In late August 1932, George Foster Peabody, a major figure in railway and electric-power development, wrote a letter to the New York Times, criticizing President Herbert Hoover's response to the Great Depression. Peabody’s conclusion was stark: “I am thus thoroughly convinced that Mr. Hoover is incompetent.”
In economic circles, no slight stings more than being compared to Herbert Hoover. The 31st U.S. president, who helped make the Depression of the 1930s great, ranks among history’s worst growth killers.
What’s next after the Oscars? More Gatsby, of course. “The Great Gatsby,” featuring Leonardo DiCaprio and coming in May, will be the fourth, or by some counts the fifth or sixth, movie version of F. Scott Fitzgerald’s novel about the illusion created by false wealth in the 1920s.
As we approach another general election, it will be interesting to see how the economic performance of Democrats is judged. If voters borrow the preferred method of John Kerry and other Democrats from 2004, Barack Obama will be revealed to be among the worst presidents in history.
I love the trillion-dollar platinum coin solution to the debt-ceiling blackmail threat, though lots of people find it too gimmicky. They say that a serious government can't pull stunts like that to bolster the financial system.