You’ll notice that this blog's name has the year 2006 in it, which seems somewhat dated. Many times readers have suggested that I change the year until I get it right.
From reading the personal accounts and tragedies of that time, the most impressive but elusive thing, is the time line. From a historical point of view, we refer to the Great Depression as an event of 1929. There was no depression in 1929. Things were still swinging. Granted Florida was already a basket case, but the rest of the country didn’t have a clue that something was wrong. Then, the stock market crashed in October of 1929. It wasn't until 1931 and 1932 that people realized things were real bad and then they got progressively worse into 1933. From there, there was no argument, we were either in a depression or you were a pretty blond, married to a Rockefeller.
The concept that the people back in 1929 were aware they were in a depression is a false assumption. In November of 1932 when Roosevelt ran for office, there was no argument that things were bad. Right after being sworn in 1933, FDR declared a long bank holiday and a thousand banks never reopened.
Obama appears to be our Hoover. Hoover was quite intelligent and no dummy when it came to running the government. FDR pretty much continued the programs he had put in place. The "New Deal" was new hope, a wish and a prayer, government programs that did little. The war brought us out of the depression.
Today's problems are similar to what confronted Hoover. He faced the frustration and the inability to control what was happening next. Back then, the voters felt misled. Things had gotten increasing worse, not better. There was the constant government banter that things were getting better.
This is an economic problem that can get a lot worse with more political intervention. There is no government solution. The time line to get out of this mess is quite a ways away. Hoover had 4 years and it took another 6 under FDR before we "turned the corner." Add 10 years to 2006 and you have a more realistic view of when this "Full Feature Film" will end.
Will we be ready for a "New Deal" come next election? People are already tired of hearing that the recession is over. Poverty is reality without the politics. Optimism is certainly not in the wind. Uncertainty is what the world is about.
This is playing out a little like the "Wizard of Oz," only this time when you click your heals together three times, you wake up broke, wishing you owned a home in Kansas.