Avinash_Tyagi said:
Jackson50 said:
theRepublic said:
| Jackson50 said:^^No, not while I am on duty. The policies of Hoover and Roosevelt did not end the GD.
^Yes, a credit-driven boom caused by loose monetary policy.
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1. The policies of Hoover made the Great Depression worse.
2. You make the cause sound so simple, and yet, economists do not agree on all the causes.
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Yes, the policies of Hoover and FDR prolonged the GD
The cause was simple. There were other minor contributing factors (inane policy of the SEC), but the loose monetary policy was the main cause of the crisis.
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No the policies of FDR didn't extend the Great Depression, in factfrom when he got into office GDP grew, it was only when he tried to balance the budget that GDP fell again. The reson the New Deal didnt pull us out was because it was too small, it took the much larger spending of WW2 to pull us out, so if you're goign to spend, you have to go all in
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From this chart, you can tell what's happening today is not remotely the same as what we did in the 30's and 40's.
http://research.stlouisfed.org/fred2/series/AMBNS
