Will Obama be another Hoover?

[Darius871]

Re: Re: Will Obama be another Hoover?

Originally posted by Zkribbler
It's Bush who copied Hoover's tricke-down economics and deregulated, highly-leverage finance markets,

Oh don't start this debate again...

[Kidlicious]

Re: Re: Will Obama be another Hoover?

Originally posted by Zkribbler
I believe what he's said is that the gov't should lend auto makers the money with which to re-tool so they can build more fuel-efficient cars.

Well then he's not calling it what it is. He's a liar.

He did say, once, that if things go worse with the economy that maybe he'd put off revoking the Bush tax cuts for those making more than $250,000/year until they automatically terminate next year.

BTW: Obama isn't another Hoover; he's another FDR. It's Bush who copied Hoover's tricke-down economics and deregulated, highly-leverage finance markets,

What does tickle-down economics have to do with this? Hoover raised taxes on the rich. So if Obama doesn't revoke the Bush tax cuts then isn't he the trickle down economic policy guy?

Also, I haven't seen any specific regulations from Obama, so we'll have to see on that. I'll bet anything they won't be significant. Anyway, that's not going to help the economy in the short run. It's a little late.

[Kidlicious]

Originally posted by Zkribbler


Geez, just go to BarackObama.com and download his "Blueprint for Change."

I already looked at that. What is he going to do immediately to solve this problem? That's not in his "blueprint."

[Zkribbler]

Here's what the Encyclopedia Americana has to say about Hoover and the Great Depression

The Depression. Hoover's administration, like that of Martin Van Buren almost a century earlier, was dominated by one development—an economic depression. The disastrous slump that began when the stock market crashed on Oct. 29, 1929, left from 12 to 14 million Americans unemployed before the end of Hoover's term. In the 1930 congressional elections the weak Democratic minority in the House of Representatives became a majority, and the Republican majority in the Senate dwindled to a plurality of one.

Hoover believed that aid to the hungry and the deserving unemployed should come from local governments in the states and counties, not from the federal government. Yet he recommended and Congress appropriated funds for huge public works. On Hoover's recommendation, Congress established the Reconstruction Finance Corporation, approved Jan. 22, 1932, with an initial working capital of $500 million. It tried to provide indirect relief to the unemployed by lending insurance companies, banks, farm organizations, railroads, and state, county, and city governments money to stimulate economic activity and employment. His opponents criticized him for this "trickle down" theory, based on the idea that if the government aided big business at the top of the nation's financial structure, business would then create more jobs and relieve unemployment at the bottom. Yet, he inaugurated a new policy of government assistance to those in need in time of economic crisis, though not directly to the masses of unemployed.

[Kidlicious]

And that's exactly what Obama is going to do by lending GM money that could be used elsewhere in the economy such as loans for houses and other things.

[Zkribbler]

True, albeit with that, he's address climate change.

The central pillar of his economic package is his middle-class tax cut.

[Imran Siddiqui]

Originally posted by Kidicious
And that's exactly what Obama is going to do by lending GM money

Zkribbler just helped prove that Obama = Hoover

[Darius871]

[Deity Dude]

Originally posted by Kidicious
I picked up Obamanomics from the library to try to get some idea of what his plan will be. I'm only on the second chapter, but according to the author, John R. Talbott, it is to achieve economic justice. The idea is that this will motivate workers to produce more. Now that sounds like Hoover.

"Economic justice" seems more like a Communist/Socialist goal.

[Zkribbler]

Originally posted by Imran Siddiqui




Zkribbler just helped prove that Obama = Hoover

Or stated more precisely, Im porved that Obama is not an ideologue, marryied to the liberal playbook, but will use any tool which will improve things.

[Kidlicious]

Originally posted by Deity Dude


"Economic justice" seems more like a Communist/Socialist goal.

From what I've read in the book, the system is corrupt in several ways, and the author assumes that Obama will fix these things based of speech snipits. And that's suppose to lead us to some sort of market utopia throught the hard work of americans.

[Kidlicious]

Originally posted by Zkribbler


Or stated more precisely, Im porved that Obama is not an ideologue, marryied to the liberal playbook, but will use any tool which will get him votes.

fixed

[Kidlicious]

Originally posted by Zkribbler
True, albeit with that, he's address climate change.

The central pillar of his economic package is his middle-class tax cut.

That's the pillar? The cuts are very small ($80bn?). How do you respond to that?

[Victor Galis]

Originally posted by Deity Dude


"Economic justice" seems more like a Communist/Socialist goal.

Depends on how you define it. It could be, in a milder form it's good economic policy. In a more radical form "justice" becomes a euphemism for paying everyone the same and encouraging mediocrity.

[Ben Kenobi]

Obama = Carter.