Subject: Re: [LPNY DISCUSS] What caused the Great Depression
Date: Wed, 28 May 2003 21:28:40 -0400
To:        <lpny_discuss@yahoogroups.com>
From:     Bob Armstrong <bob@cosy.com>

 Happened to just be looking at the Dow Jones for that decade
 earlier to see if there was any obvious effect of 
 the initiation of Social Security . There's not .

  http://www.djindexes.com/jsp/avgDecades.jsp?decade=3D1930
   and  http://valueline.com/pdf/valueline_2002.html 

 It should be pointed out that life sucked all the way thru
 the end of WWII , and in fact may have been lousiest during
 the war .

 Churchill commented on how glad he was that one of Truman's
 earlier actions was to cut the tariffs in half . 

--
On Wed, 28 May 2003 20:44:29 -0400, Gary Popkin wrote:
>=A0The Great Depression was caused by the Smoot-Harley tariff act=
 and then made
>=A0worse by wrong action by the Federal Reserve. =A0It was not the=
 free market
>=A0that caused the Great Depression, but government.
>
>=A0Economists at the time pleaded with President Hoover not to=
 sign the tariff
>=A0bill. =A0The stock market went up and down daily as the=
 probabilities changed
>=A0that Hoover would or would not sign, going up when it seemed=
 more likely
>=A0that he would not sign, and going down when it seemed more=
 likely that he
>=A0would. =A0When the economy started to collapse as a result of the=
 new tariff
>=A0law, the Federal Reserve made matters worse by contracting the=
 money supply
>=A0at a time when it should have expanded it.
>
>=A0Then Roosevelt's absurd interference in the economy, something=
 he promised
>=A0during his campaign for president that he would not do,=
 prolonged the
>=A0Depression for ten years. =A0Previously, the economy had=
 recovered in
>=A0something more like two years. The two presidents together were=
 responsible
>=A0for hundreds of millions of man-years of unnecessary misery.
>
>=A0Thank you for your time.

--=A0
=A0Bob Armstrong -- http://CoSy.com -- 212-285-1864
NEW : Newsletter : http://cosy.com/K/CoSy/NL200305.htm
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=A0=A0=A0=A0=A0=A0=A0=A0=A0=A0=A0=A0=A0=A0=A0=A0=A02003/05/28 9:02:59 PM