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Edited on Fri Nov-21-08 12:03 PM by Roberto1223
At least Hoover tried desperately to stop the Great Depression, whereas Bush has checked out. The following excerpts from Wikipedia illustrate how history is a great teacher and points out the scary parallels from the Great Depression to our current times...
The Great Depression, which began in 1929, the first year of Hoover's presidency. Hoover tried to combat the Depression with volunteer efforts and government action, none of which produced economic recovery during his term. The consensus among historians is that Hoover's defeat in the 1932 election was caused primarily by failure to end the downward spiral into deep Depression, compounded by popular opposition to prohibition. Other electoral liabilities were Hoover's lack of charisma in relating to voters, and his poor skills in working with politicians.
As the economy quickly deteriorated in the early years of the Great Depression, Hoover declined to pursue legislative relief, believing that it would make people dependent on the federal government. Instead, he organized a number of voluntary measures with businesses, encouraged state and local government responses, and accelerated federal building projects. Only toward the end of his term did he support a series of legislative solutions.
In 1929, President Hoover authorized the Mexican Repatriation program. To combat rampant unemployment, the burden on municipal aid services, and remove people seen as usurpers of American jobs, the program was largely a forced migration of an estimated 500,000 Mexicans and Mexican Americans to Mexico. The program continued through 1937.
By 1932, the Great Depression had spread across the globe. In the U.S., unemployment had reached 24.9%, a drought persisted in the agricultural heartland, businesses and families defaulted on record numbers of loans, and more than 5,000 banks had failed. Tens-of-thousands of Americans found themselves homeless and they began congregating in the numerous Hoovervilles (also known as shanty towns or tent cities) that had begun to appear across the country. The name 'Hooverville' was coined by their residents as a sign of their disappointment and frustration with the perceived lack of assistance from the federal government. In response, President Hoover and Congress approved the Federal Home Loan Bank Act, to spur new home construction, and reduce foreclosures. The plan seemed to work, as foreclosures dropped, but it was seen as too little, too late
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