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Noel Kelly

@The_Icarian
@kcarruthers

I'm going to bend your meme as bit.
Hoover's tariff's intensified the Great Depression, but the real blame belongs with his predecessor, Coolidge.

It's Coolidge who reduced Fed govt. debt by 26% between 1923 and 1928. Take that much money out of the economy has got to lead to recession. To counter Coolidge, the private sector, especial business borrowed. That private debt also made the Great Depression worse.

Apr 05, 2025, 01:30 AM·Public
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