I love how you skipped over the entire depression and stated absolutely nothing that took place.

/copy paste thread:

For 80 years now, it has been the common wisdom that FDR’s massive government interventions in the economy saved our country and ended the Great Depression. All rhetoric about the need to “do something” comes from our understanding of what happened during the great depression , starting at the time of the stock market crash on Black Tuesday, October 29, 1929.

The common wisdom has told us this: the stock market crashed in October 29, 1929 and President Herbert Hoover, despite all criticism, rejected intervening in the economy. The market crash escalates into depression. Then comes 1933 and Franklin Delano Roosevelt is inaugurated President of the United States. He and his “Brain Trust” establish federal programs to alleviate the effects of the Depression. After years of massive intervention and relentless economic micromanagement, the Depression ends and we now learn in school that FDR saved America!

In actuality, Herbert Hoover had intervened greatly into the economy. This is contrary to everything we have ever been told about what took place. Anyway, the market crashes and two months later, the unemployment rate peaks at 9%. There is yet to be any government intervention at this point. The unemployment rate begins to fall irregularly, falling to 6.3% at June, 1930. This month, June 1930, the Smoot-Hawley Tariff bill is passed despite an appeal from over 1000 economists saying “don’t do it”! Two months later, the unemployment rate hits double digits for the first time during this period. The unemployment rate eventually peaks at 25%, not falling below 10% unemployment for the remainder of the decade. After the tariffs are passed, the number of imports and exports fall over 60%.

1933 comes along. FDR is now President. He puts in place the National Recovery Act(NRA), Agricultural Adjustment Act(AAA), Wagner Act, and issued more executive orders than all subsequent presidents for the remainder of the 20th century. So, the government intervenes on a massive scale and yet the unemployment rate never falls below double digits.

The all important question: what did get us out of the Great Depression? The war! WWII got us out of the Great Depression. What the war did was that FDR replaced Dr. New Deal with Dr. Win the War. The war put an end to the New Deal. Despite the merits of the New Deal, which created uncertainty which leads people to be reluctant to part with their money, it gave a tremendous amount of certainty such as cost-plus contracts for militaries equipment suppliers. So, despite the merits of intervention, it brings up the question of when the government is going to intervene again, leaving people unwilling to part with their money.

This is a lesson not learned by many and continues on today.