It is unfortunate that Mr. Hoover was blamed for the Great Depression. The agricultural segment of our economy had been in depression for the decade prior to his taking office. Agriculture was a much larger portion of the U.S. economy then.
In fact, much of Mr. Roosevelt”s New Deal was extrapolated from programs and policies proposed or instituted by by Hoover. Many historians believe the extreme governmental intrusion by the Roosevelt Administration deepened and lengthened the Depression until 1939. It was American industry gearing up for WWII that ended the Depression, not the New Deal.
Any economist will tell us the giant engine that is the U. S. economy responds slowly to change. The seeds of the S&L mess and the current housing debacle, including the Fanny Mae and Freddy Mac disasters, were originally sewn in the Carter Administration and nurtured by largely Democratic-controlled Congressional actions since. That is not to say Republicans were totally blameless.
Reagan started turning it around. The first President Bush had a Democratic Congress to contend with. Even so, by the end of the first Bush Administration, things were beginning to shape up but a left leaning media could see nothing but gloom and doom. Interestingly enough, within days after Clinton was elected, the media was trumpeting the improvement of the economy and Mr. Clinton had not assumed office yet.
All of the vibrant economy that Clinton claims credit for was mostly due to the policy decisions of Reagan and Bush Sr. He was also helped by the fact that many of his disastrous policies caused the American electorate to install a republican controlled congress just two years into his administration. After all, it is actually Congress that really spends the money, not the President.
I will make no attempt to excuse the profligate spending and horrendous expansion of Government under the current administration or the last few Congresses. However, the massive new spending proposals put forward by Sen. Obama, especially if backed up by a filibuster and/or veto proof democratic controlled congress offer little hope for the immediate future.
Mr. Grant and those who so enthusiastically embraced “Hope and Change” in the recent election should be very careful what they wish for. They just might get it.
Bob Knutson
Kelseyville
