In the mail: Politically Incorrect Guide to the Great Depression, New Deal

posted at 2:35 pm on April 17, 2009 by Ed Morrissey

Considering the amount of historical cluelessness floating around about the Great Depression, the New Deal, and the efficacy of FDR’s big-government solutions, Dr. Robert Murphy has picked a good time to release The Politically Incorrect Guide to the Great Depression and the New Deal. Murphy wrote The Politically Incorrect Guide to Capitalism earlier for the PIG series, which gives a fun, light treatment to weightier subjects. Murphy now works at the Ludwig von Mises Institute among other econ-policy think tanks and has a long track record on free-market economics.

Among the points Murphy makes in the book:

  • FDR did not get us out of the Great Depression; instead, he prolonged it
  • The Fed deserves most of the blame for the bubble and the crash in 2008
  • Herbert Hoover and George Bush have more in common than one thinks
  • The free market did not cause the crash of 1929 or the Great Depression, and government intervention did not end it

I’ll be interviewing Dr. Murphy next Thursday at 3:30 pm ET on The Ed Morrissey Show. Be sure to tune in — and don’t forget to buy your textbooks first!

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Without obtaining bailout bucks, it’ll be tough to get folks to buy into this theory. Nyuck, Nyuck.

ericdijon on April 17, 2009 at 2:40 PM

The PIGs are great! I’ve read three of em. If this one is as good as the ones on Islam, the Constitution, and Global Warming, we’re in for a treat.

Akzed on April 17, 2009 at 2:42 PM

I found the Politically Incorrect Guide to American History quite informative too. (Also written by a Mises insitute fellow, I think.)

kc8ukw on April 17, 2009 at 2:42 PM

Murphy is great, but if you want a free version of this, just head over to the Mises Institute and read up all you want. They are great to provide so much economic data in digestible forms it is great.

Tim Burton on April 17, 2009 at 2:43 PM

I got the American History and Global Warming Politically Incorrect guides for my father. Great books.

MadisonConservative on April 17, 2009 at 2:46 PM

I found the Politically Incorrect Guide to American History quite informative too. (Also written by a Mises insitute fellow, I think.)

kc8ukw on April 17, 2009 at 2:42 PM

Yes, Thomas Woods. I don’t agree with his position on National Defense (Humans don’t make their decisions based on 100% economic rationalities*), but the rest he is good on.

*This is why Muslims attacking us are not an economic issue. They value their religion over their economic status and are willing to be harmed economically by the decision to follow the mandate of their religion over the short of long term economic benefit.

Tim Burton on April 17, 2009 at 2:47 PM

•Herbert Hoover and George Bush have more in common than one thinks

As I’ve been saying for months.
Here’s what happened in both cases:
1) GOP moderate spends too much & micromanages economy too much
2) Recession hits, conservatism blamed
3) Liberal takes over, makes things worse but gets credit for “doing something”

jgapinoy on April 17, 2009 at 2:48 PM

•Herbert Hoover and George Bush have more in common than one thinks

As I’ve been saying for months.
Here’s what happened in both cases:
1) GOP moderate spends too much & micromanages economy too much
2) Recession hits, conservatism blamed
3) Liberal takes over, makes things worse but gets credit for “doing something”

jgapinoy on April 17, 2009 at 2:48 PM

We didn’t learn from history, so we’re condemned to repeat it.

eea on April 17, 2009 at 2:50 PM

Something I didn’t even realize: Robert Spencer wrote the PIG to Islam! I will definitely have to pick that one up.

MadisonConservative on April 17, 2009 at 2:52 PM

I waiting for the Politically Incorrect Guide to Community Organizing to come out. (I hear it will have a full chapter on teleprompter abuse)

Rovin on April 17, 2009 at 2:56 PM

Ludwig von Mises Institute

where he holds the prestigiously endowed Professor Von Drake Chair

/sorry!

maverick muse on April 17, 2009 at 2:58 PM

I told you guys that there’s so much great stuff in there from Ludwig von Mises, Murray Rothbard and others. I definitely recommend going in to that site and downloading some of the PDF books.

The Dean on April 17, 2009 at 2:59 PM

2) Recession hits, conservatism blamed

conservatism capitalism

maverick muse on April 17, 2009 at 2:59 PM

The whole “politically correct guide to …. ” series is just excellent.

lorien1973 on April 17, 2009 at 2:59 PM

er, incorrect. of course.

lorien1973 on April 17, 2009 at 3:00 PM

Hey! Thanks for the site info. I am going to go through this site with a fine toothed comb! I’ve never seen more bats with which to bop libtards on the head!

HomeoftheBrave on April 17, 2009 at 3:00 PM

Will definitely be looking for these at my local library. Thanks for the heads-up.

Dark-Star on April 17, 2009 at 3:01 PM

maverick muse on April 17, 2009 at 2:59 PM

Point well taken.

jgapinoy on April 17, 2009 at 3:03 PM

I won’t be assigning this book, but I will be assigning Amity Shlaes’s outstanding The Forgotten Man to my seniors next semester.

Heh.

PimFortuynsGhost on April 17, 2009 at 3:03 PM

The Dean on April 17, 2009 at 2:59 PM

Ludwig von Mises

Thanks, Ed & Dean, for the reference.

maverick muse on April 17, 2009 at 3:04 PM

Austrian economics ftw!

libertytexan on April 17, 2009 at 3:12 PM

the apex of conservative wonkery.

sesquipedalian on April 17, 2009 at 3:13 PM

jgapinoy on April 17, 2009 at 3:03 PM

Yes.

With FDR there was plausible though ill founded leeway for “experiment” because there were no records on hand for reference.

But that was then, and this is now.

OBAMA HAS NO SUCH EXCUSE. Furthermore, given his Ivy League education, Obama does not have the luxury of IGNORANCE as an excuse. Obama does what he does purposely, though not as the author, most assuredly as the Chief Executive bent on destroying our Constitutional Government, our Constitutional Liberties, and our every mode of survival.

The only thing “liberal” about Socialists is their ample desecration to rule of law. They perform in government as cannibal blood suckers.

maverick muse on April 17, 2009 at 3:13 PM

From a very long review of the book:

Beginning in 1927, the Fed decided to inflate US currency in order, of all things, to assist the bank of England in preventing devaluation of the pound sterling. But this inflation, which went through the banks, had the effect of making many investments that were not profitable appear so, and a stock market boom followed. When the bust inevitably came, rather than allowing these bad investments to liquidate, as had happened in all previous busts, the government boldly tried to keep inflating the currency, with disastrous results.

I was taught in Econ 101 that the fed tightened the money supply during the crash. Which is correct?
Though, learning more about what is going on now, I have a suspicion that the review writer might be right.

Count to 10 on April 17, 2009 at 3:14 PM

The whole “politically correct guide to …. ” series is just excellent.

lorien1973 on April 17, 2009 at 2:59 PM

er, incorrect. of course.

lorien1973 on April 17, 2009 at 3:00 PM

EXACTLY my point. PC is incorrect. PC is null and void.

maverick muse on April 17, 2009 at 3:15 PM

I have the Politically Incorrect Guide to the South. Terrific read! Looking forward to this new one.

XWing5 on April 17, 2009 at 3:16 PM

I won’t be assigning this book, but I will be assigning Amity Shlaes’s outstanding The Forgotten Man to my seniors next semester.

don’t forget to mention to the class that her ideas have been thoroughly debunked since her book was published.

sesquipedalian on April 17, 2009 at 3:20 PM

sesquipedalian on April 17, 2009 at 3:20 PM

Mother Jones and the Nation don’t count, douche.

PimFortuynsGhost on April 17, 2009 at 3:22 PM

Count to 10 on April 17, 2009 at 3:14 PM

You can also read the thoroughly researched and documented historical account as told regarding you and me as The Forgotten Man by Amity Schlaes.

The past century is MODERN knowledge, a great and actually imperative knowledge required to deal correctly with our current circumstances at the onset of the 21st Century.

And knowledge is not merely the accumulation of data, statistics and reports. Knowledge is also beyond the absorption of intelligence. Knowledge completes the expression of lessons taught and learned through proper applications!

VERSTEHEN Sie.

maverick muse on April 17, 2009 at 3:22 PM

I got the American History and Global Warming Politically Incorrect guides for my father. Great books.

MadisonConservative on April 17, 2009 at 2:46 PM

Think these would also make appropriate personal gifts for those “friends” who behave as trolls?

maverick muse on April 17, 2009 at 3:28 PM

Think these would also make appropriate personal gifts for those “friends” who behave as trolls?

maverick muse on April 17, 2009 at 3:28 PM

If they’re the immature kind about politics, like they just make noise when you attempt an actual argument, I wouldn’t waste money on them. Your call, but they are quick and easy reads for most anyone. If you can actually get them to consider the ideas in the books, go for it.

MadisonConservative on April 17, 2009 at 3:40 PM

Tim Burton on April 17, 2009 at 2:47 PM

I think that Mr. Woods was refering to somewhat rational human beings.

Johan Klaus on April 17, 2009 at 3:56 PM

The PIG books are good reads. I’ll have to order this one.

toliver on April 17, 2009 at 3:57 PM

You can also read the thoroughly researched and documented historical account as told regarding you and me as The Forgotten Man by Amity Schlaes.

documented? she fudges some numbers, ignores others (such as jobs created through public projects) to draw convoluted arguments. for one, she conflates hoover and fdr – offering the dubious image of hoover as a big-spending liberal – in her desperate attempt to explain how the depression could have started 3 years before fdr was elected. she makes arguments by implication (which often contradict themselves), and she simply fails to prove anywhere that the new deal actually failed. shlaes complains that fdr increased taxes on the rich, yet she somehow doesn’t explain how the economy recovered even though taxes on the rich actually went even higher. shlaes cites statistics from 1937 to argue that the new deal didn’t work, yet 1937 was the year when fdr broke with keynesian principles and decided to focus on balancing the budget instead.

sesquipedalian on April 17, 2009 at 4:00 PM

Another two books to get for my PIG collection. So much to read, so little time.

CO2 Producer on April 17, 2009 at 4:10 PM

I echo the plaudits for the The Politically Incorrect Guide to Global Warming. The PIG to the Contitution was eye-opening regarding the federalism and states rights. Very apropos in today’s climate.

Christian Conservative on April 17, 2009 at 4:12 PM

This is one of the two books of the month at the Conservative Book Club. The other:

The Ultimate Man’s Survival Guide
by Frank Miniter

Today’s weak and pusillanimous Nanny state is anything but hospitable to real men — and that’s why we need them more than ever. But our society today offers no clear rite of passage for young men. Instead, every male must learn how to be a man as best he can — after all, such knowledge isn’t written in our genetic codes. That’s why Frank Miniter’s The Ultimate Man’s Survival Guide is nothing less than a Godsend! It gives young men what they need to become not effete metrosexuals skilled at the ins and outs of high fashion and cocktail chat, but well- rounded men who can fight off bears and alligators, create a tourniquet out of a t-shirt, set a dislocated joint, rescue a drowning person — and pick the perfect cigar and bottle of wine.

Another great choice. First you read about what is going cause you to need to read the second one.

cadams on April 17, 2009 at 4:13 PM

I just bought the PIGs guide to the Constitution and Capitalism last week. Haven’t read them, but hoping they’re a good read, and if they are, might put this new book on my to do list.

El_Terrible on April 17, 2009 at 4:22 PM

Republicans have been lying about FDR since 1932, so what else is new?

starfleet_dude on April 17, 2009 at 4:36 PM

P.S. – Amity Schlaes really is a hack.

starfleet_dude on April 17, 2009 at 4:37 PM

P.P.S. – from a Republican who doesn’t deny reality when he sees it comes this quote today:

“I believe this was largely a partisan exercise designed to improve the fortunes of the Republican Party, not an expression of genuine concern about taxes or our nation’s fiscal future. People should remember that while they have the right to their opinion, they are not entitled to be taken seriously.” – Bruce Bartlett, a former Treasury Department economist in the Bush administration

starfleet_dude on April 17, 2009 at 4:39 PM

The free market did not cause the crash of 1929 or the Great Depression

I guess it was the commies at work back in the 1920s then. Who knew?

starfleet_dude on April 17, 2009 at 4:41 PM

Isn’t it ironic?? I was just watching on Fox the return to U.S. soil,the ship captain that was going to be held for ransom. Before he could depart the plane their were four costums officers that borded first. He should have just came across the Mexican Border then he wouldn’t have been bothered.

Rick007 on April 17, 2009 at 5:03 PM

Ed:

Herbert Hoover and George Bush have more in common than one thinks

From the Amazon description:

…and why Herbert Hoover was more like Obama and less like Bush than the liberal media would have you believe.

While not wholly contradictory, did you mean “Obama” where you wrote “Bush?

irishspy on April 17, 2009 at 6:19 PM

Herbert Hoover and George Bush have more in common than one thinks

As I’ve been saying for months.
Here’s what happened in both cases:
1) GOP moderate

Except Hoover was not a GOP moderate; he was almost as Progressive as Wilson and had been for years before becoming president. Even as Sec of Commerce he was constantly meddling in the economy.

JDPerren on April 17, 2009 at 8:55 PM

See Myth of Hands Off Hoover by yours truly.

JDPerren on April 17, 2009 at 8:56 PM

While we’re on the subject of good books, here’s one: http://www.lewrockwell.com/rothbard/betrayal/pre.html

Fed Up on April 18, 2009 at 1:51 AM

JDPerren on April 17, 2009 at 8:56 PM

your blog post about hoover is based on a false interpretation of history.

William Leuchtenburg, shows that Hoover’s National Credit Corporation “did next to nothing.” Hoover denounced the Emergency Banking Act as a “move to gigantic socialism.” Yes, Hoover created the Reconstruction Finance Corporation. But “at Hoover’s behest, RFC officials administered the law so stingily that the tens of thousands of jobs the country had been promised were never created. By mid-October, the RFC had approved only three of the 243 applications it had received for public works projects.” Hoover’s head of unemployment relief said that “federal aid would be a disservice to the unemployed.”

Hoover was a staunch ideological conservative who remarked, in 1928, that “even if governmental conduct of business could give us more efficiency instead of less efficiency, the fundamental objection to it would remain unaltered and unabated.”

During the campaign of 1932 [Hoover] warned that, if the New Deal came to fruition, “the grass will grow in the streets of a hundred cities, a thousand towns.” After Roosevelt won, Hoover desperately sought to persuade him to abandon his platform. He spent the rest of his years denouncing Roosevelt’s reforms as dangerous Bolshevism.

sesquipedalian on April 18, 2009 at 9:01 AM