Thursday, September 25, 2008

What Made The Great Depression "Great"?

Jonah Goldberg:
We shouldn't let invocation of the Great Depression — and our fear of it — justify all of this New Deal talk. Say it with me: The New Deal prolonged the Great Depression. In fact, if anything it was the New Deal itself that made the Great Depression "Great."
Glenn Reynolds adds:

The New Deal's successes were political, not economic.

Very true.

All this talk comparing the current bailout plan to measures taken to address the Great Depression is precisely what scares me.


Shawn said...

Dr. Summers is all about the heeding off the trouble by strong government. My response here:

You two should know better

thinking said...

Where were Goldberg and Reynolds during the last 7 or so years? They've been wrong on virtually every major issue.

As to the New Deal...well, it did some great things...the New Deal gave us the SEC, FDIC, Social Security, etc.

Was the New Deal perfect? Hardly. But it held America together at a very trying time, and maybe kept us from turning to true fascism or socialism at a time when many countries across the globe were embracing these due similar crises.

So even it's political success was a huge positive. In fact, just for that alone...for holding the country together, the New Deal was a success.

So one cannot just dismiss the New Deal as some sort of failure.
It was far from that.

Brian Hollar said...

One can and one does. ;)

Shawn said...

toucan, and two do.

keep sipping that statist koolaid, though, it's great for what(ever) ails ya'!