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View Diary: The Troubling Legacy of Herbert Hoover (13 comments)

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    Smoot-Hawley and the follow-on made things worse.

    Still, I take exception that he led America into the Great Depression. The plot was afoot from 1920 with the plan to prop up the British pound -- somewhat endangered from the idiocy of World War One. Fed rates went down and irrational exuberance popped its stock market cork only months after Herbert was on the catbird seat.

    So HH can't really be blamed for what the Fed initiated.

    Admittedly, the engineering mind of Hoover made things worse. (Full disclosure: retired engineer here but with remedial training, ha!)

    What is past, is prologue

    by US2oz on Mon Jan 28, 2008 at 12:47:23 AM PST

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