestic product at the time, and therefore much smaller than the plan under consideration here in 2008. Read Time’s original coverage of the plan.
Also on the table was an assurance from the Federal Reserve that it would provide cheaper credit.