A comparison between Obama and FDR has been written and talked about for months now. We have especially seen it in the "Hundred Days" comparison. It's as if the first hundred days of FDR's term as president ended the depression and restored
FDR was in his third term as President before the depression ended. What FDR did was to provide make work programs to get people working all through the 1930s and into the early 1940s. There was some relief but there was no recovery of the
What ended the depression in the
have more tools to help pull the country out of this very serious economic downturn.
FDR's New Deal was composed of relief, recovery, and reform. It was called the "three Rs. But, it didn't happen in that order.He provided some relief with the make-work programs such as civilian conservation corps, having artist paint murals in public buildings(indeed, those wall paintings in the old Toledo downtown Public Library is probably an example of that program), roads and bridges, and the building of hydro-electric dams in the West and TVA in the South are some examples. As long as the project continued there was "relief" for those workers and their families, but the job was completed and they were all unemployed again.
Make-work projects just don't last. Recovery did not happen. The thirties also saw most of the New Deal Reform programs passed into law to prevent the unregulated abuses of capitalism. An outstanding example of these regulations was the Glass-Steagle Act to prevent abuses in capital markets. Unfortunately, all these reform acts did not increase
FDR and his "Brain Trust" were stymied. They tried this and then that, but to no avail. From 1933-1942 the
A catalyst was needed to restore manufacturing and production in the
Commanders-in-Chiefs to destroy the manufacturing of
became based on Finance, Insurance, and Real Estate or FIRE. What is so unfortunate is that this was aided and abetted by both Democrats and Republicans.
And, they are still there as a Barney Frank, a Chuck Schummer, a Clinton, a Dodd, and on and on. A key part of the FIRE economy was/is to build homes. Well, they built more homes than there were legitimate buyers to buy and glutted the market, but we had to keep building more homes. The housing bubble was created. Now the houses are afire and so is the
In my opinion the historical record shows that Obama's plan to jump start the
FDR build roads and bridges, but to no avail. The
country and not building plants in Brazil, Africa, or China. We will wear shoes, shirts, dresses, slacks, socks, and ties make in the
it works. We have criticized Bush for asking people to do nothing, so lets get with it.
Now, is the time to do it. Will Obama give us relief but no recovery? That is the question.