Friday, January 02, 2009

In cae you hear this bit of nonsense:

Did FDR prolonged the Great Depression with the New Deal programs? David Sirota answers:

What about the New Deal's most "massive government intervention" -- its financial regulations? Did they prolong the Great Depression in ways the official data didn't detect?


According to Federal Reserve chairman Ben Bernanke, "Only with the New Deal's rehabilitation of the financial system in 1933-35 did the economy begin its slow emergence from the Great Depression." In fact, even famed conservative economist Milton Friedman admitted that the New Deal's Federal Deposit Insurance Corp. was "the structural change most conducive to monetary stability since ... the Civil War."

OK -- if the verifiable evidence proves the New Deal did not prolong the Depression, what about historians -- do they "pretty much agree" on the opposite?

Again, no.

As Newsweek's Daniel Gross reports, "One would be very hard-pressed to find a serious professional historian who believes that the New Deal prolonged the Depression."

Ignorance and hatred are poisons.

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