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Updike on Shlaes

25 Jun 2007 05:48 pm

As a non-historian who aspires to review works of history here and there - and perhaps even write one, who knows? - I don't want to begrudge a non-historian like John Updike the chance to review Amity Shlaes' revisionist history of the Great Depression. But if you're reviewing a book that makes specific historical arguments - helpfully summarized here by Shlaes herself - about whether the New Deal did or did not make the Great Depression worse, you need to do better by way of analysis than this (extended) "rebuttal":

The Depression was a good time in which to be a sheltered only child. The small town around me didn’t change; horse-drawn farm wagons mingled the clip-clop of horseshoes with the swish of automobile tires. The vacant lots remained vacant; shoppers and workers were carried to the nearby city (Reading, Pennsylvania, with its Socialist mayor) on the same swaying, sparking trolley cars; the movies and radio were never more innocently entertaining; the schools were safe and tidy, with girls and boys segregated at recess on the asphalt playground; nickels and pennies counted for something; major-league baseball had two symmetrical leagues of eight teams, with five cities fielding two teams each, as they had for years. A child did not know that change and expansion were the norm for a thriving economy. But the two men of my snug household, my father and my maternal grandfather, had both taken deep economic wounds: my grandfather had lost almost all his investments in the stock-market crash, and my father had been laid off from his job as a happily peripatetic telephone lineman. He endured a long interval of odd jobs and no job, with summer stints on local W.P.A. projects. Fortunately, the town school board eventually hired him, for twelve hundred dollars a year, as a math teacher. The job saved him for respectability, but he never forgot the trauma of being out of work with an infant son and no home of his own, in a world with no economic safety net, just breadlines. Hoover in his obtuse aloofness later wrote of the crisis, “Many persons left their jobs for the more profitable one of selling apples.” Shlaes’s account of economic-philosophy wars en haut in Washington could have done with a little of the gritty testimony Studs Terkel collected, for instance that of Peggy Terry, who remembered of a soup line:

“So we’d ask the guy that was ladling out the soup into the buckets—everybody had to bring their own bucket to get the soup—he’d dip the greasy, watery stuff off the top. So we’d ask him to please dip down to get some meat and potatoes from the bottom of the kettle. But he wouldn’t do it.”

My father had been reared a Republican, but he switched parties to vote for Roosevelt and never switched back. His memory of being abandoned by society and big business never left him and, for all his paternal kindness and humorousness, communicated itself to me, along with his preference for the political party that offered “the forgotten man” the better break. Roosevelt made such people feel less alone. The impression of recovery—the impression that a President was bending the old rules and, drawing upon his own courage and flamboyance in adversity and illness, stirring things up on behalf of the down-and-out—mattered more than any miscalculations in the moot mathematics of economics. Business, of which Shlaes is so solicitous, is basically merciless, geared to maximize profit. Government is ultimately a human transaction, and Roosevelt put a cheerful, defiant, caring face on government at a time when faith in democracy was ebbing throughout the Western world. For this inspirational feat he is the twentieth century’s greatest President, to rank with Lincoln and Washington as symbolic figures for a nation to live by.

So far as I can tell from parsing this solipsistic flapdoodle, John Updike thinks the New Deal should be judged a great success because FDR was politically skillful enough to persuade Updike's Dad to become a Democrat. Which is well and good so far as it goes: Political savvy is no small thing in a President, particularly at a moment of global disarray, and the perception of government activism in the face of the Great Depression was politically necessary even when economically undesirable. But one of the implications of Shlaes' book, which Updike is supposed to be reviewing, is that FDR could have given us the fireside chats and the rhetoric of government action and yes, even the stronger safety net without the counterproductive attempts at centralized planning and the relentless scapegoating of business, both of which helped keep unemployment well above ten percent until World War II intervened. One can give Roosevelt the credit he deserves for the "inspirational feat" of keeping faith in American democracy alive among the men waiting in Studs Terkel's soup lines, but it's still worth addressing The Forgotten Man's argument - which Updike doesn't even touch, with all his florid talk of "the moot mathematics of economics," the "merciless" quality of business, and government as "ultimately a human transaction" - that the men waiting in those soup lines might have benefited from an actual job as well, and that the New Deal's role in stifling the growth that might have created such jobs (and shortened those soup lines) needs to be considered when assessing Roosevelt's legacy. A Presidency that makes Americans "feel less alone" in the midst of a crisis is an admirable thing, but so is a five percent unemployment rate, and Updike leaves unrebutted Shlaes' suggestion that a better, less-utopian New Deal might have given America both.

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Comments (41)

Sure, Updike is too old and too non-quantitative to give the book a fair hearing, but that quote provides a wonderful summary of the appeal of FDR to basically conservative people, such as Updike. That's how a generation thought and voted until, roughly, 1968.

I once looked into the claim Shlaes is making. Essentially, she is correct that the New Deal did not end the Depression. World War II did. (I might add, however, that World War II did it through exactly the sort of Keynesian spending effect that conservative economics types like Shlaes claim never works.)

But there's a couple of rebuttal points:

1. I heard Shlaes plugging her book on NPR. In the segment, she wasn't as careful as she has been elsewhere (or maybe she was being deliberately misleading)-- she said "the New Deal didn't end the Depression, in fact unemployment went up in the late 1930's". The reason this is misleading is that unemployment had gone down in the mid-1930's, so it was simply bouncing back. In other words, it is possible that the New Deal did have a temporary stimulus effect.

2. Even though FDR's programs didn't really eliminate the Depression, there are good arguments that you want to do that sort of thing in a big national emergency. Certainly Hoover's constant promises that prosperity is just around the corner didn't satisfy the public. The WPA and the TVA and the CCC put a lot of people to work, Social Security assuaged fears of the working class that they would become destitute in their old age, and all of the programs at least sent the signal that the government was "doing something".

We all saw in Katrina how corrosive it is when the citizens feel that the government has abandoned them. The New Deal may have had a psychic benefit that was worth more than its modest economic benefit.

Shlaes also flacks her book in today's op-ed in the WSJ. I am not enough of a historian to debunk Shlaes, but seeing how her papers are listed at the AEI website, it makes me skeptical right away. The AEI is wing-nut welfare.

A question about unemployment rates during the Depression: I read somewhere that workers on the WPA, etc. were counted as unemployed. Does anyone know if this is true? If so, the statistics are quite misleading. "Even in the 1980s Ronald Reagan was defending the WPA: "Now a lot of
people remember it as boondoggles and...raking leaves" Reagan stated--but
added that this was not correct. "Maybe in some places it was. Maybe in
the big city machines or something. But I can take you to our town and
show you things like a river front that I used to hike through once that
was a swamp and is now a beautiful park-like place built by WPA." Quoted
in William Leuchtenberg, *In the Shadow of FDR: From Harry Truman to Bill
Clinton* [1993 edition])

Are we really to pretend that such people were doing nothing useful, that they should be counted as "unemployed" in the same sense as someone hanging around a street corner?

Wasn't WWII kind of a big government sort of thing? Lots of money, lots of investment, lots of public projects, etc. Why disasociate the two? Conservatives (not specifically Ross per se) love the military but never see it as part of our federal gov.

Actually, the post-1933 economy had a pretty impressive record of economic growth; for the period 1933-1940 the annualized compound real growth rate in GDP was over 7 per cent. Real GDP had surpassed 1929 levels by 1936. [Source: Historical Statistics of the US, Table Ca1-8]. Employment lagged, yes--but employment tends to lag, and arguably in the 1930s the unemployment problem was exacerbated by important structural adjustments, notably in southern agriculture [The New Deal did a wretched job of dealing with the collapse of southern tenancy, though mainly because it was too *conservative* and tolerated mass evictions of tenants by landlords who preferred to keep AAA benefits for themselves]. The Depression was prolonged in large part by the fact that the country wound up in a really, really deep hole, and it took a long time to get out of it. I haven't seen Ms. Shlaes's book, but it sure doesn't sound like there's much new here. We've long known that the economy wasn't back to full capacity until World War II, that New Deal experiments were all over the map, frequently at cross-purposes with each other, often not all that "liberal," etc. Shlaes evidently has some interesting variants on this story, but it's pretty well known to economic historians.

I was taken by Updike's claim that:

"Business, of which Shlaes is so solicitous, is basically merciless, geared to maximize profit. Government is ultimately a human transaction..."

This resonated with me because every time I go to Starbucks they mercilessly beat me and take all my cash, while at the DMV there's no wait in the line for hugs.

Solipsistic flapdoodle from John Updike? I, for one, am deeply shocked.

It's amazing how a bunch of people commenting on a blog to pass the time can be disciplined enough to bother looking up actually statistics and economic trends while Updike can somehow publish an argument against an economic argument without using any economics.

Dave, that's the funniest thing I've read on a blog in quite some time.

Lets be real, Shlaes' book --- which is a popular history written by a right-wing journalist rather than a serious work of scholarship by a historian or economist --- deserves this kind of review. Its purpose is not to break new intellectual ground but to shore up the intellectual worldview of the rightwing. Here is how Publishers' Weekly characterizes Shlaes' book. Note that its not "authoritative, novel or deeply analytical." Indeed, its "breezy."

"This breezy narrative comes from the pen of a veteran journalist and economics reporter. Rather than telling a new story, she tells an old one (scarcely lacking for historians) in a fresh way. Shlaes brings to the tale an emphasis on economic realities and consequences, especially when seen from the perspective of monetarist theory, and a focus on particular individuals and events, both celebrated and forgotten (at least relatively so). . . . As befits a former writer for the Wall Street Journal, Shlaes is sensitive to the dangers of government intervention in the economy—but also to the danger of the government's not intervening. In her telling, policymakers of the 1920s weren't so incompetent as they're often made out to be—everyone in the 1930s was floundering and all made errors—and WWII, not the New Deal, ended the Depression. This is plausible history, if not authoritative, novel or deeply analytical. It's also a thoughtful, even-tempered corrective to too often unbalanced celebrations of FDR and his administration's pathbreaking policies."

Finn is spot-on. One of the most infuriating things for those of us who care enough about history to go do something like, say, get a graduate degree in it is the very "breeziness" of some journalists who think that having a preconceived ideological framework, an ability to string sentences together, and an access to rudimentary compendia of facts (Google, Lexis Nexis, etc.) make them the 21st C. equivalent of Frederick Jackson Turner. Very rarely do these 'popular' histories seriously engage the historical thinking on whatever subject it is they are covering (for instance, Ambrose's work on WWII, while well-written and dramatic, is not hugely illuminating about larger debates on the war), which is, after all, in some ways the very point of history.

It is this kind of thinking, in it's extreme form, which produces stuff like Jonah Goldberg and his rather pathetic pleas for his "Liberal Fascism" missive be taken seriously.

Shclaes is a joke. Here's what this AEI "scholar" wrote in the WSJ:

One of the New Dealers from the old Soviet trip, Rex Tugwell, even created his very own version of Animal Farm in Casa Grande, Ariz. As in the Orwell book, the farmers revolted

Where to begin. Put aside the improbability of the New Dealers creating talking, sapient animals in Arizona, -- assume that Amity meant that metaphorically.

But what version of Orwells' Animal Farm ends with "farmers revolting"!? Has Amity never read the book?

Unemployment was lower than she claims, since WPA workers were counted as unemployed. The economy dipped 1937-38 because a deficit obsessed FDR both raised taxes and cut spending in 1936. Not a very Keynesian record, is it.

Amity Shales is a corporatist hack that makes Larry Kudlow look like Bernie Sanders.

I second the motion on Dave's comment.

If it is so well known that the New Deal wasn't very effective, why is it so lionized by so many people? Some people above are arguing that Shlaes is wrong; others are arguing that she is right but isn't telling us anything new. And some are complaining about the fact that popular (i.e. accessible) history books are more popular than academic tomes (shocking!).

We all saw in Katrina how corrosive it is when the citizens feel that the government has abandoned them. The New Deal may have had a psychic benefit that was worth more than its modest economic benefit.

What Katrina exposed was how corrosive it is to society when people expect the government to do things for them, rather than taking care of themselves. And the foolishness of expecting the government to be there to help when you need it. "Hello, we're from the government, and we're here to help." Which is the point of the critique of the New Deal: that "psychic benefit" may have been helpful in the short run, but it also created an attitude that it was the federal government's job to "manage" the economy, and to provide jobs & money to those who are down 'n out. Some of us don't think that is the proper role for the federal government.

P.S. I also love how liberals are using the greatest cataclysmic war in world history as an argument in favor of Keynesian economic theory. There's a sustainable economic model!

Does that mean we should invade China or something if we need to stimulate the economy?

Mike S.:

I am sorry, but when there's a flood and you can't escape and you are sitting on top of your house, or you went to higher ground and then nobody sends buses to pick you up and people are sitting there without food or water, bromides about people overrelying on the government are not only wrong, they are offensive.

Disaster relief is a core function of the government. We can argue about the reach of the welfare state, but this is in a very different category.

I live in California. When major earthquakes strike, people are forced out of their homes. Buildings are unsafe. Bridges fall. Transportation is out. Someone has to coordinate rescuing those people, getting them out of danger, and getting them adequate supplies of food, water, and shelter. It is not that people are overrelying on government-- ONLY the government can do that. And libertarians who believe otherwise are living in fantasyland and have not seriously considered the consequences of their ideas.

Having confidence in the government's ability to respond to national emergency is a crucial issue for the citizenry. Herbert Hoover was seen as not caring, as letting a populace fend for itself that could not do so. The New Deal, for all of its faults, was a useful corrective to this.

Either Mike S. is missing my point about academic vs. "popular" history, or being deliberately obtuse, which, given his Katrina comments, is not out of the realm of possibility.

Popular history fall into several categories -- some are like Ambrose, in that they are essentially updated versions of the Landmark Series (which I am not knocking, it's a great albeit orthodox narrative intro to the factual basis of historical events, and their Lewis and Clark volume remains a childhood favorite) that do a good job of explaining the raw material of historical events.

Then you have the very best of the genre, many of which are by, for instance, David McCullough. _1776_ and _Truman_ come to mind. These actually engage to some extent with historical controversies while remaining written in punchy and readable style. Joseph J. Ellis, Doris Goodwin, even Robert Caro (to some extent) also come to mind.

Then, there's stuff that is clearly written not as "history," per se, but to fulfill an ideological agenda. These books neither seriously engage with the historical debate on the matter discussed, nor really inform the average reader of very much the way the Landmark childrens' books do. That is why such books are so pernicious, especially when they have the audacity to call themselves "History," the writing of which actually takes a great deal more thought than, say, your average op-ed in the Moonie Times/WSJ circuit.

DaveT, Conrad Black made exactly that point, as acknowledged by Jean Edward Smith in his new FDR bio: once you factor in the people employed in the New Deal programs, American unemployment would've been the envy of the Europeans.

Smith's bio is also useful for being reminded that "FDR" did not create the New Deal independently & can't be blamed for all of its failures. The NIRA for instance was meant to head off an even more dubious program touted by Hugo Black (still a senator). That's just one example of the horse-trading that went on.

When you consider the times, FDR was positively conservative; he could've started in 1933 with "okay, let's nationalize the banks" and he would've gotten it.

His worst economic mistake was part of this conservatism -- trying to cut expenditures in 1937, and waiting too long to correct the error. But even here, he was relying on "experts" like Morgenthau. Economics looks like witch-doctoring today -- all the moreso in the 1930s.

I am sorry, but when there's a flood and you can't escape

It's not as if Katrina was a big surprise. Getting oneself out of town in such an event is a prudent thing to do. So is stocking up with various supplies if you aren't able or don't want to leave. One could even arrange for escape by boat from a friend, neighbor, or family member in case it was needed.

and you are sitting on top of your house, or you went to higher ground and then nobody sends buses to pick you up and people are sitting there without food or water, bromides about people overrelying on the government are not only wrong, they are offensive.

Many people did get rescued from rooftops by private citizens, or by Coast Guard & National Guard taking the initiative without waiting for some sort of directive from above. Again, why shouldn't people have stocked their own food and water, when they had several days advance notice that Katrina was coming?

Disaster relief is a core function of the government. We can argue about the reach of the welfare state, but this is in a very different category.

Certainly some aspects of disaster relief are important functions of government. I don't believe my post indicated otherwise.

I live in California. When major earthquakes strike, people are forced out of their homes. Buildings are unsafe. Bridges fall. Transportation is out. Someone has to coordinate rescuing those people, getting them out of danger, and getting them adequate supplies of food, water, and shelter. It is not that people are overrelying on government-- ONLY the government can do that.

I don't see why the "someone" has to be the government in all situations. Individuals can help rescue each other, get themselves out of danger, and provide food, water, and shelter, in many instances.

I'm not arguing that government agencies don't have an important role to play in dealing with emergencies - what I'm criticizing is the attitude of passivity & helplessness, sitting around waiting for someone else to rescue you. If the population as a whole takes an attitude of taking care of themselves, then the government agencies are better able to cope with the cases where someone really does need help. But when large numbers of people are sitting around expecting someone else to take care of them, then it becomes too difficult of a task for the government personnel to carry out.

It's true that it is important for people to have trust in the government. But having such trust doesn't require sitting around waiting for the government to do something. And in order for trust to be generated, the government must be competent. But it can only be competent at a few well-defined, specific tasks. One of the reasons FEMA performed poorly in Katrina was that it is part of a large bureaucracy that is tasked with doing too many things. When the government tries to be all things to all people, it will perform poorly at most of its tasks. But the attitude of "the government should help me out" tends to produce a metastasizing of areas where the government gets involved.

"One of the reasons FEMA performed poorly in Katrina was that it is part of a large bureaucracy that is tasked with doing too many things."

Curious, that. I seem to recall FEMA as behaving very, very well during the years 1993-2001. As a columnist for Forbes (not exactly a liberal source) writes:

"By 1996, an editorial in The Atlanta Journal-Constitution stated, "FEMA has developed a sterling reputation for delivering disaster relief services," and it went on to extol Witt for having stopped the staffing of the agency by political patronage, removed layers of bureaucracy and instilled in the agency a spirit of preparedness, of service to the customer and of willingness to communicate with local and state officials to make the system work better."

http://www.forbes.com/columnists/2006/06/02/government-FEMA-hurricane-cx_jk_0602reformingfema.html

Please, a little honesty. The reason FEMA did so badly in Katrina was because it was run by Republicans who didn't care about it--FEMA's track record for the eight years when Democrats were in charge speaks for itself.

"Individuals can help rescue each other, get themselves out of danger, and provide food, water, and shelter, in many instances."

In *some* cases. But for crying out loud, we're talking about natural disasters here, which usually affect tens of thousands or hundreds of thousands of people.

I agree with your "be prepared" mentality, but I can't help wondering why you're not also criticizing the people affected by hurricanes in Florida in October of 2004. Of course, they received much *more* support from FEMA--after all, they were in a swing state governed by the President's brother.

Mike S.:

Way to go. Blame the victims. Of course, those that tried to escape by crossing into Gretna were met with force. But why let facts get in the way of your ideology?

Please, a little honesty. The reason FEMA did so badly in Katrina was because it was run by Republicans who didn't care about it--FEMA's track record for the eight years when Democrats were in charge speaks for itself.

I know, I know - government works when Democrats are in charge, and doesn't work when Republicans are. So vote Democrat! I get it.

1) FEMA did not perform as poorly as it was portrayed in the press.

2) FEMA performed vastly better than the state or city governments, both of which are longtime Democratic strongholds. Kind of puts a kink in the whole "Democrats do a better job running government" argument. In fact, the flooding was precisely due to local (Democratic-controlled) levee boards not using federal funds appropriately to maintain the levees. The flooding came from Lake Ponchartrain the day after Katrina hit, and when Katrina got to New Orleans it was only a Class 3 hurricane, which the levees were designed to withstand.

3) FEMA performed poorly in part because "Brownie" was a Bush buddy who wasn't qualified for his job. Giving people jobs for which they are not qualified as political favors is not unique to Republicans, or to the Bush administration.

4) The main point I was trying to make was that FEMA did not function as well when it was incorporated into the DHS behemoth, as when it was a more independent entity. (As I recall, the push for the formation of DHS came from Democrats more than from Republicans, but I don't know whose idea it was to put FEMA into DHS.) In the '90's, it was more in the mold of what I was describing: an agency tasked with a specific, narrowly defined job. When it became part of DHS, it became part of a much larger bureaucratic structure (with concomitant diffusion of accountability), which had many more competing tasks to perform.

edub, did you even read that post? Gretna took in 5000 people, even though they had no power or water, either, and only decided to close the bridge when public order started breaking down (e.g. arson at the mall). And the claims of shooting over the heads of people trying to cross the bridge are disputed. What was that you were saying about facts and ideology?

edub, did you even read that post? Gretna took in 5000 people, even though they had no power or water, either, and only decided to close the bridge when public order started breaking down (e.g. arson at the mall). And the claims of shooting over the heads of people trying to cross the bridge are disputed. What was that you were saying about facts and ideology?

Posted by Mike S.

You blame the victims of Katrina for not seeing it coming and then fall back on the "Public Order Started Breaking Down" meme? Guess that wasn't foreseeable, was it?

Truly pathetic, you are.

Did "Ben Cronin" really suggest that he earned a graduate degree in history, but still cannot tell the difference between "it's" (IT IS) and "its" (BELONGS TO 'IT')? And yet he slams Shlaes's unsufficiences. Perhaps he and the other doctoral pettifoggers ought to spend some time with an English grammar book before lecturing others, then take a good, long stare in the mirror, hmm?

It's rather sad when spelling scolds like Fahrenbach think they have actually contributed to a conversation, when all they have done is reveal their burbling resentment at academics. Cronin wasn't criticizing Shale's spelling, but passing off ideological journalism as engagement with historical debate. He did this by a fairly detailed (at least for a blog comment) comparison of her work with other examples of popular writing about historical events. Where was the "pettifogging"? Perhaps Fahrenbach needs to put down his or her no doubt dog-eared copy of Word Power Made Easy, take that famous and oh-so-cliched "look in the mirror," and then engage Cronin's content.

You blame the victims of Katrina for not seeing it coming and then fall back on the "Public Order Started Breaking Down" meme? Guess that wasn't foreseeable, was it?

Yes, it was foreseeable, and the police took appropriate action to stop it from getting worse.

Truly pathetic, you are.

Writing like Yoda, you are.

Re: but I can't help wondering why you're not also criticizing the people affected by hurricanes in Florida in October of 2004.

As disasters go none of the Florida hurricanes 2004-2005 came close to Katrina. Charlie was a powerful storm, but also a very small one. It tore up Punta Gorda (a relatively small community) but barely produced drizzle in Tampa just 80 miles north. Francis and Jean struck well north of Miami-Lauderdale-West Palm, in a thinly populated portion of the Atlantic coast. Ivan did do considerable damage in Pensacola and generated some harsh local criticism of the government response in the first few days, though the fact that the main highway into the city had been cut by collapsed bridges was largely to blame. Katrina and Rita in 2005 did relatively (I use the word avisedly) damage in Florida. Wilma was quite destructive, but mainly as a windstorm: there was almost no storm surge and, weirdly, little rain, hence no flooding. Much of the trouble in the aftermath of Wilma was due to very poor disaster preparation on the part of locals (since the storm was approaching over land there was a blase attitude toward it) not to governmental failure.

Yes, it was foreseeable, and the police took appropriate action to stop it from getting worse.

Stop what from getting worse? The people who were trying to follow your advice?

I can't believe I'm trying to counter this idiotic argument, but let's say a major earthquake struck San Francisco and all the highways were destroyed. According to you, all the people who didn't purchase escape helicopters are to blame for their lack of preparedness.


Arguments about FDR and the Great Depression should confront the actions of the Warren Harding Administration in the Depression of 1921-1922. It was a sharp post war downturn that was met with effective measures. The creation of the Bureau of the Budget, the cutting of taxes, the reduction of government expenditures, and Harding's courageous sustained veto of the potentially budget busting veteran's bonus right before the 1922 election all contributed to erasing the Depression and ushering in the boom years of the 1920's. The economy was allowed to right itself; and was not hampered by restrictive trade policies, higher taxes, artifically high wages or constraining monetary policy.
Harding had a different rehtorical style than FDR, but his policies did more tangible good as can be seen in the growth and employment statistics of the 1920's.

As mentioned upthread, AEI is wingnut welfare, and anyone bankrolled by them may be treated with suspicion.

An absolutist view that the free hand unfettered would have gotten America out of the fix that the free hand itself created is not credible.

This is to Ross. It's a small thing, but revealing of your POV on this issue:

"Studs Turkel's soup lines"?

The great Chicagoan may have written about them, but they sure as Hell aren't his. No, Wall Street and governmental inattention created those soup lines. You will not be allowed to get away with joining Schlaes in rewriting what actually happened.

BTW, talk about "solipsistic flapdoodle": a five percent unemployment rate can, and in fact currently does, carry great poverty, injustice and budgetary ruin with it. Mentioning the rate and then washing your hands of the current pain is rather worse than Updike's sentiments, we think.

In response to centerfielddj, the Great Depression was not created by "the free hand", but by intervention championed by President Hoover. Signing the Smoot-Hawley tariff, lobbying congress for a large income tax increase, and railing against a "wave of uncontroller speculation" were Hoover's actions that interfered with the free hand. When FDR took over he inherited an economy shackled by four years of government intervention. The free hand had not been allowed to operate. In a similar way President Harding had inherited the economic effects of President Wilson's interventions. Fortunately for Americans of the 1920's Harding let the free hand do its work.

FDR was a successful politician, but his continuation and expansion of Hoover's interventionist policies prolonged America's economic misery that was unrelieved until shackles were removed from business by the extreme necessities of WWII.

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