Friday, January 02, 2009

Obama and FDR

American finance in crisis: Can Obama reverse the trend?
Dr. Lloyd Stover | AC-T | January 2, 2009

"President-elect Obama has ready announced plans for a large public works program, in hopes of creating millions of jobs and stimulating the economy. It appears reasonable to presume that investments in green technology, education and infrastructure could lead to increased productivity, which will in turn stimulate economic growth. . . He may want to review lessons learned from another great American steward: FDR."


The government does not have money. It does not produce anything of value. It only has the coercive power to move value from one market-determined sector (where it belongs) to another politically-determined sector (where it does not belong).

Fans of FDR mistakenly credit him with helping the economy during the depression. What that diminishing fan base apparently does not yet understand is that it was the meddling interventionist policies of Hoover and FDR that turned a mild, government-caused recession into a disastrous and painful decade-long GREAT DEPRESSION. In a natural and unhampered economy, the recession ends in well under three years.


New Deal or Raw Deal?: How FDR's Economic Legacy Has Damaged America
by Burton W., Jr. Folsom | November 4, 2008
In this shocking and groundbreaking new book, economic historian Burton W. Folsom exposes the idyllic legend of Franklin D. Roosevelt as a myth of epic proportions...

Book Review: "New Deal or Raw Deal?"
Reviewed by Eric Daniels | Objective Standard | Winter 2008
As the Obama administration begins to implement its economic plan, Americans would do well to reexamine the history of the original New Deal and its effects. Though most historians rank FDR as a great president, some, including Burton Folsom Jr., boldly dare to ask if “the New Deal, rather than helping to cure the Great Depression, actually help[ed to] prolong it” (p. 7). According to Folsom, a professor of history at Hillsdale College, the answer is clearly the latter.

Book Review: "New Deal or Raw Deal?"
by David Gordon | The Mises Review | Fall 2008
Government spending, if it takes place through the expansion of bank credit, will, if "successful," result in another artificially created boom. The recovery thus generated will result in the long run in even worse economic distress, once that new boom in turn collapses. Nor can a policy of further monetary expansion indefinitely postpone disaster. Eventually people's confidence in the monetary system will crumble, and a hyperinflation will result...

FDR's Folly: How Roosevelt and His New Deal Prolonged the Great Depression
by Jim Powell | September 28, 2004
In FDR's Folly, historian Jim Powell argues that it was in fact the New Deal itself, with its shortsighted programs, that deepened the Great Depression, swelled the federal government, and prevented the country from turning around quickly. You'll discover in alarming detail how FDR's federal programs hurt America more than helped it, with effects we still feel today...

Great Myths About the Great Depression
by Thomas Sowell | October 10, 2003
That description would apply to many of the others around FDR, including his ... In "FDR's Folly," author Jim Powell spells out just what the Roosevelt...

Another Great Depression?
by Thomas Sowell | Dec 22, 2008
With both Barack Obama's supporters and the media looking forward to the new administration's policies being similar to President Franklin D. Roosevelt's policies during the 1930s depression, it may be useful to look at just what those policies were and-- more important-- what their consequences were...

The Fraud of Government Intervention
By Robert Tracinski | December 31, 2008
The top story of 2008 is undoubtedly the revival of the left. After nearly two decades on the defensive following the collapse of the Soviet empire--the definitive example of the failure of socialism--advocates of a government-controlled economy are trying to make a comeback. How brazen has this leftist revival become? It has gotten so far out of hand that some on the left are openly defending central planning. Yes, comrades, you read that right...

The Forgotten Man: A New History of the Great Depression
Amity Shlaes | June 12, 2007
Campaign 2008 is in its way a campaign of despair, at least when it comes to domestic policy. Democrat or Republican, candidates must address the same problem: on the one hand, voters have enormous faith in the private sector; on the other, they expect government to provide them with ever more generous entitlements. In The Forgotten Man, Amity Shlaes takes us back to show us how the roots of our disillusionment can be found in a single election year, 1936.

Interview with Amity Shlaes [video]
Economics expert, New York Times bestselling author of "The Forgotten Man: A New History of the Great Depression." Shlaes discussed some of the causes that led up to the Great Depression and how people were affected by the catastrophic economic conditions of the time.
INTERVIEW: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8

Obama's team polishing economic stimulus measure
Andrew Taylor | Associated Press | January 2, 2009
"My main worry is whether or not we can find enough places to responsibly put money so that you have a big enough effect to correct the problem or at least mitigate the problem," said House Appropriations Committee Chairman David Obey, D-Wis.