Friday, October 24, 2008

Herbert Hoover's Great Grand-Daughter Advises GOP On Economics & Politics

No figure of the last 100 years of American history has been more disgraced with causing the destruction of the American economy than Herbert Hoover, yet the GOP is employing the great grand-daughter of Hoover, Margaret Hoover, to advise the party on both politics and economics.

Hoover, 31. has only a B.A. in Spanish Language Literature, and no real background in economics or history, yet speaks in Stalinesque revisionist terms about the accepted history of The Great Depression, claiming that The New Deal didn't work, even though it brought employment back to millions, restored prosperity to the nation, and made America strong enough to win WWII. The fact of the matter is that American industry was so damaged by the Hoover Depression that the Allies might well have lost WWII to the Axis forces if Roosevelt, the Democrats and the NEW DEAL had not strengthened the American economy by the late 30's.

Interestingly, it was the prejudice against voting for the Roman Catholic Governor of New York, Democrat Alfred Smith, that helped to elect Hoover in 1928. Hoover managed to take the prosperity of America in 1928 and allow the near complete collapse of many banks as well as the stock market. Suicides were at record levels and despair swept the nation as the life savings of many Americans were gone overnight. Yet GOP strategist, Margaret Hoover, still champions her great grand-father and in a revisionist manner still attacks the policies of The New Deal.

Roosevelt instituted programs to protect the bank savings of customers by creating the Federal Deposit Insurance Corporation, helped to fight stock market fraud by creation of the Securities And Exchange Commission, as well as created Social Security, the Tennessee Valley Authority, Federal Housing Administration and Fannie Mae. Roosevelt got money back into hands of millions of unemployed workers by programs such as the WPA and the NRA(National Recovery Act). Yet according to air-headed historical revisionists like Margaret Hoover, the New Deal didn't work, despite historical evidence to the contrary.

Hoover is like another Sarah Palin, who argues for absurd viewpoints, despite lacking the education to back up her points with any real authority. If anything she is the perfect match for a GOP that is ripe with intellectual bankruptcy and few answers to many problems problems. The fact of the matter is that Fannie Mae and other Roosevelt-era programs allowed persons to buy homes and got the American economy going again once Roosevelt got Americans back to work and with some money in their pockets again. But it has been Republican attempts at deregulation, especially during the Reagan-era that has only weakened so many good regulations of both the New Deal and LBJ's Great Society.

The fact of the matter is that the Bush Administration has allowed the greatest economic crisis since the Great Depression to develop once again. The major automakers are laying off thousands more workers as automobile sales are fallen through the floor and General Motors and Chrysler may be forced into some sort of quick business arrangement to even stay in the car business within the next few days. Home foreclosures are up 71% over one year ago in some parts of the United States

And Hoover is a critic of the LBJ-era Great Society programs as well, despite all evidence that Medicare and Medicaid have proven great social benefit to society and minority communities have seen great upward mobility and more racial equality.

It is the height of both ignorance and arrogance for some like Hoover to continue to argue on behalf of the failed history of her disgraced great grand-father, Herbert Hoover, and conservative policies that haven't worked and only brought great economic damage to the nation.

On Friday, world stock markets took another huge hit. Yet millions will still vote for the failed Republican policies and to continue what isn't working. The only real questions remaining are whether a wiser majority will vote for change or not, or McCain will be a third term of the failed Bush Administration and continue the current economic malaise or not.


At 12:49 PM, Blogger GK CPA said...

Who was it that started the "no income check loan" and the "stated income check loan"


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