Was it possible to avoid this catastrophy or lessen its effects. Did Hoover and his administraion make awful decisions? Could president Al Smith have done any better?
Well the first thing not to do is enact any type of FDR style state control economic programs. While the US still lingered in the morass of the depression by 1937 most of Europe's economies were making a come back, even Wiemar Germany was seeing an upswing.Hoover's policies of non intervention would have worked given time.
Well the first thing not to do is enact any type of FDR style state control economic programs. While the US still lingered in the morass of the depression by 1937 most of Europe's economies were making a come back, even Wiemar Germany was seeing an upswing.Hoover's policies of non intervention would have worked given time.
You forget that England and France also saw the end of the depression in the mid thirties while the progressive USA saw a second decline under FDR's policies at the same time.
Well the first thing not to do is enact any type of FDR style state control economic programs. While the US still lingered in the morass of the depression by 1937 most of Europe's economies were making a come back, even Wiemar Germany was seeing an upswing.Hoover's policies of non intervention would have worked given time.
You forget that England and France also saw the end of the depression in the mid thirties while the progressive USA saw a second decline under FDR's policies at the same time.
Well the first thing not to do is enact any type of FDR style state control economic programs. While the US still lingered in the morass of the depression by 1937 most of Europe's economies were making a come back, even Wiemar Germany was seeing an upswing.Hoover's policies of non intervention would have worked given time.
1. This has nothing to do with the Wall Street Crash. Trolling much?
2. The US recovered later than everybody else because it jumped off the Gold Standard and devalued later than everybody else. Period.
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To prevent the Wall Street Crash, the biggest mistake made by the Fed was cutting interest rates in 1928. It wasn't really until that point that the Stock Market zoomed to insane levels.
Keep in mind that the Crash itself did not really cause the Great Depression. The US went into recession in 1929-1930 and Hoover's responses were fine then. But he did not comprehend the right actions in 1931, when the recovery reversed and the double dip turned into the Great Depression.
Very much, because of Canada's heavy dependence on exports, mainly to the U.S. (Not much different now.While Canada was much worse than the USA was it not?