Yeah, but it was at the state levels that the various holiday-triggered banking panics occured (along with gross mismanagement in general).
As to FDR, the UCLA study from a few years ago makes some assumptions about growth that are just that, and has been poked full of holes on more than one occasion.
The banking system of the 1920s prohibited interstate banking, and was subject to the kinds of problems that later spawned the "re-insurance" industry. That is, local problems had no buffers and no lee-way, and could easily crack banks. And did. The brand-spanking-new "business cycle" inadvertently created by the new Federal Reserve System caught a lot of those primitive institutions with their pants down.
(FDR, being a follower of Eugene V. Debs, "solved" this with FSLIC and FDIC, both of which were never as solid as Fannie Mae or Freddie Mac. The former already collapsed, with some crony capitalism from Reagan's underlings. The latter is not on any more solid ground.)
And it's by no means only one study (UCLA or otherwise) which blames FDR for perpetuating the Great Depression. Entire schools of historians are dividing along political (FDR-loving) and economic (FDR-hating) lines.
But at least, unlike Wilson, FDR wasn't a Negro-hating racist.
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Date: 2010-11-03 03:06 pm (UTC)FDR's policies, on the other hand, kept the Great Depression going at least six years past its "natural" end.
(no subject)
Date: 2010-11-03 04:36 pm (UTC)As to FDR, the UCLA study from a few years ago makes some assumptions about growth that are just that, and has been poked full of holes on more than one occasion.
(no subject)
Date: 2010-11-03 04:45 pm (UTC)(FDR, being a follower of Eugene V. Debs, "solved" this with FSLIC and FDIC, both of which were never as solid as Fannie Mae or Freddie Mac. The former already collapsed, with some crony capitalism from Reagan's underlings. The latter is not on any more solid ground.)
And it's by no means only one study (UCLA or otherwise) which blames FDR for perpetuating the Great Depression. Entire schools of historians are dividing along political (FDR-loving) and economic (FDR-hating) lines.
But at least, unlike Wilson, FDR wasn't a Negro-hating racist.