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Tell me about Roosevelt's New Deal
Topic Started: Nov 26 2011, 04:45 AM (318 Views)
Klaus
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HOLY CARP!!!
Was it a good idea? The beginning of modern economics? The beginning of socialism in the US? How influential was it?

What's your take on it?
Trifonov Fleisher Klaus Sokolov Zimmerman
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Jolly
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Geaux Tigers!
Klaus
Nov 26 2011, 04:45 AM
Was it a good idea? The beginning of modern economics? The beginning of socialism in the US? How influential was it?

What's your take on it?
It prolonged the Great Depression by about four years.
The main obstacle to a stable and just world order is the United States.- George Soros
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apple
one of the angels
oh please Jolly..

Roosevelt was a 3 term president who increased governmental regulation 10 fold (?). to me, definitely the right president at the right time. He'd be shot today i suppose.

I'll let others give you specifics. He was a very brilliant person. to say he extended the depression by 4 years.. heh.

we all love jolly opinions and ways but sometimes a broader perspective reveals a truer picture. I personally feel he saved a lot of people's asses (vernacularly). He instigated an unprecedented amount of governmental 'participation'. a very fascinating fellow working in the decades of unbelievable unrest.

the beginning of socialism?..(around here that word is anathema.. he was also 'charged' with facsism and communism - he certainly had plenty of conservative detractors).. but yes, i think in a way.

I really like pre WW1 history but lately have been reading a lot about Churchill and Roosevelt. I don't have a great understanding of economics even tho i used to clean the toilets of the Milton Friedman home.
it behooves me to behold
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Klaus
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HOLY CARP!!!
apple
Nov 26 2011, 05:03 AM
I don't have a great understanding of economics even tho i used to clean the toilets of the Milton Friedman home.
Signature-worthy! :lol2:
Trifonov Fleisher Klaus Sokolov Zimmerman
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jon-nyc
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Cheers
Klaus
Nov 26 2011, 04:45 AM
Was it a good idea?
I think it was, in the main, a good idea at the time. One has to judge it in the context of the era - we weren't all that far from revolution, indeed look what happened to some states in Europe after the economic calamity of the 30s.

George Will once said that FDR saved capitalism by tempering its excesses - I agree with that assessment.


Quote:
 
The beginning of modern economics? The beginning of socialism in the US?


Well, it was the beginning of the welfare state here, such as it is. Its most enduring features (off the top of my head, and in no particular order) were
Social Security (our pension system), regulation of the financial services industry (SEC for securities, FDIC or deposit insurance for banks), the provision of legal protections for unions, and federal support for the housing market.

Many other features - in particular the various relief efforts - had little enduring effect (IMO) but helped increase morale at the time.


Quote:
 
How influential was it?



Hugely influential at the time in turning around the national mood. Parts of it were hugely influential in that our society is shaped by them today (see above).

Its also fair to say that the basic architecture of the welfare state went substantially unchallenged for half a century. SO much so, that a Republican president could say the following:

Dwight D. Eisenhower
 
Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes you can do these things. Among them are H. L. Hunt (you possibly know his background), a few other Texas oil millionaires, and an occasional politician or business man from other areas. Their number is negligible and they are stupid.


Now clearly today he's only half right the numbers of detractors are no longer negligible but the statement still serves as a good example of how deep the political sentiment surrounding his reforms was.


In my defense, I was left unsupervised.
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John D'Oh
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MAMIL
jon-nyc
Nov 26 2011, 07:09 AM
Now clearly today he's only half right
:lol:
What do you mean "we", have you got a mouse in your pocket?
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Larry
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Mmmmmmm, pie!
apple
Nov 26 2011, 05:03 AM
oh please Jolly..

Roosevelt was a 3 term president who increased governmental regulation 10 fold (?). to me, definitely the right president at the right time. He'd be shot today i suppose.

I'll let others give you specifics. He was a very brilliant person. to say he extended the depression by 4 years.. heh.

we all love jolly opinions and ways but sometimes a broader perspective reveals a truer picture. I personally feel he saved a lot of people's asses (vernacularly). He instigated an unprecedented amount of governmental 'participation'. a very fascinating fellow working in the decades of unbelievable unrest.

the beginning of socialism?..(around here that word is anathema.. he was also 'charged' with facsism and communism - he certainly had plenty of conservative detractors).. but yes, i think in a way.

I really like pre WW1 history but lately have been reading a lot about Churchill and Roosevelt. I don't have a great understanding of economics even tho i used to clean the toilets of the Milton Friedman home.
Actually, Jolly IS wrong.

He extended the great depression by 7 years.

http://www.newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx?RelNum=5409


"President Roosevelt believed that excessive competition was responsible for the Depression by reducing prices and wages, and by extension reducing employment and demand for goods and services," said Cole, also a UCLA professor of economics. "So he came up with a recovery package that would be unimaginable today, allowing businesses in every industry to collude without the threat of antitrust prosecution and workers to demand salaries about 25 percent above where they ought to have been, given market forces. The economy was poised for a beautiful recovery, but that recovery was stalled by these misguided policies."


Since by your own admission you don't know much about economics, perhaps you'll agree that UCLA professors of economics do.

Or perhaps not.
Of the Pokatwat Tribe

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Jolly
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Geaux Tigers!
Uh, FDR was a 4-term President, was he not?

That appeal to authority (FDR's terms) reminded me of the line in Animal House about listening to Bluto because he was a pre-med major.
The main obstacle to a stable and just world order is the United States.- George Soros
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LWpianistin
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HOLY CARP!!!
My take on it: it was a deal and it was new. End of story.
And how are you today?
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jon-nyc
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Cheers
Jolly
Nov 26 2011, 11:39 AM
That appeal to authority (Larry's appeal to the UCLA Econ prof, as if you can't find 10 profs for every conceivable opinion) reminded me of the line in Animal House about listening to Bluto because he was a pre-med major.
FIFY, NNTTM.
In my defense, I was left unsupervised.
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JBryan
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I am the grey one
It may have done less harm than Obama's Big Fvcking Deal.
"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne


There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it".


Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody.

Eleanor: At my age there's not much traffic anymore.

From The Lion in Winter.
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Larry
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Mmmmmmm, pie!
jon-nyc
Nov 26 2011, 12:09 PM
Jolly
Nov 26 2011, 11:39 AM
That appeal to authority (Larry's appeal to the UCLA Econ prof, as if you can't 10 profs for every conceivable opinion) reminded me of the line in Animal House about listening to Bluto because he was a pre-med major.
FIFY, NNTTM.
I think it's a little more credible than saying "I don't know much about economics but you're wrong", but then perhaps you don't..

Of the Pokatwat Tribe

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John D'Oh
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MAMIL
A funny idea for a future thread about something complicated would be for people to argue with each other using nothing but quotes from academics.

In fact, we could argue about something really stupid, it might be more fun. I'd like to see how long it would take before someone broke down and called the other person a knobhead.
What do you mean "we", have you got a mouse in your pocket?
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PattyP
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Senior Carp
JBryan
Nov 26 2011, 12:10 PM
It may have done less harm than Obama's Big Fvcking Deal.


:lol2:

plus 1

A tired dog is a good dog.

"Dogs' lives are too short...their only fault, really."
A.S. Turnbull
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apple
one of the angels
:lol2:
it behooves me to behold
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