Treznor wrote:greed and death wrote:Treznor wrote:[
All that is in the link. And I apologize for overstating the repatriation act. Still, anti-immigration sentiment, protectionism and all the stupid rhetoric you're giving us now, with the exception of blaming the Federal Reserve. In the end he ended up instituting a program of government deficit spending to create investment projects, a program that Roosevelt picked up and continued. That is when economists track the growth of GDP and the beginning of recovery. Not World War II, not the end of deficit spending, but the beginning. Hoover's policy was to block legislative attempts to end the Depression and encourage free market solutions.
So all you're left with is the Federal Reserve to blame for the Depression, which means the Federal Reserve is the only logical reason why the nation recovered. That's an awful lot of power to the Federal Reserve.
There is a problem with the GDP of the 1930's. Namely that it largely is not making products. The government would pay people for non productive labor. roads to no where and 10 people picking up trash on the same block is not really productive, even if it makes the GDP appear larger. Neither really is WWII as what we made would be sent over to Europe and destroyed. To be productive it really has to be trade able. Otherwise it does not make a society richer because society can not trade the good or service for other goods and services. Recovery didn't really occur until the Bretton woods system went into effect post WWII.
In other words, you disagree with pretty much every peer-reviewed economist of the last eighty years. I'm sure you the academic credentials to establish your bona-fides, or at least a wealth of data to back up this assertion.
Umm I didn't realize David S. Landes has not published a peer reviewed article. Harvard must be having some lax standards for their economic professors.
And Barry Eichengreen he didn't published a peer reviewed article ever. Funny whats this book I am holding in my hand right now. It seemed to be peer reviewed.
Lets not leave out the Historians OMG its Paul Johnson.
Normally when you make an appeal to Authority you name some names.
So who are these Economic historians in this "consensus" your talking about ?