Saturday, November 22, 2008

Obama and FDR

Above is a great graphic of Obama taking notes from FDR, which is very accurate depiction of Obama thinkng, if we are to believe the leaks about the coming Obama Administration. The coming administration appears ready to meddle in the economy across the board. The new regulations and money transfer programs will be very FDRish.

As for following the lead of FDR, Tyler Cowen notes in his column accompanying the graphic:

The traditional story is that President Franklin D. Roosevelt rescued capitalism by resorting to extensive government intervention; the truth is that Roosevelt changed course from year to year, trying a mix of policies, some good and some bad.
Cowen is being a bit polite to FDR. All of FDR's economic programs were disasters. During his entire time in office (1933 to 1945) the economy was in a downturn. (Note: On the true status of the economy during the war years see Robert Higgs )

Not exactly the type of performance that one would think demands emulation.

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