Friday, September 9, 2011
The Three Myths of the Great Depression
The Great Depression was a seminal moment in our nation’s history. This event changed our nation and the way Americans look at government. The progressives/liberals romanticize FDR and his compassion for the little people. We’ve all heard it: Herbert Hoover did nothing to help the economy. FDR saved capitalism. World War II brought us out of the depression.
Well guess what. It’s all a bunch of lies. Hoover was a big interventionist. He proposed and enacted government programs that prohibited the market to correct itself. Many of those laws were repeated by presidents Bush and Obama during our recent financial crisis. The assertion that FDR saved capitalism is laughable. He was just as antagonistic to businesses as the Anointed One. And the myth that World War II brought us out of the Great Depression has been debunked. We didn’t get out of that disaster until 1947 – 48.
It’s going to take a lot of patience to rid the American people of these myths; or until Paul Krugman’s alien invasion theory comes to pass.