Worse than Hoover

So the verdict is in. The House's failure to pass the bailout bill means that George W. Bush's record will not be as bad as Herbert Hoover's. It will be worse.

When Hoover entered office, he called a meeting of economists and business leaders to discuss how the country should best deal with prosperity. Then came October 1929. The stock market plummeted and never really recovered until after World War II. At least Hoover didn't trigger the collapse himself and he didn't mire the country in a trillion dollar war.

Hoover, unlike Bush, was a progressive president. But he was also an adherent of laissez-faire economics, which meant that he was intent on balancing the budget. The economy would never have recovered on his watch. Franklin Roosevelt averted the worst by establishing the New Deal. But not until World War II did the economy really begin to hum.

Today it is Barack Obama who has the potential to create a new New Deal. John McCain joined together with the House Republicans, most likely in an attempt to ingratiate himself with the party's hard right, to scuttle Bush's proposal. Now it's back to the drawing board--if Bush even has anything to draw up. Like Hoover, Bush has been extraordinarily passive, letting his Treasury Secretary Henry M. Paulson and Federal Reserve chairman Ben Bernanke take the lead. They, and he, were unable to close the sale. Will there be anything left to sell in coming weeks?

The irony is that the House Republicans may well be sealing Obama's victory in November.

Should the economy continue to collapse, McCain won't simply lose the election, but be crushed.

Comments

[oldfart1]

Only 1/3 of his own party was willing to support W. In most countries, when the fraction drops below 2/3, it's time for the leader to resign.

[bayside]

Bush is worse than Hoover...This corrupt bill did not address the problem ,in fact would make our economy in the tank, and when fellow republicans and blue dog dems made fun calling people babies ,we need to stand up to those crooks. It isnt over yet, they will try to bully insult, bribe, blackmail to get this gravy train of our money..The message as of now, to us, is crooks in banks, wall street ,expect us who have fewer jobs, very little money bail our billioniares ,to save they butts so they can do this to us again..JUST keep on saying NO ..They made this mess let them go bankrupt, all come down and build it back up so americans are not being fleeced by our govt.. Thank you Marcy Kapter ,saw you on TV. Your thinking is in the right place for all americans. Keep it up..

[davidly]

To say the economy never would have recovered under Hoover is absurd. But I understand. You have the cover of popular opinion (which is based on "something my grandpa says", usually).

Actually, I think Hoover is the Republican Jimmy Carter; Dems love to rip him because they know Republicans have a hard time defending someone who became so unpopular. He oversaw a tax hike on corporations and stricter control of Wall Street that is until today unprecedented. He just happened to be president at a bad time, not to mention the fact that he didn't know who his "daddy" was, so he got creamed - just like Carter. Todays pols know who there daddy is. Read: the Bailout.

GOPers voted against it not because they wanted to show how they weren't in lock step with their president, but because the Dems tried to take away the CEO's children's piggy banks. Pawltry limits though they were. For the same reason, Dems thought they'd come off as being some kind of friggin' heroes. Pawltry heroes.

But they failed. So back to the drawing board, eh? The bill that will end up being passed will be worse - and the Dems are gonna vote for it. Why? See the Senator from Illinois' excuse for his vote on FISA. They don't care, they just wanna look good for daddy. If you don't believe me, I got a trade deal for ya.

[ControlledBurn]

In one way, Hoover was worse than Bush. His treatment of veterans and their families.

[Leper]

I despise George W. Bush. As far as I am concerned, he is the worst president we have ever had and the economic mess we find ourselves in today is due in large part to his policies. But I think it is unfair to compare him to Herbert Hoover who ACTIVELY did NOTHING to avert the crash of Wall Street. At lease G.W. is trying to do something to fix it regardless of whether it is the right thing or not.

[davidly]

One won't learn by getting bailed out. That includes all of us. Funny use of "actively...nothing" though. We could use that now. It's certainly preferrable to doing something "regardless of whether it is the right thing or not ".

[gottatellya]

GWB got away all too easily today with a mild verbal one time spanking for the trouble he's directly caused this country, that he and all all his buddies made obscene profits with. Deregulation of banking, deregulation of energy,..............it's "all about smaller government" is how he sold it to everybody. Now he's the first one up calling for the socialist bailout tax, with his gun to our heads just like the WMD hoax. He desrves no golden parachute himself!!! He's going to leave office with all his wealth and get taxpayer protection and perks for his family for life. He's been a miserable failure at every job he's been 'handed' his entire adult life, and has not only kept that continuity, but perpetrated his greatest failures upon this entire country as president.

[insanityfollows]

This is making me just nervous as hell. I still think I had some kind of stroke or something in 2000 and the world that I live in is some kind of surrealistic parallel universe. Someone please tell me that what I see around me isn't really the way it is.

In what should have been the real world, Gore has been president for 8 years, the economy hums along, we long since passed higher mpg requirements for cars and are about to break through with alternative energy sources (creating lots of jobs), have made great strides towards eliminating greenhouse gases, we kicked Bin Laden's ass after 9/11, have brokered a peace deal with Israel and the Palestinians, and the dollar is strong.

In this parallel universe, we are broke, are on the brink of a worldwide depression, we are in two wars and on the brink of a world war, a huge portion of our national debt is owned by the communist Chinese, the father of the Pakistani bomb sold his knowledge to God knows who and is still alive, and basically everything is going to hell in a handbasket.

I guess I'll know we are stuck in the surreal world at the end of the week when we are on the breadlines.

[SonofLiberty1]

Jesus told us 2,000 years ago that we will "know them by the fruits of their labor".
Well, today is the fruit of ...

REPUBLICAN LABOR!

So be kind to these Republicans...

These new age "Hoovers".

History has already judged them and will judge them...

[doctorkeys]

This has nothing to do with Jesus.

[TheIndependenceParty]

Imagine the Crash of 1929 and World War II occurring at the same time. Imagine both being financed without a whit of oversight or audits, ... with No-Bid contracts for Billions in contracts, ... and the perpetrators standing before the American People, asking to be reimbursed for every penny they squandered. No War Bonds, ... No Victory Gardens, ... "Go Shopping" was the mantra of the party in control.

From Whom do you think they borrowed the money they now demand we repay, ... their enemies? Not likely! No, ... They ask us to repay their friends for doing what they asked them to do. Who knows what crimes will be discovered. Would they give immunity from prosecution? I suspect so.

I will take my chances beginning from scratch with my fellow Americans and not racing like on eof 300 Million lemmings over the financial cliff.

Think this is the first time they have attempted to do such a dastardly deed? No, ... the last time a Bush attempted such a reprehensible crime against America, it was Dubya's Grandpappy, Prescott Bush, who was accused of conspiring to overthrow the government of FDR. The depths of that conspiracy, and the deeds they contemplated or executed were never fully explored or revealed to the American People.

[Liberoservative]

"Should the economy continue to collapse, McCain won't simply lose the election, but be crushed."

McC won't be the only one crushed..... our entire nation will be crushed.....

Country First????

Give me a break..............................................

[buckbuck11]

Remember when the economy tanked after Nixon? Carter inherited a disaster and was tarred forever as a failed president. I fear that if Pelosi and Reed are still in charge at the Congress, the O-man won't be able to get anything done for all of their bickering and their inability to control the Democrats. I'm totally disgusted with those two. O-man will either be remembered as FDR or as Jimmy Carter. It's a scary possibility.

[Dynamohum]

Being remembered as FDR would be a really great thing. He fostered the prosperity that this country enjoyed after WWII to just about 25 years ago when the repugnant deconstructed, deregulated and gutted our democracy.

[gottatellya]

And the Bush dynasty has been there from the start in the early 80s with their hands in the deconstructions, and guttings, the deregulations of banking, energy.......and media ( so that a couple large extreme right wing agends can be presented as 'news'. )

[jennbeez]

FDR got 12 years to do it, though. Obama will get 8, tops.

I think Obama's the best choice, but I don't underestimate the size of the mess the republicans have made.

[Cloud7Raymaker]

Well, unlike the 1970's this mess ought to be anchored to the Republican brand. They had control of all 3 branches of the US Government for most of the last 8 years. Anyone that tries to deflect the blame elsewhere is probably as guilty (or delusional) as the Republicans that led this country into disaster.

[darker]

BUSH and McCain are leaders of THE GOP GREEDY BUNCH OF OBSCENE republican GAMBLERS
that crashed the Economy of America.
Their only "feelings" are GREED AND MORE GREED.

NO MORE YEARS for corrupt Republican SPOILED FRAT-BRATS.
Enough is enough.
Republicans proved they can't govern.
NO MORE YEARS TO REPUBLICAN LIARS.

[Centaur]

Helen Thomas said during "lil bush's" first term that he was the worst president she had ever seen and she's been around for a long time and some of here have been saying it too. Should there be any doubt about that now?

[starboymikey]

I wonder if the Republicans are trying to back the Democrats into a corner, while holding out for the original version of the bill ... that is, no limits on executive bonuses, no oversight and no help for homeowners. Just a nice, juicy handout to Wall Street before Bush/Cheney leave office.

[doctorkeys]

The proposed bill was the original bill. It just had a few misleading and tricky phrases added to try to fool the voters.

[Snoop2]

This bill is an attempt by the corrupt ruthless criminal Wall St. institutions to rip off the American taxpayers! No bailout, we wil loan you the money at a guranteed interest rate. Any profits will be sent to individual taxpayers by the Treasury! Write your rep and say no to this ripoff!
Furthermore, these corrupt SOBs should be looked at for possible criminal wrong doings. I assume they have some type of fiduciary responsibility to not screw their customers!
Do not buy the bs that this bill is to help us, its a feeding frenzy for the sharks on Wall St.

[russelld]

If we bail the crooks out and things go good, and in the end we get 10 to 20 % of the continued profits would'nt this be like a flat tax, someone with more knowledge please expound on this for me , Thanks.