May 3, 2020

President Trump's handling of the Covid 19 Stock Crash is a repeat of Hoovers handling of the 1929 Stock Crash

Okay, I didn't want to go here, ever, but I have to: there is nothing new under the sun, it's all been done, it's all been done.  Unfortunately, I'm not talking about anything great like walking on the moon or freeing enslaved peoples, no, I'm talking about how President Trump's handling of the Covid 19 Stock Crash is a repeat of Hoovers handling of the 1929 Stock Crash. 

First, read any factual book on the 1929 Stock Crash and you will see that the 1929 Stock Crash was not the cause of the Great Depression, but the lack of policies after the crash, were.  Fact is, since the inception of the stock market there have been crashes called "panics," or "selloffs":  In May 1873, May 1901, Oct 1907... to name a few.  So the stock crash of 1929 was nothing new.  Maybe this is why Hoover did little to stop it from turning into the disaster that it did. At least some will have you believe that, but the fact is Hoover was one of those conservatives who believes government is only to fight wars.  Unfortunately, that form of conservatism died with Barry Goldwater.  But that's another story. 

There are revisionists who say Hoover did try to do FDR type things to correct the 1929 stock crash, but don't believe them.  The only thing Hoover did was cut taxes for the rich bastards.  Sound familiar?   The few other things Hoover did were too little too late in much the same way as Donald Trump has none too little too late with the Covid 19 Stock Crisis.   It is May 3, 2020 that I write this, over three months after the first Covid 19 death in the U.S. and still I can't get tested to see if I've had the virus or not.  All experts say the economy will not be corrected until there is a test for everyone.  Period.  And the longer we wait for this test, the worse the economy will get.  When Trump is asked about his lack of testing, he either calls it "fake news" or berates the questioner.  When he is cornered into answering why he says things that aren't true like, "Test will be available for everyone" as far back as March 9th, Trump says: "I'm being a cheerleader...."   If nothing else Trump says scares you, this should, for it is the same type thing Hoover said in his speech the morning after the 1929 crash: “Any lack of confidence in the economic future or the strength of business in the United States is foolish.”

The list of similarities goes on and on.  I've decided to list only a few, and here they are:

The day after the 1929 crash, Hoover misleads people:  “Any lack of confidence in the economic future or the strength of business in the United States is foolish.”

The day after the first Covid 19 death in the U.S., Trump misleads people: "We do have a plan and we think it's gonna be handled very well, we've already handled it very well. — President Trump to CBS News White House correspondent Paula Reid in Davos, Switzerland.


January 21, 1930

Definite signs that business and industry have turned the corner from the he temporary period of emergency that followed deflation of the speculative market were seen today by President Hoover. The President said the reports to the Cabinet showed that the tide of employment had changed in the right direction.


Feb. 10: 12 confirmed cases in U.S. 

" I mentioned, by April or during the month of April, the heat, generally speaking, kills this kind of virus," the president said during a White House meeting with governors.


March 8, 1930

President Hoover predicted today that the worst effect of the crash upon unemployment will have been passed during the next sixty days.

—Washington dispatch


Feb. 25: 57 confirmed cases in U.S.  

Coronavirus is "very well under control in our country" 

"You may ask about the coronavirus, which is very well under control in our country. We have very few people with it, and the people that have it are - in all cases, I have not heard anything other," the president said during a press conference on his trip to India


    May 1, 1930

    “While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States—that is, prosperity.”


    Feb. 26: 58 confirmed cases in U.S. 

    The 15 cases in U.S. "within a couple days is going to be down close to zero"

    "I want you to understand something that shocked me when I saw it that — and I spoke with Dr. Fauci on this, and I was really amazed, and I think most people are amazed to hear it: The flu, in our country, kills from 25,000 people to 69,000 people a year. That was shocking to me. And, so far, if you look at what we have with the 15 people and their recovery, one is — one is pretty sick but hopefully will recover, but the others are in great shape. But think of that: 25,000 to 69,000. ... "And again, when you have 15 people, and the 15 within a couple of days is going to be down to close to zero, that's a pretty good job we've done," the president said during a Coronavirus Task Force Press briefing at the White House.


    December 1930

    “Economic depression cannot be cured by legislative action or executive pronouncement.”
    —Herbert Hoover, Message to Congress


    April 20th, 2020 Tweet:

    “...States, not the Federal Government, should be doing the Testing...."

    I'll stop here, but it goes on and on, watch and see.  

    In other news... oh, why bother. 


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