History Lesson From the 'Twenties (how government policies caused the Great Depression)
... The Great Depression was caused by misguided government policies adopted to avoid the "unsatisfactory conditions" signaled by the crash. The run-of-the-mill recession that ought to have followed the crash was magnified by the policies of the federal government during the administration of Herbert Hoover. In a paper for the National Bureau of Economic Research published last August, Lee E. Ohanian examines a continuing mistake during the Hoover administration that helped transform difficulty into calamity. An economics professor at UCLA, Ohanian has written numerous papers on the Depression. In one earlier paper, he pinned the persistence of high unemployment on...
Original Article: Forum: News/Activism
Tags: Calamity, Crash, Economics Professor, Federal Government, Government Policies, Great Depression, Herbert Hoover, History Lesson, Mistake, National Bureau Of Economic Research, Ohanian, Persistence, Recession, Ucla, Unemployment