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08-31-2009, 11:14 AM #1
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Obama - Hoover’s Fealty to Unions Worsened Great Depressio
Democrats do not learn from history
A Warning For Obama: President Hoover’s Fealty to Unions Worsened Great Depression
By Warner Todd Huston
Monday, August 31, 2009
An economist is saying that President Hoover set the stage to worsen The Great Depression because of his pro-labor union stance.
Pro-labor policies pushed by President Herbert Hoover after the stock market crash of 1929 accounted for close to two-thirds of the drop in the nation’s gross domestic product over the two years that followed, causing what might otherwise have been a bad recession to slip into the Great Depression, a UCLA economist concludes in a new study.
Lee E. Ohanian, a UCLA professor of economics, lays the worst of the Depression at the feet of Hoover who, in his opinion, made the recession “three times worseâ€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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