Monday, August 17, 2009
Worse Than Herbert Hoover
When Obama was elected, many compared him to a modern day FDR. See this Time Magazine cover, for example.
On the other hand, financial writer Ed Harrison has called Obama a "black Herbert Hoover".
Who is right?
It is true that Hoover - like Obama - did not force any meaningful change or reform to the banking or financial system. See this, this and this.
It is true that Hoover - like Obama -appointed as his top economic advisers banking insiders.
It is true that Hoover - like Obama - is trying to paper over the crash with happy talk.
But - unlike Hoover - Team Obama has printed tens of trillions of dollars and - instead of giving the money to consumers or the real economy - is throwing the money at the biggest banks.
And - unlike Hoover - Team Obama is massively manipulating the markets in so many ways that it is impossible to keep track.
The Obama economic team is destroying the real economy in order to prop up the financial giants. They are indebting the country and burying us under a moutain of debt, manipulating the markets and using happy talk to try to prop up a corrupt and fraudulent system which has stolen all of the poker chips.
Obama's actions prove that he is not only not a new FDR, he is actually worse than Herbert Hoover.
Race has nothing to do with it.
3 comments:
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It's always said of Hoover that he didn't throw enough money at the problem therfore causing a deeper down turn. We told them to throw money , we just didn't tell them where to throw it. You analysis above is right on. The manipulation of the markets has been massive and is about to bite them in the butt. Dow of 4000 before SANTA
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You need to go to LewRockwell.com and wake up.
ReplyDeleteThey are both right, and so it's a double disaster. FDR was Hoover-writ large.
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