Austrian economist Walter Block delivers a lecture that draws the parallels and differences between now and the Great Depression.
Block lays blame for the current mess squarely on the Federal Reserve System.
“Hoover was no free-enterpriser,” Block says. Neither was George W. Bush, or Ronald Reagan, for that matter.
While I would agree with Mr. Block about the dismal performance of Mr. Hoover’s presidency and the spending growth in Washington while George W. Bush was president was also poor, I must point out that Reagan’s record, while not perfect, was easily the best since Coolidge. One must not let the perfect be the enemy of the good.
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