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From what sort of revisional history textbook did you get that notion?
Those were Mellon's ideas, not Hoover's.
The general consensus among historians is that Hoover's defeat in the 1932 election was caused primarily by failure to end the Depression, compounded by opposition to Prohibition. The accelerant was the insanity of increasing taxes at a time when taxes should have been reduced. The ensuing conflagration spread across the globe. Smooth-Hawley and the ensuing trade wars only complicated matters.
Hoover's other electoral liabilities were his overpowering lack of charisma and his incredibly poor political skills. He was his own worst enemy.
Then along came FDR and his collectivist plans which actually PROLONGED the Great Depression. World War II was actually FDR's saving grace, in a matter of speaking.
Learn more here ...
http://en.wikipedia.org/wiki/Herbert_Hoover#Great_Depression
The very question assumes that Hoover's policies were laissez-faire. His own writing show that he never believed in laissez-faire. In the early 1920's, he wrote that the solution to recessions and depressions was massive public works projects. Months before the 1929 crash, he intervened with the Agricultural Marketing Act. As soon as the crash happened, he called business leaders to Washington to straongarm them into keeping wages high when they should have fallen. He did this by a process he called "voluntarism", which is as voluntary as a mobster's methods for gaining your "cooperation". He either threatened them with pro-union legislation, or promised to protect them from unions. (Laiisez-faire would mean government is a neutral judge concerning unions)
''The battle to save our economic machine in motion in this emergency takes new forms and requires new tactics from time to time. We used such emergency powers to win the war; we can use them to fight Depression.'' -- Herber Hoover.
Even in the last week of October 1929, he attempted stimulus, usging the Fed into a quantitative easing of $300 million.
The very question of whether Hoover's laissez-faire policies would have gotten us out of the Great Depression if given time is invalid, since his policies were NOT laissez-faire.
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You're reading Would the Herbert Hoover Administration's laissez-faire policies have ended the Great Depression without war, if given a chance? In shorter time?
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Lose the attitude, Scott.
It's a neutral enough question. I asked about "Hoover's Administration" for a reason. I'm well aware of Hoover's history. And Mellon the banker. It was the Wikipedia article that you've cited that prompted me to ask the question in the first place. I just wanted to see if there were any die-hard trickle-down Reaganites still out there that believe a laissez-faire government would be effective in a depression economy if given a chance. In your last two lines you finally gave me an opinion. Thank you.
by Friendo on September 5th, 2008
I cop an attitude because of the incredible volume of revisional textbooks that pass for "knowledge" for much of the past half century.
Free markets MUST be allowed to correct themselves -- by themselves. The fact remains that we cannot legislate our way out of a economic recession, financial panic, or depression. Government manipulation of markets has ALWAYS led us into greater dependence on more government, which leads to only more grief and oppression.
If America fails to learn from the colossal failures of FDR's New Deal, then we truly deserve an even more horrific outcome than a mere ten year depression and yet another World War. We may not be as fortunate ... this time.
Less government intervention and lower taxation would have dramatically foreshortened the Great Depression, although nothing would have avoided our involvement in WWII.
Oh, and please thank the cowardly drive-by down-rater for me, would ya? ;-)
by Scott D - ex-QnA on October 5th, 2008