Everyone pulling all of their money out of the market and the banks accelerated the crash. That was the reason for the "Bank Holidays"---to staunch the hemorraging. This is why, today, the government(s) simply tries to take it (money) from people and put it back into the market. Stagnant cash flow caused by panicked hoarding does nothing to help the economy.

Encouraging people to oppose the action, for purely political reasons, only prolongs the agony.

Dave

With the Fed keeping interest rates at essentially zero soooner or later those fat cats that are sitting on all that cash will wake up. That money is practically earning them zilch so maybe they will wise up and realize they can make more by loaning it out.

Seems like they have figured out a another way, new fee's on banking.




Barney

True enough for banks but not for corporations, if they do not put all that extra cash to work they are losing. Corporations may be people but dollars are not. Lock two of them in a dark room and they will not generate little dollars.

Blue, I got'cha, but he pulled his out a year before the crash.

Pete

Must have known his own policies and ideology were about to wreck the economy?

Dave

Man the left loooooooooooooves to demonize the Great Humanitarian.

He was in office 8 months. He was also a supporter of Teddy Roosevelt and the Smoot Hawley tariff act.

Pete

Who is this "Great Humanitarian" you speak of?

And, what's that we like to say about presidents these days?

"If it happens on his watch, he owns it!"?

The Crash of '29, right?

Did nothing but get worse while he waited for the "market correction" that never happened.

Okay, so yes, Hoover owns the Great Depression.

There's a reason why he lost to FDR and it wasn't because FDR had a charming smile. It was because Hoover was a loser Republican sitting on his ass waiting for the rich folk to spontaniously resume creating jobs, and as we now know, it did not work.:p

Dave

Kinda wild how these guys figure that after the market creates a disaster, the same guys can be relied upon to fix it.

Hoover had his problems, but he certainly wasn't "sitting on his ass." He took some quite progressive positions. He also tinkered with the economy via Smoot-Hawley Tarrif Act, expanded Federal Civil Service, rescinded private oil leases on federal property, and appointed Cardozo to the Supreme Court. These are not what I would call Laissez-Faire or conservative positions. He never really had a lot of charm to his personality like the NE elitist FDR.