Mar 20, 2020
11:45:39am
chilango Intervention Needed
Well, it ended in the late ‘30s, so it couldn’t have been 10 years — maybe 6 at
most. Also, he actually changed many things Hoover had done, at least up through 1931, such as cutting spending to balance the budget (Hoover’s point of emphasis until he entered an election year).

I agree that some of the things FDR did (and didn’t do, such as removing the limits on immigration and trade barriers imposed in the protectionist late ‘20s) probably extended the downturn. But the fact is that the worst of it had already happened before he took office and before his policies could kick in and have any effect.

Also, as Milton Friedman wrote, the mistakes made by the Federal Reserve, not pursuing a sufficiently expansionary monetary policy (especially in the early years of the Depression), were more important than any action by either administration.
This message has been modified
Originally posted on Mar 20, 2020 at 11:45:39am
Message modified by chilango on Mar 20, 2020 at 11:48:52am
Message modified by chilango on Mar 20, 2020 at 11:49:15am
Message modified by chilango on Mar 20, 2020 at 11:51:08am
Message modified by chilango on Mar 20, 2020 at 11:57:14am
chilango
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