I hate to tell you this, but this mistake is far from making him the dumbest president ever. The USA has had a lot of very dumb presidents
He is not the dumbest but the headline made me lol. No, all the prezs so far have extreme intelligence whether they show it or not--they are prez after all.
I foresee Obama will be a 1 term prez.
Jackson50 said:
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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I'm not sure I agree with FDR, but Hoover definitely made things worse.
I think you mean loose lending policies. Monetary policy was not loose. If it was loose, the money supply would not have contracted during the Great Depression.
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It only contracted after everything went to hell. By then, it was too late.
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We were in a recession, the depression could have been avoided.
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People forget one simple fact, WW2 was what got us out of the Great Depression and why? Because it was the largest expansion of spending in american history, so when people say we shouldn't spend as much as we are I think they need to check their economic history
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Jackson50 said:
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
Predictions:Sales of Wii Fit will surpass the combined sales of the Grand Theft Auto franchiseLifetime sales of Wii will surpass the combined sales of the entire Playstation family of consoles by 12/31/2015 Wii hardware sales will surpass the total hardware sales of the PS2 by 12/31/2010 Wii will have 50% marketshare or more by the end of 2008 (I was wrong!! It was a little over 48% only)Wii will surpass 45 Million in lifetime sales by the end of 2008 (I was wrong!! Nintendo Financials showed it fell slightly short of 45 million shipped by end of 2008)Wii will surpass 80 Million in lifetime sales by the end of 2009 (I was wrong!! Wii didn't even get to 70 Million)
Avinash_Tyagi said:
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
You're right, its not the same, a few reasons why, first off we are acting much faster, FDR didn't come into office until 32, by then the Depression had been going on for years, with our current climate, we acted much faster, and so while the recession is painful we prevented it from going off the cliff, people compalin about the haste, but the haste was utterly necessary, in addition while back then they were much more tentative about spending to stimulate the economy, today we know that it is sound economic policy to spend our way out of a recession as well as increase the money supply (backthen our mometary policy was very different, I believe we had just come off the gold standard at that point but still had a fixed monetary policy), so while people complain about the increasing money supply and all the spending, they forget that this is necessary. Basically we are making much better choices faster today then in the 1920's and 30's. This is also why its a good thing the GOP is not in chargem with their policies this Recession would get much worse and very quickly.
So your argument that Obama's plans are stupid are historically and economically very weak, in fact his actions are correct, the only question is are they big enough.
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Jackson50 said:
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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While I don't necessarily agree that the fiscal policies of those presidents prolonged the Depression (well, maybe if you want to argue that FDR trying to balance the budget in the middle of the Depression caused it to get even worse), but I agree as to the cause of the Great Depression.
It really revolved around monetary policy and the banking system. Two main things caused the Great Depression.
1. Jackson is right that the "loose money" played a big part, just like it did recently. The Fed had the wrong priorities.
2. The collapse of the banking system. People shit bricks when they feel like their money isn't safe. It cause mass panic and encourages people to act more irrationally than they already do. Over 19,000 banks failed under Hoover's watch, around 50% of the banks in the ENTIRE COUNTRY. Letting the banks fail was what turned what would have otherwise been a depression into the Great Depression.
A third relevant cause was the recklessness of people's economic choices, also very similar to the recent crisis. This is sort of engendered but also somewhat distinct from the 1st cause.
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