Worse Than Herbert Hoover

Washington Blog

When Obama was elected, many compared him to a modern day FDR. See this Time Magazine cover, for example. On the other hand, financial writer Ed Harrison has called Obama a "black Herbert Hoover". Who is right? It is true that Hoover - like Obama - did not force any meaningful change or reform to the banking or financial system. See this, this and this. It is true that Hoover - like Obama -appointed as his top economic advisers banking insiders. It is true that Hoover - like Obama - is trying to paper over the crash with happy talk. But - unlike Hoover - Team Obama has printed tens of trillions of dollars and - instead of giving the money to consumers or the real economy - is throwing the money at the biggest banks. And - unlike Hoover - Team Obama is massively manipulating the markets in so many ways that it is impossible to keep track.

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