No. of Recommendations: 2

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.



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.

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.