Quote:
Originally Posted by piece-itpete
He knew the sytem was rotten, pulled his cash out of the stock market before the crash and told everyone who would listen to do the same.
Many of the programs continued by FDR were started by him. The big difference is Hoover wouldn't give money directly to people, he gave it to the States for disbursment.
Pete
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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