Does Dr. Novak read whereaminow's CAPS Blog?
I realize this is ridiculously self-promoting and a bit in the flavor of alstry, but you have to admit that his criticisms of Dr. Drew Weston's commentary on Obama and mine are incredibly similar.
I interpret this as your granting license to use propaganda to convince the people that free-market capitalism is to blame for the current situation, and that divisive politics should be used to make the case against the market. Is that your intention?
So far, I gotta hand it to Drew Weston. He's much more subtle and polite in his methods of manipulation than Rush Limbaugh, though the intent is the same.
There is ample contrary historical evidence that shows that Hoover and the Republicans were actually quite a bit more involved in the affairs of the economy than supporters of the New Deal realize.
I can look up the policies of Hoover and Reagan and clearly see that Weston is lying. Far from being hands off, Hoover dove right in and, just like his successors, made one mistake after another. It's called the pre-New Deal.
Some of the best evidence I've come across is America's Great Depression by Murray N. Rothbard. If you have not had a chance to read it, I highly recommend it as a fascinating and insightful book. In this work, Rothbard shows that FDR simply extended policies put in place by Hoover — after running on a platform for decreased spending and less government interference.
Again, for those interested, here is a free PDF of Murray Rothbard's fantastic book America's Great Depression.
For example, we most certainly would not have the Federal Reserve System if we had free-market capitalism. We would not be at all concerned over a few hundred million dollars in bonus payouts to AIG employees. This is because AIG, in a truly free system, would have been regulated by the market straight into insolvency and bankruptcy last fall.
You will find that Federal Reserve policy created the boom, led to the bust, and along with government intervention, prolonged the recession that turned into The Great Depression.
Dr. Matthew J. Novak is a senior optics research engineer at the University of Arizona, College of Optics and apparently also a fan of my work :)
Shameless, I know.
David in Qatar