S&P Downgrades US Bond Rating From AAA status to AA+

[maxx]

Yep, and get rid of the porkulous spending rampant in this administration.

Let's all wait like Hoover did for the economy to fix itself. lol

[Mikeg]

Let's all wait like Hoover did for the economy to fix itself. lol

You've been watching too much Rachel Maddow.

Under the Hoover administration, the Federal Government:

- made loans to the states for welfare relief
- spent $600 million on Federal construction of public works
- loaned $1.5 billion to businesses for the purpose of increasing employment
- strengthened the capitalization of the Federal land banks so they could make emergency loans to farmer's cooperatives and prevent foreclosures and bankruptcies
- created the National Credit Association, preventing the failure of hundreds of banks
- created the Reconstruction Finance Corporation and infused it with $2 billion capitalization in an effort to keep credit flowing between banks and borrowers and to protect depositors.
- expanded the functions and the powers of the Federal Reserve banks to counteract the shrinkage of credit.
[source]

Hoover successfully "jawboned" business, manufacturing and agriculture leaders to not cut wages and hours; but with the continued decline in consumer demand, something had to give and a 25% unemployment rate was the predictable result. Government spending increased 47% during the course of the Hoover Administration.

Hoover's initiatives may not have been been very effective, but neither were FDR's. Nevertheless, it is ridiculous to asset that Hoover did nothing.

Years later, even former FDR advisor Rex Tugwell had to admit,

"When it was all over, I once made a list of New Deal ventures begun during Hoover’s years as secretary of commerce and then as president…. The New Deal owed much to what he had begun."

[source]

[Detroit Stylin]

You've been watching too much Rachel Maddow.

Under the Hoover administration, the Federal Government:

- made loans to the states for welfare relief
- spent $600 million on Federal construction of public works
- loaned $1.5 billion to businesses for the purpose of increasing employment
- strengthened the capitalization of the Federal land banks so they could make emergency loans to farmer's cooperatives and prevent foreclosures and bankruptcies
- created the National Credit Association, preventing the failure of hundreds of banks
- created the Reconstruction Finance Corporation and infused it with $2 billion capitalization in an effort to keep credit flowing between banks and borrowers and to protect depositors.
- expanded the functions and the powers of the Federal Reserve banks to counteract the shrinkage of credit.
[source]

Hoover successfully "jawboned" business, manufacturing and agriculture leaders to not cut wages and hours; but with the continued decline in consumer demand, something had to give and a 25% unemployment rate was the predictable result. Government spending increased 47% during the course of the Hoover Administration.

Hoover's initiatives may not have been been very effective, but neither were FDR's. Nevertheless, it is ridiculous to asset that Hoover did nothing.

Years later, even former FDR advisor Rex Tugwell had to admit, [source]

http://en.wikipedia.org/wiki/Herbert...eat_Depression

and what happened immediately afterwards?