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About TimeUCLA economists have calculated how long FDR extended the Great Depression. Seven years. Roosevelt's role in lifting the nation out of the Great Depression has been so revered that Time magazine readers cited it in 1999 when naming him the 20th century's second-most influential figure. Remember this the next time someone talks about a new "New Deal." The myth of Roosevelt is akin with the current idiotic nonsense being promulgated by Democrats that the financial crisis was a result of "deregulation." [Update about 9 AM EDT] Sebastian Mallaby has a nice corrective to the "deregulation" nonsense: The key financiers in this game were not the mortgage lenders, the ratings agencies or the investment banks that created those now infamous mortgage securities. In different ways, these players were all peddling financial snake oil, but as Columbia University's Charles Calomiris observes, there will always be snake-oil salesmen. Rather, the key financiers were the ones who bought the toxic mortgage products. If they hadn't been willing to buy snake oil, nobody would have been peddling it. As he points out, it's important to understand the actual cause, because if we misdiagnose the disease, we're likely to come up with nostrums that make it worse, just as FDR's "brain trust" did. And that's exactly the path we're on with Obama. McCain may make similar mistakes, but with him, at least it's not a sure thing. [Mid-morning update] Glenn Reynolds has some thoughts on the upcoming speculative bubble in regulation. I agree that we need to design the system to be much more fault tolerant. 0 TrackBacksListed below are links to blogs that reference this entry: About Time. TrackBack URL for this entry: http://www.transterrestrial.com/admin/mt-tb.cgi/10425 4 CommentsLeave a comment
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It also explains the economic explosion that came out of the end of the Second World War. As I see it, the real change was that in order to competently fight, the US had to reverse most of FDR's anti-competitive policies. As I see it, this is the main source of the "war is good for the economy" myth.
There wasn't an economic explosion after WWII. There were a series of recessions punctuated by ho hum economic growth throughout the forties and fifties. The economy didn't grow more consistently and rapidly until the sixties.
http://recession.org/history
http://www.huppi.com/kangaroo/GDPreal.htm
FDR, and his advisers, all believed the "Depression" was caused be the over-capacity of the manufacturing sector.
The push for elevated wages implicated in worsening the Great Depression sounds a lot like what the Wallmart bashers are pushing for. Higher wages are at best meaningless if prices rise in proportion. Worse, rising wages push unemployment, and hurt competitiveness on the international market.