Wednesday, June 17, 2009

1934 Chicago Tribune Cartoon




The captions are easier to read after clicking on it to enlarge the image.

Obama considers himself a new FDR, so the parallel is apt. FDR and his Democrat House and Senate took over the economy, making the Depression last until WWII ended it. Thomas Sowell, my favorite economist, has pointed this out in his columns.

By raising taxes and putting government funds into enormous projects and social prgrams, FDR took money away from the private sector that would have fueled a real recovery. In addition, a clever PR campaign put all the blame for the continuing Depression on Hoover and the Republicans.

A hope-filled stockbroker tried to tell me that FDR's measures eventually worked. I said, "They didn't work for 10 years. The Depression got worse. WWII ended the Depression."