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Title: 'Thomas Sowell - Back To The Future Part II' Post by: Coach Hank Crisp on September 13, 2011, 11:18:14 PM http://townhall.com/columnists/thomassowell/2011/09/14/back_to_the_future_part_ii
Quote The grand myth that has been taught to whole generations is that the government is "forced" to intervene in the economy when there is a downturn that leaves millions of people suffering. The classic example is the Great Depression of the 1930s. What most people are unaware of is that there was no Great Depression until AFTER politicians started intervening in the economy. There was a stock market crash in October 1929 and unemployment shot up to 9 percent -- for one month. Then unemployment started drifting back down until it was 6.3 percent in June 1930, when the first major federal intervention took place. Both President Hoover and President Roosevelt did more -- and more, and more. Unemployment remained in double digits for the entire remainder of the decade. Indeed, unemployment topped 20 percent and remained there for 35 months, stretching from the Hoover administration into the Roosevelt administration. |