Home > Critical Thinking, Government, History > Refusing to Learn from History…part 435,290

Refusing to Learn from History…part 435,290

(HT:  Patriot Post)

Between 1787 and 1930, our nation suffered both mild and severe economic downturns. There was no intervention to stimulate the economy, but the economy always recovered. During the 1930s, there were massive interventions, starting with President Herbert Hoover and later with President Franklin D. Roosevelt. Their actions turned what would have been a sharp three- or four-year economic downturn into a 10-year affair. In 1930, when Hoover began to ‘fix’ the economy, unemployment was 6 percent. FDR did even more to ‘fix’ the economy. As a result, unemployment remained in double digits throughout the decade and reached 20 percent in 1939. President Roosevelt blamed the high unemployment on his predecessor. … Americans have been miseducated into thinking that Roosevelt’s New Deal saved our economy. That miseducation extends to most academics, including economists, at our universities, who are arrogant enough to believe that it’s possible for a few people in Washington to have the information and knowledge necessary to manage the economic lives of 313 million people.

–economist Walter E. Williams

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  1. 26 Apr 2012 at 12:21 PM

    Well, all I can say is there are basically a whole bunch of stupid people in Cesspool City, DC. From what I see practically all of them could not hold a job in the private sector. There you have to be productive, honest, efficient. No so in DC. And, no some people never learn from history.

    • 26 Apr 2012 at 3:32 PM

      Now, now, Pepperhawk, tell us what you really think!

      ;->

      (Although I don’t think I could agree with you more!)

      • 26 Apr 2012 at 6:46 PM

        Well you said “think”. So I fulfilled my part of the blog.
        🙂

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