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That is being unkind to Hoover. He didn't actually engage in massive bank bailouts. His fault was not that he failed to liquidate the big banks, but that he failed to follow up the shortfall of private expenditure with public works.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Nov 19th, 2009 at 06:17:04 AM EST
[ Parent ]
I agree that he did not bailout, and that my critique was unfair as it was formulated.

But I remain under the impression that he failed to regulate banking, and liquidate bad banks, thus setting the stage for Roosevelt's Emergency Banking Act:

The Emergency Banking Act (the official title of which was the Emergency Banking Relief Act) was an act of the United States Congress spearheaded by President Franklin D. Roosevelt during the Great Depression. It was passed on March 9, 1933. The act allowed a plan that would close down insolvent banks and reorganize and reopen those banks strong enough to survive. In summary, the provisions of the act were as follows


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by A swedish kind of death on Thu Nov 19th, 2009 at 11:10:16 AM EST
[ Parent ]
Oh, yes.

But failure to do enough that is good is not quite the same thing as determination to do much that is bad.

Now, his determination to keep the budget balanced at all cost, on the other hand...

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Nov 19th, 2009 at 03:54:40 PM EST
[ Parent ]

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