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nasadude
join:2001-10-05
Rockville, MD
 ·Comcast
1 edit | reply to pnh102
Re: Do nothing Congress
said by pnh102  :Which happen to be 100% true. Go back and read up on your history if you are still not convinced. I would direct your attention to this site:
»www.hyperhistory.com/online_n2/c···ion.html
(bold added by me)
1929
* Herbert Hoover becomes President.
* Recession begins in August, two months before the stock market crash.
* Stock market crash begins October 24.
1930
* By February, the Federal Reserve has cut the prime interest rate from 6 to 4 percent. Treasury Secretary Andrew Mellon announces that the Fed will stand by as the market works itself out: 'Liquidate labor, liquidate real estate... values will be adjusted, and enterprising people will pick up the wreck from less-competent people'.
* The GNP falls 9.4 percent from the year before. The unemployment rate climbs from 3.2 to 8.7 percent.
1931
* No major legislation is passed addressing the Depression.
* The GNP falls another 8.5 percent; unemployment rises to 15.9 percent.
1932
* This and the next year are the worst years of the Great Depression. For 1932, GNP falls a record 13.4 percent; unemployment rises to 23.6 percent.
* Top tax rate is raised from 25 to 63 percent.
* Popular opinion considers Hoover's measures too little too late. Franklin Roosevelt easily defeats Hoover in the fall election. Democrats win control of Congress.
1933
* Roosevelt inaugurated; begins 'First 100 Days'; of intensive legislative activity.
* Alarmed by Roosevelt's plan to redistribute wealth from the rich to the poor, a group of millionaire businessmen, led by the Du Pont and J.P. Morgan empires, plans to overthrow Roosevelt with a military coup and install a fascist government modelled after Mussolini's regime in Italy. The businessmen try to recruit General Smedley Butler, promising him an army of 500,000, unlimited financial backing and generous media spin control. The plot is foiled when Butler reports it to Congress.
* Roosevelt does much to redistribute wealth from the rich to the poor, but is concerned with a balanced budget. He later rejects Keynes' advice to begin heavy deficit spending.
* The free fall of the GNP is significantly slowed; it dips only 2.1 percent this year. Unemployment rises slightly, to 24.9 percent.
1934
* The economy turns around: GNP rises 7.7 percent, and unemployment falls to 21.7 percent. A long road to recovery begins.
1935
* Congress authorizes creation of the Works Progress Administration, the National Labor Relations Board and the Rural Electrification Administration.
* Congress passes the Banking Act of 1935, the Emergency Relief Appropriation Act, the National Labor Relations Act, and the Social Security Act.
* Economic recovery continues
1936
* Top tax rate raised to 79 percent.
* Economic recovery continues
1937
* Economists attribute economic growth so far to heavy government spending that is somewhat deficit. Roosevelt, however, fears an unbalanced budget and cuts spending for 1937. That summer, the nation plunges into another recession.
1938
* No major New Deal legislation is passed after this date, due to Roosevelt's weakened political power.
* The year-long recession makes itself felt: the GNP falls 4.5 percent, and unemployment rises to 19.0 percent.
1939
* The United States will begin emerging from the Depression as it borrows and spends $1 billion to build its armed forces. From 1939 to 1941, when the Japanese attack Pearl Harbor, U.S. manufacturing will have shot up a phenomenal 50 percent!
* The Depression is ending worldwide as nations prepare for the coming hostilities.
Roosevelt began relatively modest deficit spending that arrested the slide of the economy and resulted in some astonishing growth numbers. (Roosevelt's average growth of 5.2 percent during the Great Depression is even higher than Reagan's 3.7 percent growth during his so-called 'Seven Fat Years!') When 1936 saw a phenomenal record of 14 percent growth, Roosevelt eased back on the deficit spending, worried about balancing the budget. But this only caused the economy to slip back into a recession in 1938.
forgot to include:
1945
* The top tax rate is 91 percent. It will stay at least 88 percent until 1963, when it is lowered to 70 percent. During this time, America will experience the greatest economic boom it had ever known until that time. | |
pnh102
Reptiles Are Cuddly And Pretty
Premium
join:2002-05-02
Mount Airy, MD
·Comcast
| And again, you confirm that it was indeed our entering World War 2 that ended the Depression. None of FDR's programs, by what you wrote, did anything to end it. In fact, you show that his tax hikes actually made things worse by the late 1930s. You also conveniently forget to mention that FDR did nothing to repeal the isolationist foreign trade policies enacted by his predecessor.
And calling 19% unemployment a "recession" colors the truth just a bit, doesn't it.
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Blagojevich / Madoff 2012! | |
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