Guest Post by Paul Brandus
“The fundamental business of the country, that is the production and distribution of commodities, is on a sound and prosperous basis,” Herbert Hoover said on October 25, 1929.
Oops.
“The basics in the economy are good,” George W. Bush said on Dec. 4, 2007.
Double oops.
Both of these presidents would soon regret their words. Hoover’s comments came after “Black Thursday,” when stocks fell 11% in the morning before clawing back—only to plunge 13% on “Black Monday” (Oct. 28), and another 12% the day after that. It was the beginning of the worst economic downturn the United States had ever seen—the Great Depression, which was made worse by a bone-headed decision to impose tariffs on America’s trade partners.
Continue reading “Like Hoover and Dubya, will Trump eat his words about the economy?”
