Author: Jerry Liu
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The textbook narrative goes like this: Herbert Hoover believed in the power of the markets, and he said the economy would fix itself. So he let the economy continue to decline. Then, we got FDR after him. FDR adopted many more socialist policies and that got us out of The Great Depression. However, that narrative is so wrong. Hoover was not a free market, Laissez Faire advocate. If anything, he went into the Presidency ready to expand Federal power. In the previous episode of this series (https://www.youtube.com/watch?v=xDi0p1FvpwM) we learned that Hoover had his sights on expanding the President's tariff-setting abilities. When the stock market crashed in October of 1929, Hoover and Congress were still debating about how much to tax foreign imports. When they finally finished debating in June of 1930, they raised tariffs on virtually everything from abroad to rates never seen before. They destroyed trade. That's not free market behavior at all. In this episode, we'll learn about other government intervention policies that Hoover did. The results weren't pretty. So in this vlog, I share with you some census information that gets glanced over because our textbooks are so busy trying to cover FDR's presidency and making him look like a saint. Census data to show how many Federal Employees and budget by year: http://www2.census.gov/prod2/statcomp/documents/CT1970p2-12.pdf Pro-labor wage controls: http://newsroom.ucla.edu/releases/pandering-to-labor-caused-great-91447 More on the Federal Farm Board: http://www.econlib.org/library/Enc/HooversEconomicPolicies.html Big shoutout to The Purple Pill for requesting this series. https://www.youtube.com/channel/UCyT3OQBN7ycpNgXCRDddz1g Shoutout to Backspace8ster, Wilfredo Alvarez, Fabricio Dos Santos Mateo, and Jamie from the Purple Pill for being my Patreon sponsors, whether past or present.