Wednesday, October 29, 2008
This Day in the History of Market Corrections
Ineffectual fiscal leadership by FDR? Although unemployment was high, during his his first term it fell from 25% to 14.3% in 1937. The GNP was 34% higher in 1936 than it as in 1932 and 58% higher in 1940.
Pernicious, malevolent, unconstitutional ... all of those I would agree with, but not "ineffectual". (Note that all of those apply not just to FDR, but to Hoover, who started most of the programs that FDR took credit for.)