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MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

statement by President Herbert Hoover, Nov 1928

Posted by WARREN MOSLER on August 24th, 2011

In Nov. 1928, Hoover gave a speech (accepting the Republican nomination) saying, in part:

“We in America today are nearer to the final triumph over poverty than ever before in the history of any land. The poorhouse is vanishing from among us. We have not yet reached the goal, but, given a chance to go forward with the policies of the last eight years, we shall soon with the help of God be in sight of the day when poverty will be banished from this nation.”

2 Responses to “statement by President Herbert Hoover, Nov 1928”

  1. tmajor Says:

    And now we have massive forced unemployment, underemployment, underpaid employment, and the largest welfare roll in history!

    Welcome to the North American Union!

    Reply

  2. hamish Says:

    I guess this was the first “great moderation” ….

    Reply

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