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Mar 30 / Jonathan

Obama as Hoover

Edward Harrison at Naked Capitalism.

Barack Obama as Herbert Hoover

Edward Harrison here. For months now, we have been hearing the Obama — FDR comparisons, all suggesting that Barack Obama is a modern day Franklin Delano Roosevelt, with the opportunity to lead us out of Depression with a new New Deal. I have some serious problems with this comparison. In my view, a comparison between Barack Obama and Herbert Hoover is more apt. …

… This recession turned into the Great Depression, with the economy hitting bottom in March 1933. So, the entire recession we remember as being the depths of the Great Depression occurred while Herbert Hoover was President, not during FDR’s presidency. …

Why does this matter? Go read the post.

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