Sunday, December 28, 2008

FDR and the Great Depression

I see people are still pushing the "FDR prolonged the Great Depression" story. As is noted here, under Hoover, about 20% of US banks failed. After the FDIC was created during the New Deal, almost none did. Excepting the year 1937-1938, when fiscal hawks pushed Roosevelt to balance the budget which caused another recession, the economy grew by an average 9-10% and unemployment dropped by 2% per year.

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