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By Runner (about the author) Page 2 of 2 page(s)
Conservative Republicans, unable to intellectually accept or unwilling to honestly admit that conservative governance has led to financial calamity twice in a period of 70 years, are signaling that they are as opposed to President Obama's new "New Deal" legislation as their conservative forefathers were to FDR's New Deal legislation. It was only with the passage of New Deal efforts--the SEC, the FDIC, the FSLIC--that the mechanisms of private capital began to kick back into gear. Don't take it from me. Take it from Federal Reserve Chairman Ben Bernanke, who wrote the following in [his book] Essays on the Great Depression, "Only with the New Deal's rehabilitation of the financial system in 1933-35 did the economy begin its slow emergence from the Great Depression."...
In recent weeks conservative media figures on TV and radio and conservative Republican lawmakers have attempted to counter media comparisons of Barack Obama to Franklin Roosevelt or assertions in the media that a "New Deal level of government intervention" is necessary to resolve the current economic crisis, by false asserting that Roosevelt's New Deal reforms and programs caused the 1930's economy depression. Assertions that the New Deal rather than Republican conservative governance during the 1920's caused the 1930's depression is flatly rejected by economists and historians. New York Times economic writer Daniel Gross debunks these false assertions writing:
The argument that the New Deal's efforts "perhaps had prolonged, the Depression," is a canard. One would be very hard-pressed to find a serious professional historian--I mean a serious historian, not a think-tank wanker, not an economist, not a journalist--who believes that the New Deal prolonged the Depression.
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