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And another thing... Print E-mail
Written by Junksmith   
Wednesday, 15 October 2008
Yet Roosevelt's policy of massive intervention by the state to prop up wage rates and inflate credit gets a much better press than it ever deserved. Consider this: in September 1931 the US unemployment rate was 17.4 per cent and the Dow Jones industrial Average stood at 140. By January 1938, unemployment was still at 17.4 per cent, and the Dow Average had dropped to 121.
Dominic Lawson in The Independent
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written by K, October 16, 2008
The statistics tell us very little. We can't know what the numbers would have been if Roosevelt had done nothing.

And instead of taking September 1931 - an odd choice - try using early 1933 when Roosevelt actually took office. Or even a few months later before his programs were operational.

But everyone can agree that neither 1931, 1933, or 1938 was a great year.

Roosevelt was actually concerned with politics. His economic programs were intended to weaken both the extreme left and extreme right. During the 1920s and 30s dictators gained strength all around the world.

With hindsight we know the right - rich conservatives - had no strength. And the left - socialism? Well, there was less to them than met the eye. But still there was something. The various factions did get votes and who knew where that might lead.

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