A Quote by Thomas Sowell
The government is now in a position to do what Franklin D. Roosevelt did during the Great Depression of the 1930s - use a crisis of the times to create new institutions that will last for generations. To this day, we are still subsidizing millionaires in agriculture because farmers were having a tough time in the 1930s.
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Since Democratic president Franklin Delano Roosevelt established the New Deal in the 1930s, radical conservatives have railed against the idea that the government should intervene in the economy.
When we talk about authoritarianism, we conjure up out-of-date visions from the 1930s. But we are no more likely to do authoritarian government the way they did in the 1930s then we're likely to address or talk or do any of our other business in the way they did it in the 1930s.
Capitalism can be alright, I mean Karl Marx didn't live to see what Roosevelt did with that Depression. He pulled everybody out of that Depression and everybody hated Franklin Roosevelt. He got into office four times. One after the other, with everybody saying, he can't get in again. Everybody voted for Roosevelt four times and he did a hell of a lot.
The crisis [the Great Depression] discovered a great man in Franklin Roosevelt...None too soon he has carried America forward to the second stage of democratic realization. His New Deal involves such collective controls of the national business that it would be absurd to call it anything but socialism, were it not for a prejudice lingering on from the old individualist days against that word...Both Roosevelt and Stalin were attempting to produce a huge, modern, scientifically organized, socialist state, the one out of a warning crisis and the other out of a chaos.
For a generation, Republicans have tried to unravel the activist government under which Americans have lived since the 1930s, when Democrat Franklin Delano Roosevelt created a government that regulated business, provided a basic social safety net, and invested in infrastructure.
Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.
I was a hard-times governor. I had to steer my state through the deepest recession since the 1930s. But hey, tough times don't last and tough people do. And can I tell you that Virginians are tough people? We are tough people.
This crisis of long-term unemployment is having a profoundly damaging impact on the lives of those bearing the brunt of it. We know this thanks to a series of careful studies of the problem conducted in the depths of the 1930s Great Depression.
If you look at what happened, I came in the middle of the worst financial crisis since the Great Depression. And unlike Franklin Delano Roosevelt who waited, well, didn't take office until about three years into the Great Depression, it was happening just as I was elected.
Discussions of the economy, especially during times of crisis, are often framed in terms of lessons we supposedly learned during the Depression of the 1930s. If we are not to endure terrible times like those again, we are told, we must support whatever form of state intervention is currently being peddled.
Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.
Franklin Roosevelt had to govern at a time of crisis. If you're going to make changes in the way a nation thinks, you have to have the ability to take the crisis of the moment and use it to shape an agenda.
The point about Roosevelt's New Deal was that it was visionary - for the 1930s.
My parents were children during the Great Depression of the 1930s, and it scarred them. Especially my father, who saw destitution in his Brooklyn, New York neighborhood; adults standing in so called 'bread lines,' children begging in the streets.
The trade deficit always goes up when the economy is strong and plummets when the economy sinks, as it did during both the Great Depression of the 1930s and the Great Recession of 2008-09.
Hoovers didn't like Democrats because of Franklin Delano Roosevelt's libelous partisan attacks on my great-grandfather Herbert Hoover, tethering him to the Great Depression.
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