"junkman:Although rising rates no doubt converted what might have been a recession into a depression, the depression was global and the U.S. was one of the last countires hit. You can't just blame the Fed for the 1930s as Hoover was a budget balancer and, so far as I know, never objected to the rise in rates, indeed approved of them. Hoover was a compassionate conservative who before he was president led relief efforts stemming from WW-I. After he was president, he served admirably on a number of committees, but his presidency was a disaster. He couldn't see what was coming, at all. He was more Jimmy Carter than Jimmy Carter. Incidentally, Hoover and Carter were the two presidents that were trained engineers. Does the fact that their presidencies were so dismal reflect their engineering training and experience? I would like to think not because I got a bachelor's degree in engineering. But there may be something to it.brucedoe Bruce,The causes of the '29 Depresion are complex to say the least. But I'm going to do a massive cop-out. Whatever the Austrian school is saying the about that situation, and wherever they are laying the blame, it is plenty good enough for me as a working hypothesis to explain both then and now. They hate the Fed, and on many occasions have laid out their arguments why. I think they make a convincing case.As to engineers being government officials, they are an exception in the US, where most of them are lawyers. Present-day China, OTOH, is mostly governed by men with engineering degrees. Charlie
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