Quote of the Day: November 23, 2011
Yes, Newt Gingrich Is Truly a Dangerous Clown

A Stray Thought on Herbert Hoover: At Least He Was Trying

You know, for most of my life I have been viciously contemptuous of Herbert Hoover as president over 1929-1933. His major policy thrust was to cut spending and raise taxes in order to maintain and then restore confidence in the long-term fiscal stability of the U.S. government, and even a brief look at bond interest rates ought to have convinced him that that was exactly the wrong tack to take.

But even though that was the major thrust, he was doing other things to try to fight the gathering Great Depression--the Young Plan and the international debt moratorium to ease bond-market pressure on overleveraged sovereigns, the HOLC to deal with the mortgage crisis, the RTC to get capital to businesses that found that private finance's appetite for taking on risk had dried up. These were all, in the great scheme of things, merely rearranging the deck chairs on the Titanic.

But at least Hoover was moving the chairs around...