Home Depot Co Founder:"Biden Does Not Understand How Business Works"

[Jake Winker Frogen]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

 

[Oldestyle]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

 

[Oldestyle]

Hoover's problem wasn't a lack of government spending...it was the passage of one of the worst things ever done by Washington...the Smoot - Hawley Tariff Act in 1930!

 

[Jake Winker Frogen]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

 

[Jake Winker Frogen]

Hoover's problem wasn't a lack of government spending...it was the passage of one of the worst things ever done by Washington...the Smoot - Hawley Tariff Act in 1930!

That was a Hoover mistake too.

 

[Oldestyle]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

You're defending a "myth", Jake! You still haven't explained how the US came back from the 1920 recession without the use of huge government stimulus programs. Care to address that?

 

[Oldestyle]

Hoover's problem wasn't a lack of government spending...it was the passage of one of the worst things ever done by Washington...the Smoot - Hawley Tariff Act in 1930!

That was a Hoover mistake too.

I just pointed that out, Jake! Try and keep up...

 

[Jake Winker Frogen]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

You're defending a "myth", Jake! You still haven't explained how the US came back from the 1920 recession without the use of huge government stimulus programs. Care to address that?

I have explained it, read above. A more apt historical comparison is a global collapse such the depression in the Grant Presidency which I detailed.

The 20s recession was due to the end of the war which saw sharp reductions in demand for manufacturing and returning troops being added to the labour pool, added to that came the Spanish flu, germane to our own times.

Once again we had a lax, hands off President, Wilson this time.

Indeed even free market advocate Milton Friedman argued the recession of 1920–1921 was the result of an unnecessary contractionary monetary policy by the Federal Reserve Bank. They did the opposite of stimulus and actually caused it.

 

[Jake Winker Frogen]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

You're defending a "myth", Jake! You still haven't explained how the US came back from the 1920 recession without the use of huge government stimulus programs. Care to address that?

I have explained it, read above. A more apt historical comparison is a global collapse such the depression in the Grant Presidency which I detailed.

The 20s recession was due to the end of the war which saw sharp reductions in demand for manufacturing and returning troops being added to the labour pool, added to that came the Spanish flu, germane to our own times.

Once again we had a lax, hands off President, Wilson this time.

Indeed even free market advocate Milton Friedman argued the recession of 1920–1921 was the result of an unnecessary contractionary monetary policy by the Federal Reserve Bank. They did the opposite of stimulus and actually caused it.

And indeed after World War Two, where the US could have experienced the same problem the US did not, because Truman had learned the lesson of contracting stimulus or monetary policy after a war too sharply, too quickly and that combined with the demands of the Cold War on government spending into the economy and manufacturing capacity witnessed phenomenal economic growth.

 

[Oldestyle]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

You're defending a "myth", Jake! You still haven't explained how the US came back from the 1920 recession without the use of huge government stimulus programs. Care to address that?

I have explained it, read above. A more apt historical comparison is a global collapse such the depression in the Grant Presidency which I detailed.

The 20s recession was due to the end of the war which saw sharp reductions in demand for manufacturing and returning troops being added to the labour pool, added to that came the Spanish flu, germane to our own times.

Once again we had a lax, hands off President, Wilson this time.

Indeed even free market advocate Milton Friedman argued the recession of 1920–1921 was the result of an unnecessary contractionary monetary policy by the Federal Reserve Bank. They did the opposite of stimulus and actually caused it.

So how do you explain the recovery from the 1920 recession without government stimulus?

 

[Oldestyle]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

You're defending a "myth", Jake! You still haven't explained how the US came back from the 1920 recession without the use of huge government stimulus programs. Care to address that?

I have explained it, read above. A more apt historical comparison is a global collapse such the depression in the Grant Presidency which I detailed.

The 20s recession was due to the end of the war which saw sharp reductions in demand for manufacturing and returning troops being added to the labour pool, added to that came the Spanish flu, germane to our own times.

Once again we had a lax, hands off President, Wilson this time.

Indeed even free market advocate Milton Friedman argued the recession of 1920–1921 was the result of an unnecessary contractionary monetary policy by the Federal Reserve Bank. They did the opposite of stimulus and actually caused it.

And indeed after World War Two, where the US could have experienced the same problem the US did not, because Truman had learned the lesson of contracting stimulus or monetary policy after a war too sharply, too quickly and that combined with the demands of the Cold War on government spending into the economy and manufacturing capacity witnessed phenomenal economic growth.

We saw phenomenal economic growth following WWII because the other great economic powers were devastated by the war! American industry was not. Government spending isn't what drove that economic growth...we were the only game in town!

 

[Jake Winker Frogen]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

You're defending a "myth", Jake! You still haven't explained how the US came back from the 1920 recession without the use of huge government stimulus programs. Care to address that?

I have explained it, read above. A more apt historical comparison is a global collapse such the depression in the Grant Presidency which I detailed.

The 20s recession was due to the end of the war which saw sharp reductions in demand for manufacturing and returning troops being added to the labour pool, added to that came the Spanish flu, germane to our own times.

Once again we had a lax, hands off President, Wilson this time.

Indeed even free market advocate Milton Friedman argued the recession of 1920–1921 was the result of an unnecessary contractionary monetary policy by the Federal Reserve Bank. They did the opposite of stimulus and actually caused it.

So how do you explain the recovery from the 1920 recession without government stimulus?

It was not a depression, as I said above it was not caused by massive market collapse and failure but rather war production ending and the opposite of stimulus monetary contraction. They even raised interest rates!

It never need have occurred at all but was caused by monetary contraction. Not every economic down turn needs massive intervention. It is not comparable to the Great Depression or Grant Depression just as a stubbed toe is not life threatening cancer.


Still even here Harding who took over from Wilson raised revenues in 1921 by expanding the tax base considerably at the and reversed the Wilson policy, Harding injecting monetary stimulus into the economy.

He also provided direct relief to the through the states and unemployed with the economic conference and a committee on unemployment. .

 

[Jake Winker Frogen]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

You're defending a "myth", Jake! You still haven't explained how the US came back from the 1920 recession without the use of huge government stimulus programs. Care to address that?

I have explained it, read above. A more apt historical comparison is a global collapse such the depression in the Grant Presidency which I detailed.

The 20s recession was due to the end of the war which saw sharp reductions in demand for manufacturing and returning troops being added to the labour pool, added to that came the Spanish flu, germane to our own times.

Once again we had a lax, hands off President, Wilson this time.

Indeed even free market advocate Milton Friedman argued the recession of 1920–1921 was the result of an unnecessary contractionary monetary policy by the Federal Reserve Bank. They did the opposite of stimulus and actually caused it.

And indeed after World War Two, where the US could have experienced the same problem the US did not, because Truman had learned the lesson of contracting stimulus or monetary policy after a war too sharply, too quickly and that combined with the demands of the Cold War on government spending into the economy and manufacturing capacity witnessed phenomenal economic growth.

We saw phenomenal economic growth following WWII because the other great economic powers were devastated by the war! American industry was not. Government spending isn't what drove that economic growth...we were the only game in town!

It did, Cold War demands, after a short period of contraction, saw the government inject waves of money into the economy, the Marshall Plan too which as we all know rebuilt Europe and Japan saw contract after contract go to American firms in the most massive US tax dollar sponsored economic reconstruction in Western Europe and Japan.

Had US tax dollar not been used to reconstruct these economies the US would not have had the markets in Europe or Japan for a very long time.

 

[Oldestyle]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

You're defending a "myth", Jake! You still haven't explained how the US came back from the 1920 recession without the use of huge government stimulus programs. Care to address that?

I have explained it, read above. A more apt historical comparison is a global collapse such the depression in the Grant Presidency which I detailed.

The 20s recession was due to the end of the war which saw sharp reductions in demand for manufacturing and returning troops being added to the labour pool, added to that came the Spanish flu, germane to our own times.

Once again we had a lax, hands off President, Wilson this time.

Indeed even free market advocate Milton Friedman argued the recession of 1920–1921 was the result of an unnecessary contractionary monetary policy by the Federal Reserve Bank. They did the opposite of stimulus and actually caused it.

And indeed after World War Two, where the US could have experienced the same problem the US did not, because Truman had learned the lesson of contracting stimulus or monetary policy after a war too sharply, too quickly and that combined with the demands of the Cold War on government spending into the economy and manufacturing capacity witnessed phenomenal economic growth.

We saw phenomenal economic growth following WWII because the other great economic powers were devastated by the war! American industry was not. Government spending isn't what drove that economic growth...we were the only game in town!

It did, Cold War demands, after a short period of contraction, saw the government inject waves of money into the economy, the Marshall Plan too which as we all know rebuilt Europe and Japan saw contract after contract go to American firms in the most massive US tax dollar sponsored economic reconstruction in Western Europe and Japan.

Had US tax dollar not been used to reconstruct these economies the US would have had nor markets there for a very long time.

Of course contracts went to American firms! As I just pointed out...we were the only game in town! The infrastructure of Great Britain, France, Germany, the Soviet Union and Japan were smoldering shells. The US economy boomed because we had an intact infrastructure. It would continue to boom for the next twenty years and then slow as the rest of the world recovered!

 

[Jake Winker Frogen]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

You're defending a "myth", Jake! You still haven't explained how the US came back from the 1920 recession without the use of huge government stimulus programs. Care to address that?

I have explained it, read above. A more apt historical comparison is a global collapse such the depression in the Grant Presidency which I detailed.

The 20s recession was due to the end of the war which saw sharp reductions in demand for manufacturing and returning troops being added to the labour pool, added to that came the Spanish flu, germane to our own times.

Once again we had a lax, hands off President, Wilson this time.

Indeed even free market advocate Milton Friedman argued the recession of 1920–1921 was the result of an unnecessary contractionary monetary policy by the Federal Reserve Bank. They did the opposite of stimulus and actually caused it.

And indeed after World War Two, where the US could have experienced the same problem the US did not, because Truman had learned the lesson of contracting stimulus or monetary policy after a war too sharply, too quickly and that combined with the demands of the Cold War on government spending into the economy and manufacturing capacity witnessed phenomenal economic growth.

We saw phenomenal economic growth following WWII because the other great economic powers were devastated by the war! American industry was not. Government spending isn't what drove that economic growth...we were the only game in town!

It did, Cold War demands, after a short period of contraction, saw the government inject waves of money into the economy, the Marshall Plan too which as we all know rebuilt Europe and Japan saw contract after contract go to American firms in the most massive US tax dollar sponsored economic reconstruction in Western Europe and Japan.

Had US tax dollar not been used to reconstruct these economies the US would not have had the markets in Europe or Japan for a very long time.

By the way shortly there after the Korean War did not hurt, that war supercharged the Japanese economy.

 

[Jake Winker Frogen]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

You're defending a "myth", Jake! You still haven't explained how the US came back from the 1920 recession without the use of huge government stimulus programs. Care to address that?

I have explained it, read above. A more apt historical comparison is a global collapse such the depression in the Grant Presidency which I detailed.

The 20s recession was due to the end of the war which saw sharp reductions in demand for manufacturing and returning troops being added to the labour pool, added to that came the Spanish flu, germane to our own times.

Once again we had a lax, hands off President, Wilson this time.

Indeed even free market advocate Milton Friedman argued the recession of 1920–1921 was the result of an unnecessary contractionary monetary policy by the Federal Reserve Bank. They did the opposite of stimulus and actually caused it.

And indeed after World War Two, where the US could have experienced the same problem the US did not, because Truman had learned the lesson of contracting stimulus or monetary policy after a war too sharply, too quickly and that combined with the demands of the Cold War on government spending into the economy and manufacturing capacity witnessed phenomenal economic growth.

We saw phenomenal economic growth following WWII because the other great economic powers were devastated by the war! American industry was not. Government spending isn't what drove that economic growth...we were the only game in town!

It did, Cold War demands, after a short period of contraction, saw the government inject waves of money into the economy, the Marshall Plan too which as we all know rebuilt Europe and Japan saw contract after contract go to American firms in the most massive US tax dollar sponsored economic reconstruction in Western Europe and Japan.

Had US tax dollar not been used to reconstruct these economies the US would have had nor markets there for a very long time.

Of course contracts went to American firms! As I just pointed out...we were the only game in town! The infrastructure of Great Britain, France, Germany, the Soviet Union and Japan were smoldering shells. The US economy boomed because we had an intact infrastructure. It would continue to boom for the next twenty years and then slow as the rest of the world recovered!

And because American tax dollars were used in Cold War military production and to rebuild the very nations and markets in Western Europe and Japan that our manufacturing capacity then sold in.

US tax money created the demand.

 

[Oldestyle]

Still waiting for you explanation for why the 1920 recession turned into the Roaring Twenties without government stimulus, Jake! You seem to be at a loss to explain that?

 

[Jake Winker Frogen]

Still waiting for you explanation for why the 1920 recession turned into the Roaring Twenties without government stimulus, Jake! You seem to be at a loss to explain that?

I have already explained it, see my post addressing this very recession above.

By the way the Roaring Twenties was disaster of unregulated capitalism, a classic and delusional market bubble.

 

[Oldestyle]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

courses.lumenlearning.com

Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

You're defending a "myth", Jake! You still haven't explained how the US came back from the 1920 recession without the use of huge government stimulus programs. Care to address that?

I have explained it, read above. A more apt historical comparison is a global collapse such the depression in the Grant Presidency which I detailed.

The 20s recession was due to the end of the war which saw sharp reductions in demand for manufacturing and returning troops being added to the labour pool, added to that came the Spanish flu, germane to our own times.

Once again we had a lax, hands off President, Wilson this time.

Indeed even free market advocate Milton Friedman argued the recession of 1920–1921 was the result of an unnecessary contractionary monetary policy by the Federal Reserve Bank. They did the opposite of stimulus and actually caused it.

And indeed after World War Two, where the US could have experienced the same problem the US did not, because Truman had learned the lesson of contracting stimulus or monetary policy after a war too sharply, too quickly and that combined with the demands of the Cold War on government spending into the economy and manufacturing capacity witnessed phenomenal economic growth.

We saw phenomenal economic growth following WWII because the other great economic powers were devastated by the war! American industry was not. Government spending isn't what drove that economic growth...we were the only game in town!

It did, Cold War demands, after a short period of contraction, saw the government inject waves of money into the economy, the Marshall Plan too which as we all know rebuilt Europe and Japan saw contract after contract go to American firms in the most massive US tax dollar sponsored economic reconstruction in Western Europe and Japan.

Had US tax dollar not been used to reconstruct these economies the US would have had nor markets there for a very long time.

Of course contracts went to American firms! As I just pointed out...we were the only game in town! The infrastructure of Great Britain, France, Germany, the Soviet Union and Japan were smoldering shells. The US economy boomed because we had an intact infrastructure. It would continue to boom for the next twenty years and then slow as the rest of the world recovered!

And because American tax dollars were used in Cold War military production and to rebuild the very nations and markets in Western Europe and Japan that our manufacturing capacity then sold in.

US tax money created the demand.

The demand was there with or without US tax dollars, Jake! The big question following WWII was whether that demand was going to be met by US intervention or by Communist expansion. That was why the Marshall Plan was passed.

 

[Jake Winker Frogen]

Hoover did not provide any serious relief until 1931 and even then he only created "the President’s Emergency Committee for Employment (PECE), later renamed the President’s Organization of Unemployment Relief (POUR). In keeping with Hoover’s distaste of what he viewed as handouts, this organization did not provide direct federal relief to people in need. Instead, it assisted state and private relief agencies, such as the Red Cross, Salvation Army, YMCA, and Community Chest. Hoover also strongly urged people of means to donate funds to help the poor, and he himself gave significant private donations to worthy causes. But these private efforts could not alleviate the widespread effects of poverty."

Then Congress "pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief."

Hoover did not authorise any significant spending until 1932 as the election neared and he could see the consequence of his economic failures.

Too little too late.

President Hoover’s Response | US History II (OS Collection)

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"The new Reconstruction Finance Corporation, established in January 1932, lent tax dollars to bail out American banks and businesses. The Emergency Relief and Construction Act, enacted in July 1932, broadened the agency’s lending power to include financing state and local public works projects.

Hoover also approved substantial farm subsidy increases, eased requirements for the issuing of Federal Reserve notes and established the Federal Home Loan Bank Board to support mortgages. In an attempt to pay for the new programs, Hoover signed the Revenue Act of 1932, which doubled the estate tax, hiked corporate tax rates and increased the top personal tax rate from 25 to 63 percent."

FDR ran against Hoover accusing him of out of control government spending! Do you REALLY want to argue American history with a American who majored in history?

Yes as I said in my previous post, 1932 three years into the depression and after Hoover had resisted all calls for three years.

It is not until the election that he changed course, too little too late.

"Congress pushed for a more direct government response to the hardship. In 1930–1931, it attempted to pass a $60 million bill to provide relief to drought victims by allowing them access to food, fertilizer, and animal feed. Hoover stood fast in his refusal to provide food, resisting any element of direct relief. The final bill of $47 million provided for everything except food but did not come close to adequately addressing the crisis. Again in 1931, Congress proposed the Federal Emergency Relief Bill, which would have provided $375 million to states to help provide food, clothing, and shelter to the homeless. But Hoover opposed the bill, stating that it ruined the balance of power between states and the federal government, and in February 1932, it was defeated by fourteen votes. "

" As conditions worsened, however, Hoover eventually relaxed his opposition to federal relief and formed the Reconstruction Finance Corporation (RFC) in 1932, in part because it was an election year and Hoover hoped to keep his office. Although not a form of direct relief to the American people in greatest need, the RFC was much larger in scope than any preceding effort, setting aside $2 billion in taxpayer money to rescue banks, credit unions, and insurance companies. "

President Hoover’s Response | US History II (OS Collection)

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Interesting...so did you want to take a crack at explaining why FDR accused Hoover of out of control spending when he was running against him?

Because FDR was a diabolical bastard when it came to politics and winning power. He would say what ever it takes to win. Even his closest political confidents stated "no one really knows him."

I do not even think Eleanor even knew him.

I am defending stimulus as a measure in a deflationary economic collapse, not FDR's personality.

You're defending a "myth", Jake! You still haven't explained how the US came back from the 1920 recession without the use of huge government stimulus programs. Care to address that?

I have explained it, read above. A more apt historical comparison is a global collapse such the depression in the Grant Presidency which I detailed.

The 20s recession was due to the end of the war which saw sharp reductions in demand for manufacturing and returning troops being added to the labour pool, added to that came the Spanish flu, germane to our own times.

Once again we had a lax, hands off President, Wilson this time.

Indeed even free market advocate Milton Friedman argued the recession of 1920–1921 was the result of an unnecessary contractionary monetary policy by the Federal Reserve Bank. They did the opposite of stimulus and actually caused it.

And indeed after World War Two, where the US could have experienced the same problem the US did not, because Truman had learned the lesson of contracting stimulus or monetary policy after a war too sharply, too quickly and that combined with the demands of the Cold War on government spending into the economy and manufacturing capacity witnessed phenomenal economic growth.

We saw phenomenal economic growth following WWII because the other great economic powers were devastated by the war! American industry was not. Government spending isn't what drove that economic growth...we were the only game in town!

It did, Cold War demands, after a short period of contraction, saw the government inject waves of money into the economy, the Marshall Plan too which as we all know rebuilt Europe and Japan saw contract after contract go to American firms in the most massive US tax dollar sponsored economic reconstruction in Western Europe and Japan.

Had US tax dollar not been used to reconstruct these economies the US would have had nor markets there for a very long time.

Of course contracts went to American firms! As I just pointed out...we were the only game in town! The infrastructure of Great Britain, France, Germany, the Soviet Union and Japan were smoldering shells. The US economy boomed because we had an intact infrastructure. It would continue to boom for the next twenty years and then slow as the rest of the world recovered!

And because American tax dollars were used in Cold War military production and to rebuild the very nations and markets in Western Europe and Japan that our manufacturing capacity then sold in.

US tax money created the demand.

The demand was there with or without US tax dollars, Jake! The big question following WWII was whether that demand was going to be met by US intervention or by Communist expansion. That was why the Marshall Plan was passed.

No it was not, Europe was in complete ruin as was Japan, the Marshall Plan (US tax money) lifted them up in quick time.

Indeed one of the ironies of history is our ally, Great Britain did not receive significant post war American tax investment and took much longer than Germany and Western Europe to economically recover.

The Marshall Plan itself was both an economic and foreign policy master stroke.

Of course the expansion of Soviet Power was a factor and the realisation markets, the private sector could not revive Western Europe but only massive US tax spending could both saw those nations consolidate behind US occupation and power but also provided the US with the greatest global market access American companies had ever enjoyed.