The Party of Hoover, today as in 1929, is whining and screaming that the Federal Reserve is making things worse with its current actions to support the money supply and ease lending (the most recent of which is Helicopter Ben hauling his helicopter fleet out of the shop to print another trillion dollars to buy government securities and more commercial and mortgage paper). Brad DeLong leads me to this paper giving historical data showing the opposite. According to his historical data, even in the Great Depression, the Federal Reserve's actions were still better than no actions at all -- see, by contrast, the Depression of 1873 (the so-called "Long Depression", which was deeper than the Great Depression and lasted much longer).
Yet more proof that the Party of Hoover is a party bereft of intellectual heft and in thrall to bankrupt ideas with no connection to reality...
-- Badtux the Economics Penguin
You seem to be assuming that they want things to get better.
ReplyDeleteLet's face it, the last thing the Party of Hoover wants is to have the economy turn around on Obama's watch.
ReplyDeleteThat would just prove that they were wrong all along, and they can't afford to have the public know that....although most everyone already knows.
This proves that they're all still drinking the kool-aid.