Word: hooverisms
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Dates: during 1980-1989
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Then, with the civil rights leadership contending with an increasingly antagonistic Reagan administration, it looked as if inroads cut in the late 1970s by Hoover Institute economist Thomas Sowell would allow other conservative Black voices to be heard. In the years following Sowell's first publications, comrades emerged: Walter E. Williams, a George Mason University economist, Robert L. Woodson, head of the National Center for Neighborhood Enterprise, and most visible of all, Kennedy School Professor of Political Economy Glenn C. Loury...
...ideas. Buffeted by conflicting advice, he lamely tried to split the difference. His speeches were a study in contradiction, combining hints of bold spending programs with cries for a balanced budget. If Franklin Roosevelt's approach was inconsistent, even intellectually dishonest, it helped produce a landslide victory over Herbert Hoover and ultimately the New Deal...
...recession next year. And that is the wrong time to slash away at the deficit; tax boosts and cuts in Government spending would deepen any slump, because they would reduce the amount of money in consumers' hands. Some worriers go so far as to raise the ghost of Herbert Hoover, who slashed federal spending and persuaded Congress to raise income tax rates sharply in the wake of the 1929 Crash. Says University of Tennessee Economist Paul Davidson: "Cutting the deficit at this particular time would be the worst thing we could do. It would be Hooverism all over again...
...year faded, President Hoover promised a tax cut, recommended public works, called a series of conferences with business leaders, and declared that "we have re-established confidence." But in the course of 1930, the Times industrials sank to 199, and the entire economy kept contracting; some 1,000 banks failed, wheat slumped from $1.35 per bu. to 76 cents, and panhandlers proliferated. Hard times were here to stay...
...through his spokesman, Marlin Fitzwater. On Black Monday, he blithely attributed the crash to "some people grabbing profits" accumulated during the market's long rise. In a statement after the close of trading, he said that "the underlying economy remains sound" -- unwittingly drawing another parallel to 1929, when Herbert Hoover said almost exactly the same thing. On Wednesday, Reagan remarked that the midweek rally indicated the Monday collapse had been "some kind of a correction" -- a statement that would have been reassuring only if he had intended it ironically, as he obviously had not. Some critics began speaking...