Posts

Showing posts from September 18, 2008

Pig with the Lipstick eaten by Wall St bear?

Business Times - 17 Sep 2008
Democrats pounce on McCain's remark about the economy amid latest financial woes

By LEON HADAR
WASHINGTON CORRESPONDENT

HERBERT Hoover was one of the most intelligent and talented men to ever occupy the White House. A noted reformer, a humanitarian and an engineer who administered major refugee relief efforts in Europe during World War I and served as a successful secretary of commerce, Mr Hoover had the bad luck to head the winning Republican presidential ticket in 1928. He entered the White House at the outset of the 1929 Great Depression.

He failed to pursue effective policies to end the depression and has been remembered by historians as the US president who kept saying again and again for four years that the 'economy was fundamentally sound' while things went from bad to worse to horrible. All the while he insisted that if only Americans regained confidence and began to invest and buy more goods the economy would recover. It didn't.

So wh…