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Old 12-30-2009, 06:25 PM
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Stilor Stilor is offline
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Re: how bad are some of those leading our country ?

Quote:
Thus far, Obama has proven to me that he deserves nothing. I didn't vote for him then.
I didn't vote for him either. I couldn't have even if I wanted, as I am not a US citizen. However, I think that many voted for him just because they considered him a lesser evil than the opposing candidate. I personally know several such people. They are not convinced that McCain would have done better job.

Quote:
Open a 5th grade American History book and read what Hoover did to divert the great depression. When you have read your fill, take a look at what has been going on since he took office.
I studied a different history in my 5th grade, so I am not sure what Hoover did to stop the oncoming depression. I am also not sure if what you said was a sarcastic remark (i.e., what Hoover did actually made depression worse). But I looked at Wikipedia, and it largely blames Hoover's actions for deepening and worsening the depression:

Quote:
Congress approved the Smoot-Hawley Tariff Act in 1930. The legislation, which raised tariffs on thousands of imported items, was signed into law by Hoover in June 1930. The intent of the Act was to encourage the purchase of American-made products by increasing the cost of imported goods, while raising revenue for the federal government and protecting farmers. However, economic depression now spread through much of the world, and other nations increased tariffs on American-made goods in retaliation, reducing international trade, and worsening the Depression.

In 1931, Hoover issued the Hoover Moratorium, calling for a one-year halt in reparation payments by Germany to France and in the payment of Allied war debts to the United States. The plan was met with much opposition, especially from France, who saw significant losses to Germany during World War I. The Moratorium did little to ease economic declines. As the moratorium neared its expiration the following year, an attempt to find a permanent solution was made at the Lausanne Conference of 1932. A working compromise was never established, and by the start of World War II, reparations payments had stopped completely.

Hoover in 1931 urged the major banks in the country to form a consortium known as the National Credit Corporation (NCC). The NCC was an example of Hoover's belief in volunteerism as a mechanism in aiding the economy. Hoover encouraged NCC member banks to provide loans to smaller banks to prevent them from collapsing. The banks within the NCC were often reluctant to provide loans, usually requiring banks to provide their largest assets as collateral. It quickly became apparent that the NCC would be incapable of fixing the problems it was designed to solve, and it was replaced by the Reconstruction Finance Corporation.
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