FDR's policies prolonged Depression by 7 years, UCLA economists calculate
"In an article in the August issue of the Journal of Political Economy, Ohanian and Cole blame specific anti-competition and pro-labor measures that Roosevelt promoted and signed into law June 16, 1933.
"President Roosevelt believed that excessive competition was responsible for the Depression by reducing prices and wages, and by extension reducing employment and demand for goods and services," said Cole, also a UCLA professor of economics. "So he came up with a recovery package that would be unimaginable today, allowing businesses in every industry to collude without the threat of antitrust prosecution and workers to demand salaries about 25 percent above where they ought to have been, given market forces. The economy was poised for a beautiful recovery, but that recovery was stalled by these misguided policies.""
A champagne socialist causes the economy to tank even further and doubles the length of the depression. Bernie fans take note.
"President Roosevelt believed that excessive competition was responsible for the Depression by reducing prices and wages, and by extension reducing employment and demand for goods and services," said Cole, also a UCLA professor of economics. "So he came up with a recovery package that would be unimaginable today, allowing businesses in every industry to collude without the threat of antitrust prosecution and workers to demand salaries about 25 percent above where they ought to have been, given market forces. The economy was poised for a beautiful recovery, but that recovery was stalled by these misguided policies.""
A champagne socialist causes the economy to tank even further and doubles the length of the depression. Bernie fans take note.
I guess these academics have been too busy with this study to observe and recognize a repeat performance.
Of course, the researchers are actually saying that FDR gave business too much freedom, and that was the problem.
Productive businessmen were just trying to survive FDR's insane policies after the fed ruined the economy..
Another whitewash of the true problem: the banking cartel looting productive business since 1913 and government intervention to prevent competition and restrict free markets.
They did get one thing right. FDR was a complete disaster for Americans.
Thanks for posting the article, splumb!