ACP45 Loc: Rhode Island

The similarities between the incoming Trump administration and the Hover administration is scary. If one were a cynic, one might almost believe that this was part of the plan all along!
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Submitted by Nick Giambruno via InternationalMan.com,

History books remember Herbert Hoover as one of the worst American presidents.

Hoover, a Republican, was a rich and successful businessman with investments all over the world. He was also somewhat of an outsider, having never held elected office until he was inaugurated in March 1929.

Today, people associate him with massive infrastructure projects like the Hoover Dam, as well as the Mexican repatriation program, which deported over 500,000 illegal Mexican immigrants.

Hoover also placed tariffs on foreign products entering the US and established other protectionist trade policies.

Of course, when people think of Hoover, they mostly think of the Great Depression.

Throughout the 1920s, the Federal Reserve’s easy money policies helped create an enormous stock market bubble.

In August of 1929, the Fed raised interest rates and effectively ended the easy credit.

Only a few months later, the bubble burst on Black Tuesday, in October 1929, barely seven months after Hoover took office. The Dow lost over 12% that day. It was the most devastating stock market crash in the US up to that point. It also signaled the beginning of the Great Depression.

This happened on Hoover’s watch. And because of that, people pinned the blame squarely on him, regardless of where the fault lied.

Hoover was an easy target. The Democratic National Committee’s publicity chief coined the term “Hooverville” for the countless shantytowns that sprung up across the country.


Hooverville outside of Seattle

The term was such a hit, they tried coming up with others.

Newspapers were “Hoover blankets.” The cardboard used in a worn-out shoe was “Hoover leather.” A “Hoover wagon” was a car with horses hitched to it because the owner couldn’t afford gas.

Blaming the Great Depression on Hoover was easy for Democrats. In the minds of many people, Great Depression = Herbert Hoover.

It was obvious a Democrat would win the next e******n, which is exactly what happened. It took Republicans another 20 years to take back the White House.

Now there’s a good chance Americans have elected Herbert Hoover II.

Outsiders
Like Hoover, Trump is a rich businessman with investments around the world. He’s also an outsider who hasn’t held elected office before.

Mexico
Like Hoover, Trump has a troubled relationship with Mexico. Hoover started the Mexican repatriation program. Trump has inflamed Mexicans with his rhetoric and plans to build a border wall.

Big Infrastructure Spenders
Hoover implemented enormous infrastructure projects like the Hoover Dam. Trump wants to spend $1 trillion on infrastructure.

Tariffs
Hoover signed the Smoot-Hawley Tariff Act into law under pressure from struggling American workers. The law raised tariffs on thousands of imported goods to record levels. It also kicked off a tariff war, reducing American exports by half. It was a crushing blow to the American economy.

Trump is the most protectionist president since Hoover. He’s threatened to slap a 45% tariff on Chinese imports and a 35% tax on Mexican imports.

Trump says “China is eating our lunch” and sucking “the blood out of the US.”

Stock Market Bubbles
Hoover inherited a stock market bubble near its peak - fueled by the Fed’s easy money policies.

I think Trump has, too. And he knows it. In recent months he’s called the stock market a “big, fat, ugly bubble.”

There’s an excellent chance this bubble will burst on Trump’s watch. And Democrats will pin the blame on him, just as they did with Hoover.

Trump is the perfect scapegoat. If new shantytowns sprout up, they won’t be Hoovervilles - they’ll be “Trump Towers.”

All this is why what happens after Trump’s inauguration could change everything... in sudden, unexpected ways.

Boo_Boo Loc: Jellystone

There were far worse presidents, and I may add less compassionate, than Herbert Hoover. Take for example Lincoln or even Buchanan... not to mention Nixon, Carter, Grant, Tyler, Fillmore, Franklin Pierce, Andrew Johnson, or Warren Harding? These men often top the list for bad presidents. But, to borrow from Cambridge... "American people call on their president to give them the leadership and policies they want or need at a given time. Hence, wh**ever smug historians deem later, the only true measure of how 'good' a ruler was must be the opinion of the people he served."

It seems premature to judge our new president, he has not even been sworn in... so, what p**********l actions has he taken where you can judge him? Why not wait to see what, if anything, he can or will do for our nation? Perhaps you are just one of those people who dislike successful businessmen. If so, that says more about you than the potential of Mr. Trump.

Now, did you know that President Herbert Hoover was the driver behind UNISEF? And for all you Californians, the Bay Bridge would never have been built without Hoover's influence and the aqueduct system that allowed the desert to bloom. If you think the prison systems now are in horrible shape with overcrowding. In the time of Hoover, prisons were nothing more than a place to warehouse not only criminals but for persons with disabilities. He initiate food programs for children.... not just here in the US, but to help feed children devastated by the War. All in all, President Hoover will always be thought of as a humanitarian and having a heart, he is often viewed as the most compassionate president in history.

tidbit

Must be nice being psychic and channeling the future.

Boo_Boo Loc: Jellystone

I wish I could tap into that channeling.... I would buy a lottery ticket!

pafret Loc: Northeast

I had a friend whose father used to joke about Hoover, he claimed to be the product of a Hoover Breakfast; "A Roll in bed with Honey"!

ACP45 Loc: Rhode Island

It seems premature to judge our new president, he has not even been sworn in... so, what p**********l actions has he taken where you can judge him? Why not wait to see what, if anything, he can or will do for our nation? Perhaps you are just one of those people who dislike successful businessmen. If so, that says more about you than the potential of Mr. Trump.

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Pennylynn - I think you completely missed the whole point of the article I posted.

This was not meant to be a disparagement of soon to be President Trump, or President Hoover. I hope that Trump is successful because our country is bad need of reform on many levels after the past 8, no cancel that, the past 16 or so years.

The point I was trying to make is that Trump is entering his presidency with the stock market at bubble levels. The Federal Reserve has been engaging in their ZIRP interest policy for a number of years, and their are vast problems in the monetary markets in Europe. International banking systems are a mess.

This is the mess that President Trump will inherit. Just like Hoover taking office at the start of 1929, I see him taking a fall for problems that he did not create. That is what I was trying to communicate. So, either I did a very poor job of doing so, or your critical reading sk**ls need improvement.

vernon

Oh they aren't psychic and don't know anything . they just pray that the economy collapses and they can say they told you so,but they know that if the economy goes south it is because the last three presidents created the problems that brought us there.