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Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt.

After scrutinizing Roosevelt’s record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.

“Why the Great Depression lasted so long has always been a great mystery, and because we never really knew the reason, we have always worried whether we would have another 10- to 15-year economic slump,” said Ohanian, vice chair of UCLA’s Department of Economics. “We found that a relapse isn’t likely unless lawmakers gum up a recovery with ill-conceived stimulus policies.” (added emphasis is mine)

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4 Comments

  1. As the UCLA research indicates, the Great Depression was probably a result of man made decisions. But the fact that it was “Great”, history changing, and is vividly recalled by many Generation “A”‘s (as in the Ford Model A) means that, as Christians, we should be looking for a clear message from God intended not only for that generation but, most likely, subsequent generations. If we examine it outside of the context of biblical history, it is just another painful chapter in the history of mankind. The statistics speak for themselves: 20-25% unemployment; massive government works projects to keep people occupied; bank failures; real assets devalued; basic necessities beyond affordability even for those employed, etc.
    Unique to the Great Depression is our extensive documentation and understanding: of the era; of events before and since then; of the Old and New Testaments. If we don’t ignore this wealth of knowledge, revealed largely during the 20th century and now readily at our disposal, we should be able to easily identify parallel situations between the Great Depression, biblical history, and today, all in light of current cultural and environmental conditions.
    So, my questions are: What was God saying to them then?, and what is He saying to us today?
    And, if you don’t want to answer those questions, at the very least answer this: What is He saying to our children that are either experiencing this now or about to experience it?

  2. It is appropriate time to make some plans for the future and it is time to be happy.
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