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We all learned in school that the 1920s were a time of unregulated capitalism that led to the stock market Crash of 1929 and the Great Depression of the 1930s. Herbert Hoover was a laissez-faire ideologue who did nothing to alleviate the crisis--even as citizens starved and were forced to live in "Hoovervilles." And the interventionist policies and massive spending programs of Franklin D. Roosevelt's New Deal gradually lifted us out of the Depression, until World War II brought it to a definitive end.The only trouble with this official narrative--taught in most history textbooks, and proclaimed as gospel by the media--is that every element of it is false. Worse, this unsubstantiated myth is now being used to justify a "new New Deal" in response to today's economic crisis that could lead to a Greater Depression even deeper and longer than the first. But in The Politically Incorrect Guide to the Great Depression and the New Deal, economist Robert Murphy fact-checks the myths, shows why they're wrong, and delves deep into history to set the record straight. His "politically incorrect" conclusion? It was government, not free markets, that caused the Great Depression--and the New Deal only made it worse. The real "lessons of the Great Depression" are not what you've been taught.
* The Crash of `29 was caused not by capitalism, but by the boom brought on by the newly created Federal Reserve's easy money policy (sound familiar?)
* Hoover made the Depression "Great" precisely by abandoning the laissez-faire approach that previous presidents had followed and that kept depressions short
* The bank runs of the 1930s were caused by government intervention in the banking system
* Government efforts to prop up wages and prices led to a full decade of double-digit unemployment
* FDR's arbitrary policies toward businessmen resulted in net investment of less than zero for much of the Depression
Might Barack Obama be the new FDR? You'll know, after reading The Politically Incorrect Guide to the Great Depression and the New Deal that if he is, that's nothing to celebrate.
Easy to read, but well researched.
The argument that government spending was what saved us from the Great Depression, and that a lack of spending by Hoover caused the problem is fairly easy to disprove.
I would recommend this book as priority reading for anyone wanting to understand the Great Depression or the current financial crisis more thoroughly.
Finally a real insight into the true events surrounding the Great Depression. Always felt the information in School was incorrect. Read morePublished 1 month ago by Smith
I love the presentation of this book. Well written, facts backed up, made clear about what really happened. I especially liked how Mr. Murphy clearly tiedPublished 2 months ago by William E Benson
It is amazing how propagandized the government agency controlled educational system is. Not very surprising tho since things that are monopolized by government tend to become at... Read morePublished 3 months ago by D. Cole
Just joking. Book arrived in great condition. Now to check to see if my beliefs that it was FDRs reactions to a mild depression resulted in the Great Depression and if we're headed... Read morePublished 8 months ago by Roberto E. Benitez
It is difficult to read a book about history when the author has such a modern political agenda. When someone has an agenda, they tend to only see the facts that support that... Read morePublished 8 months ago by Henry V. Erickson
I read this book thinking that I wouldn't learn much more than I already knew about the Great Depression and the New Deal. Read morePublished 10 months ago by Patrick Keefe
This outstanding book nailed down three critical aspects of the Great Depression: 1) The primary cause was the Federal Reserve's artificially hyping the economy with a flood of... Read morePublished 11 months ago by Carl H. Middleton
This book is very good. It is slightly biased against FDR, but, it is mostly true. FDR was a supersalesman - promoter and always had the masses on his team. Read more