Orser67
Junior Chimp
Posts: 5,946
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« on: August 30, 2017, 04:07:01 PM » |
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Coolidge started the Great Depression in the same way that George W. Bush started the Great Recession. By that I mean that you can't simply say that either caused, but both embraced a deregulatory mindset that allowed the economic crises to become as bad as they were.
Hoover really doesn't deserve much blame for the Great Depression, but his policies didn't really help. The Smoot-Hawley tariff wasn't his idea, but he signed it, making the worldwide depression worse. He did establish the Reconstruction Finance Corporation, but this would be dwarfed by later New Deal programs.
There's an ongoing debate about how much the New Deal helped alleviate the Great Depression. Certainly the Depression lingered until WW2, but FDR also inherited probably the worst economic crisis in the country's history. Things certainly could've gotten a lot worse than they did, and you saw authoritarian and militaristic governments rise in other countries.
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