Did FDR End the Great Depression? | 5 Minute Video

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Did FDR help end the Great Depression? Did his New Deal improve an otherwise hopeless economy? Lee Ohanian, Professor of Economics at UCLA and consultant to the Federal Reserve Bank of Minneapolis, explains.
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Script:
Did President Franklin Roosevelt’s New Deal economic policies pull the country out of the Great Depression? My research clearly suggests that the answer, contrary to popular belief, is no. In fact, the New Deal made matters worse.
Let me explain.
The centerpiece of Roosevelt’s New Deal plan to fix the economy was the National Industrial Recovery Act, or NIRA, which the President announced with great fanfare in June of 1933.
FDR believed that he could use the government to artificially raise both prices and wages. It would work like this: higher prices would raise profits-that makes business happy; and higher wages would raise income-that makes workers happy.
More profits for business means more money to hire new workers. Higher wages for workers means more money to buy consumer goods. A virtuous cycle is set into motion and the economy improves rapidly.
But here’s what FDR missed: Artificially raising wages also raises labor costs. And when labor costs go up, business hires fewer workers or no workers at all, especially in a difficult economic environment. Meanwhile, artificially raising prices reduces demand for the obvious reason that people buy less of something when its price goes higher.
So, why did FDR do this?
FDR based his New Deal policy largely on what happened during World War I, which had ended only 15 years earlier, in 1918. During that war, the government established planning boards to set wages and prices, and economic activity increased. If it worked during wartime, FDR reasoned, it should work during peacetime. But Roosevelt confused the economic activity that was actually the result of inflated war demands as being due to government planning.
The government, Roosevelt concluded, could much better manage the economy in a time of crisis than private enterprise, which, in his worldview, only considered its own selfish interests. Therefore, government guidance-not free enterprise-was Americans’ steadfast ally.
Contrary to what you might think, big business, including autos and steel, were happy to go along with FDR’s plan-at least, at first. If the government was going to ensure their profits, who were they to complain? So, instead of prohibiting monopolies-something the government is actually supposed to do-the NIRA created monopolies on the condition that these favored industries immediately raised wages significantly and bargained collectively with labor.
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8 окт 2017

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Комментарии : 1,6 тыс.

@franklindelanoroosevelt8490 4 года назад

I feel very targeted right now

@mikelly0529 4 года назад

You should. No offense, but you were a TERRIBLE president.

@franklindelanoroosevelt8490 4 года назад

mikelly0529 yup I’m so terrible that I was elected four times. If you hate me so much why not build a time machine and somehow help Hoover win a second term, see how 2020 would look. But whatever historians rank me at the top with Lincoln so I don’t care plus “I welcome your hatred”.

@mikelly0529 4 года назад

Franklin Delano Roosevelt Hoover sucked too, but you were a smooth talker! Just not a fan of your new deal.

@mikelly0529 4 года назад

Franklin Delano Roosevelt also, historians rank you next to Lincoln? Which ones? That’s an argument from authority, which is a fallacy.

@samuelcarver1343 4 года назад

mikelly0529 what about Wilkie and dewy how come they didn’t win

@chickenofthecave1406 6 лет назад

Anyone who understands the new deal knows that it extended the depression. The only way we got out was WWII.

@matthewcarey3148 3 года назад

Use your brain: WWII consisted of massive government spending, which ended the depression. So if the New Deal failed, it wasn’t because of its philosophy of massive government spending, it was because it wasn’t massive enough.

@apollyon2018 3 года назад

@@matthewcarey3148 lmao

@NickRigas-mi4hh 3 года назад

The end of ww2 not ww2

@Ditmike2235 3 года назад

That didn’t really save us either, because that ended up risking the lives of millions of Americans. If your economic policy involves risking the lives of millions, it probably ain’t the best idea.

@covfefe1787 2 года назад

@@matthewcarey3148 it was mobilization of the military and building infrastructure to support logistics Hitler did this which helped the German economy but unemployment was still 15% it didnt go away because men were drafted into Wehrmacht. Loans from the government only work and infrastructure spending helps. Trump wanted a 3 trillion dollar infrastructure package but republicans shut it down.

@tommy2buttz668 6 лет назад

My grandfather had a small business during the 30s and 40s he always referred to the "new deal" as the "RAW DEAL".

@newpaperyes 6 лет назад

@Bezmenov93 5 лет назад

so 80 years later the Democrats learned the lesson and now they understand economy, let's do the Green New Deal!! Ooohh wait . . . They don't.

@RalphSampson... 5 лет назад

@@thotslayer9914 So, you do know? ! How do you know more than the economist in the video?

@RalphSampson... 5 лет назад

@@thotslayer9914 Apparently, nothing would have been better so, the video guy implies. I wonder what he thinks about the Ccc and WPA. These were work programs that FDR implemented. It gave people jobs. Video boy doesn't mention that.

@RalphSampson... 5 лет назад

@@thotslayer9914 Right. That's my point. I'd like to know what he thinks of: CCC WPA FDIC FCIC FHA TVA Social Security These were all programs implented under FDR. I welcome anyone reading this to chime in here. I'd really like to know what the downside to these programs are.....if there are any.

@SkaterMisterAxe 6 лет назад

Bernie Sanders loves FDR...

@davidflint12 6 лет назад

PCDan and FDR LOVED Mussolini’s fascist government

@JulianDale94 6 лет назад

Therefore, Bernie is a fascist :^)

@Youre_dumb 6 лет назад

Julian Dale your logic is off

@pawelzybulskij3367 6 лет назад

BTW Musolini was a socialist at first

@visforvendetta1326 6 лет назад

and so did the many Americans who found worked because of the New Deal.

@Zhenren0ZHOU 6 лет назад

Yep, even in my political science classes multiple places in the books said the unemployment rate remained around 25% until World War II dragged America into it.. And it was World War II that ended the great depression.

@jackcarraway4707 Год назад

Even that is a myth. Conscripting a bunch of guys into the miliary does lower the unemployment rate, but is that really a sign of a healthy economy? If entering WW2 ended the Great Depression, why don't we and an ally build a giant fleet of ships and blow both of up? Wars don't fix economies; they fix the bank accounts of politicians and defense contractors.

@gorilladisco9108 Год назад

It's not. Have the US still implemented the New Deal after World War 2, Soviet Union would win the Cold War, simply because the US would drag themselves down to Soviet Union level of progress. It just so happened that Roosevelt was forced to shutdown many of his New Deal components to meet the war time demand for increased production. While World War 2 was not the reason of the end of Great Depression, it had side effect that led to the end of Great Depression, namely the demise of New Deal.

@randomdudes3031 Год назад

Your political science professors lied to you then. Unemployment was continually decreasing after FDR was elected before they reentered a short recession in 1938 where he proceeded with more New Deal ideas. FDR and Keynesian economics have a lot of economic viability seeing as it has been the system that has shot us up to being a global power

@DelfinoGarza77 Год назад

Yes killing people stopped the great depression.... that's dumb, I think the war ending and having surplus is what ended the depression.

@jhonklan3794 Год назад

Uh no, unemployment was cut by 2/3 during FDRs first term. Which ended 2 years before the start of WW2.

@edwardcollier7218 6 лет назад

FDR did end the Great Depression, not with the New Deal, but with American involvement in the Second World War. However, I do believe government involvement in the economy is necessary to soften the blow of economic disaster. But that is my opinion, as long as you respect it, I will respect yours. Nothing is black and white, but grey.

@charlesevanshughes3638 5 лет назад

And FDR only went to war because of public support after Pearl Harbor. As odd as it is, the Great depression was ended not by Roosevelt but by Hirohito.

@darthvader5300 5 лет назад

What all field military commanders are saying is that they are suspicious of FDR's war effort because of one famous flaw of his war planers. FDR's military advisers either for their own glory or for FDR needs to use the war to bring America out of the Great Depression, practically wasted military and economic resources in a VERY WRONG AND NON-CRITICAL TACTIC AND STRATEGY which is the wasteful bombing of all of Germany's cities and industries and preparing for a landing in Normandy that caused a lot of UNNCESSARY CASUALTIES AND WASTE OF MILITARY LOGISTICS when they could have just concentrate on just one group of targets which is Germany's coal mines. Destroy their coal mines and coal depots and all of Germany will grind to a halt! No coal = no coke and coal gas = no iron and steel and synthetics and synthetic fuel = no ammunition and rail transportation. If they have only concentrated on just bombing just one small group of Germany's important asset which are it's coal mines and other coal mines being mined outside by Germany in German occupied countries, THEN ALL OF GERMANY WILL GRIND TO A COMPLETE HALT! THE WAR IN EUROPE WOULD HAD ENDED IN A MATTER OF MONTHS EVEN BEFORE THE START OF THE NORMANDY LANDINGS! Isn't it suspicious that FDR and his military planers did not bother to check their military plans TO BRING THE EUROPEAN WAR TO A SWIFT END by simply bombing the coal mines inside and outside of Nazi Germany? Because without coal there is no coke, no coal gas, no coal tar, no coal tar derivatives, no coal synthetics, no coal synthetic fuel, no coal-based chemicals, no coal and coke products. No coal and coke products means all of Nazi Germany will grind to a halt. Allied casualties will be reduced to almost to the barest minimum and not a lot of Allied families will not suffer the grief of the loss of their sons! MOST IMPORTANT ARE THE TRAINS THAT ARE CARRYING THE JEWS TO THE DEATH CAMPS' GAS CHAMBERS WILL GRIND TO A HALT AND WE WOULD HAVE REDUCED THE NUMBER OF JEWS GASSED BY THE NAZIS ALSO TO THE BAREST MINIMUM AND NOT ALLOW IT TO REACH THE 6 TO 7 MILLION DEATHS PLUS THE PRISONERS OF WAR, GYPSIES, GERMANS WHO OPPOSES HITLER, ETC.

@lc9245 4 года назад

I agree, what kind of intervention is important. The 2008 bailing of the bank might seem immoral, but it is the necessary evil to prevent another Great Depression. If we listen to occupy wall street, it might have spiralled into occupy America.

@petarmiletic997 4 года назад

The war didn't help anything. It was neccessary but there were no economic benefits. Sure many soldiers were drafted and factories were producing war material. But it's a classical broken window fallacy. Really the entire keynesian economic theory is a broken window fallacy. And it was all debunked way back in the 19th century by Bastiat. Just think about what those men, factories and resources could have produced in peace time, for improving civilian life. A huge amount of cars, trucks, houses, consumer goods etc. for improving civilian life were NOT built because the resouces and labor were spent on the war.

@Crezelltree4261 4 года назад

The Great Depression ended when the nation returned to free market principles.

@deadalivemaniac 6 лет назад

I think I understand why the 2008 recession was so bad now...

@greglane3978 Год назад

yep, Most dangerous words in the world. I am from the US government and I am here to help.

@carloshasanopinion7275 6 лет назад

Government intervention almost always makes things worse, and not better. Why won't people learn?

@bosse641 6 лет назад

Brainwashing on a massive scale.

@joaopedrocastilhodavanco624 6 лет назад

not "almost always", but always at all.

@itrebor8 6 лет назад

jpdavanco provide one example when the government did something right to ‘fix’ the economy.

@joaopedrocastilhodavanco624 6 лет назад

iTrebor there's no example.

@prime3106 6 лет назад

Carlos Has an Opinion I know right? Just look at what the big government has done with its big army... it goes around destroying other governments and destabilizing them and all in the name of the U.S. government.... it makes me sick.

@babadook8874 6 лет назад

"The only problem with government is government" RR

@zo62 4 года назад

BABADOOK now bec a pandemic you crying for it

@babadook8874 4 года назад

@@zo62 ????

@tamerlane9889 4 года назад

Boo hoo

@itzblox7452 4 года назад

Also, "If government is the answer, that was a really stupid question" RR

@zo62 4 года назад

Go to JPMorgan chase without laws to see how it’s going to be also your lord and savior rr is going to say after he dismantled govt instead fortifying and resolving issues

@c.w.winger221 6 лет назад

I am very impressed at the attention to graphic details. Correct time period flags, correct roundels on the aircraft, this is something most graphic designers fail at!

@GeneralSamov 2 года назад

Too bad the content is complete rubbish.

@halvey8518 2 года назад

@@GeneralSamov Rubbish? I searched for a video like this to get a refresher on how FDR totally messed up the economy.

@GeneralSamov 2 года назад

@@halvey8518 So to get a refresher in alternative facts, got it. The real hero was Herbert Hoover all along. Now you can go back to sniffing glue.

@jedison2441 2 года назад

@@halvey8518 Yeah I mean American only became the the most Powerful both Economically and Militarily thanks to him. Totally messed it up. *rolls eyes*

@GeneralSamov 2 года назад

@@night6724 Yeah but that has always been the game, talk shit about your opponent to draw electors to your side. What I'm interested in is actual facts, and the facts speak clearly that Hoover didn't do enough by a long shot and FDR did. All the empty "socialist" "commie" etc names are quite meaningless when you consider the fact it's usually the republicans making the biggest dents in the treasury.

@guitarwhelp 6 лет назад

Very true. As I student I remember learning how FDR was this great savior of the economy and it was validated in my standardized testing. Then when I became a teacher and had to do research for my lesson planning, I saw that the numbers throughout the depression years just didn't add up or show signs of a recovery.

@SandfordSmythe 2 года назад

Peoples' well-being comes first. Sorry economists.

@alwaysfreedom9354 9 месяцев назад

@@SandfordSmythe Is that why FDR starved Americans? And did zero about the Democrats' KKK?

@francescop1 6 лет назад

So do you mean to say that SOCIALISM DOESN'T WORK? Nooooooooooooooooooo

@amykelley666 6 лет назад

francescop1 Do you even know what socialism is?

@flamefusion8963 6 лет назад

Socialists are brain dead puppies.

@my0p1n10nst1nks 6 лет назад

The Cooperative Individualist, we get it, it wasn’t real socialism.

@francescop1 6 лет назад

The Cooperative Individualist that RU-vid comment wasn't meant to be my PhD thesis defence, but thanks for playing

@skip031890 6 лет назад

Marcus Moser I had this convo at work with a co-worker. He's a die hard Bernie supporter and he said other countries with a failed socialist system"didn't do it right." I didn't mean to, but I laughed so hard. How many examples will it take before people realize that socialism *does not* work no matter what definition one wants to put behind it.

@justachannel6612 4 года назад

WWII ended the great depression

@badrivanov3931 4 года назад

The war ended the Great Depression

@thatonememe1835 4 года назад

Yep

@stantrien8106 4 года назад

WW2 ending is what ended the great depression.

@GustavoRodriguez-qr5po 4 года назад

Was it worth it? We should of only gone after Japan, and then gotten out of the Orient. Now we funded the soviet union because of that and made it strong until the 90s remember who gave the technology to get oil out of Ukraine? who gave them naval equptment and industry? USA and Britan. So sometimes staying out of conflict will elad to better outcomes

@1979benmitchell 3 года назад

How EXACTLY did WW2 end the Great Depression? Think about that for a second and you'll see why that argument is flawed.

@Chidoski91 6 лет назад

Government intervention seldom resolves issues, all they do is overspend and propose more regulations.

@skip031890 6 лет назад

KT WC More than a small portion. Whole countries have suffered because of too much government intervention(aka socialism). It would probably be more accurate to say it's meant to keep a small portion of people rich and benefitting from a system that financially oppresses its citizens.

@Chidoski91 6 лет назад

KT WC what exactly is wrong with that? I mean, it ain't like they're acquiring their wealth illegally.

@hasimahmetabdulbakibugrauc6268 6 лет назад

chosenone4447 had not for private market, those computers would only be in rooms of pentagon.

@industrialfansettolow8313 6 лет назад

I'm just going to say this before the video starts. The New Deal was crap, and the biggest thing that got us out of the depression was WW2. It's a sad truth that War = Money. So war technically isn't all bad. Edit: Yup I was right

@harmanjotsingh4230 3 года назад

not war, but I would say the military industry like Hitler getting Germany out of the depression and hyperinflation, with, rearmament and a Naval buildup and etc.

@saxondespens7271 Год назад

It was after ww2 but still good point

@factsverse9957 6 лет назад

Rule of thumb for the government: Don't mess around with the economy. Ever.

@davidlewocz7271 3 года назад

@Kenji Gunawan I’ve never heard a more ignorant statement

@davidjay2250 3 года назад

Then what’s the point of government? Just sit there and twirl it’s thumbs?

@davidjay2250 3 года назад

@R Shreve How is providing basic needs and having a welfare state to help poor people during a depression interfering with citizens doings?

@jackbishop8610 3 года назад

@R Shreve It is though. Having a welfare state to "help" people during a depression is the definition of "oh shit, something went wrong, daddy government, increase your power over us and throw money at the problem until it goes away, forget the extensive issues this creates everyone." And "providing basic needs" is once again just throwing money. So the economy is bad and hurting people? Forget even trying to fix the economy, just have everyone suckle off the government and get standardized care. Where does that increase in care come from? Oh taxes? Oh woops now we're a socialist/communist state, ripe to be raped by whoever's in power to rid us of our rights, because we literally depend on the government.

@tommyshobalongdong 3 года назад

Clear lack of understanding, SAD

@AA-tj7wt 3 года назад

To think AOC idolizes FDR but fails to acknowledge that his policies actually prolonged the great depression.

@denverlilly3669 Год назад

It's only theorized, not proven.

@alwaysfreedom9354 9 месяцев назад

@@denverlilly3669 Proven. By economists. My teachers in the late 60s said the same. And FDR being a Jew-hating racist who refused to save any Jews or push for antilynching laws.

@verios44 6 лет назад

Wow a Professor from UCLA, glad to see there are some intelligent professors left in Cali.

@hugh-johnfleming289 6 лет назад

It's what the Japanese call 'shorteyes.' When you need to let things just happen don't meddle to make it seem better now.

@jakekramer405 6 лет назад

In my history class my teacher asked us to rank presidential platforms such as the new deal, great society, rugged individualism, Etc I was the only one in the class to say that the new deal was the worst, some people just can’t think on there own.

@rei1378 3 года назад

“Free thought” is an illusion.

@bernardosantos8020 3 года назад

Oh yeah, forget the fact that your teacher probably studied this topic (and many many others) for years, and got a teaching license and the appropriate degree to back it! No, you watched a PragerU video, so obviously you know this topic the best

@alwaysfreedom9354 9 месяцев назад

@@bernardosantos8020 My World War Two vet teachers would agree with Prager! I have already listed history books here.

@fizzled95 Год назад

FDR's central planning schemes all comes from the macro economist John Maynard Keyes. You should probably do a video on him to tie this all together.

@invisisense5464 9 месяцев назад

Those came into effect much later when the government finally embraced a fiscal policy by increasing spending due to WW2, which substantially decreased unemploymen.

@alwaysfreedom9354 9 месяцев назад

@@invisisense5464 The war put a lot of people to work, even women for the first time, but there was nothing to buy. Everything went to the war effort. You could buy only a small amount of gas. No parts or tires for your car. Also, FDR had already massively increased debt spending before he set Pearl Harbor up for a fat target and did all he could to provoke Japan to attack. Read FDR's Folly. How Roosevelt and His New Deal Prolonged the Great Depression. By Jim Powell. Then there is the fact FDR was as much a Jew-hating racist eugenicist as Hitler. Read The Jews Should Keep Quiet. By Rafael Medoff. FDR was in love with his "Uncle Joe" and "Blood Brother" Stalin. Stalin had his own deathcamps and ordered crops plowed under as millions starved. FDR punished farmers who refused to help him starve Americans by plowing crops under and killing millions of pigs. FDR did zero about his party's KKK. He allowed Nazi-style master race medical experiments to be performed on black men. His job programs left out blacks. They had the Olympics one year. It was in Germany. A black American won some medals, outrunning those supermen Nazis. Hitler saw the man. FDR refused. Some of my teachers were World War Two vets. And my father and uncles. I learned some of those things about FDR long before those history books came out. Standford's University's David M. Kennedy wrote in his Politzer-prize winning book, "Freedom From Fear" "The New Deal was not a recovery program, or at any rate, not an effective one." FDR wanted to expand the powers of the federal government. We wanted government in every part of American life. He was another Hitler, Stalin, and Mussolini, with less power. And he tried hard to get that power. Even threatening to destroy the Supreme Court. But not even the Socialist Democrats supported him on that one. I could go on. Just read the books.

@bwhog 2 месяца назад

Not just Keynes, but Marx. The world had not yet seen the catastrophe that Communism would become and in the intellectual circles, it still held great promise. It still does today because people do not learn the real history of it. FDR could be excused. Modern Marxists cannot.

@xxXXDragonrageXXxx 6 лет назад

For all those saying that WWII ended the Great Depression, you're pretty much saying that FDR won. FDR used Keynesian economics to try to stimulate the economy (I.E. Government spends money it doesn't have to put money into the economy so it grows). War does the same thing, war is government spending. By saying WWII cut short the depression you're saying FDR did the right thing, he just needed to spend more money on the economy. In addition, yes employment shrank but that's pretty easy when the military employs you either as a soldier or a worker in a factory. Conditions for Americans during the war weren't really any better than before due to rationed supplies. The economy didn't really pick up until after the war had ended, by then new industries had popped up from new technologies.

@harmanjotsingh4230 3 года назад

But keynesian economics isnt just "spending" It is spending meant to stimulate demand, which failed because most of WW2 demand was from europe Therefore keynesian policies failed to stimulate output/production, employment, and its foremost priority of stimulating demand from the prior

@jurrekieboom2208 3 года назад

@@harmanjotsingh4230 Your argument isn't making sense. But do explain how a country trapped in a deflationary spiral, plagued by bank runs is going to recover in terms of demand without government intervention.

@harmanjotsingh4230 3 года назад

@@jurrekieboom2208 very overrated "deflation" of the era first of all second off, I call it a market correction overdue with the irresponsible lending of the banks if the banks stopped lending loans to certain businesses who didn't have the demand to show for their overproduction in the post WW1 era, it would have been avoided much beforehand and if they hadn't been so high on risk and money they wouldn't had lended money to investors buying-on-margin, essentially giving away money for people to make speculative gambles which is what happenes when we have "banks too big to fail" because politicians have been bailing them out (Housing bubble crisis of 00s is another good example of high risk overlending) in terms of demand, like I have said, it was a correction long overdue, and much of what the government attempted, failed and many today that an increase in the monetary supple of money, aka the printing of more money, would have simply eased the depression (but to them, I say look at John Law and the Mississippi Bubble) and to other keynesianists, I say look at the Warren G. Harding response to the 1920-21 economic crises where government instead of providing a fiscal stimulus or intervened in a couple of other ways as many economists and Secretary of Treeasury Herbet Hoover (today misclassified as a free market guy even though he introduced tax hikes that too major ones in 1932 and oversaw many infastructure projects in attempt to turn the depression around, and oversaw a volatile Fed continuosly changing the interest rates in the period of time) simply balanced the budget, cut spending, and did not intervene and let the market correct itself in a swift manner can you elaborate on what exactly didnt make sense in my original comment?

@jurrekieboom2208 3 года назад

@@harmanjotsingh4230 You seem to conflate the 2008 depression with the Great Depression. While yes, there was a large stock market crash beforehand known as Black Thursday as the cause of overspeculation. (This you could call 'market correction') However, unlike 2008 crisis many of the banks actually failed due to a series of bank runs of people trying to save their savings (this is one reason why investment banks and commercial banks should be separated). Subsequently the banks went bust, people lost their savings, and investment dropped precipitously. This is no longer considered a 'market correction' but an implosion. Even Milton Friedman advocated for injecting money into the system at that point and blamed the government/feds for not having intervened and allowing the crisis to happen. There's only a handful of tools to combat deflationary spirals, and they all consist of increasing spending in one way or another. And since a lot of people where unemployed, getting them a govt job is a good way to do just that. As for you original comment, no the Keynesian politics didn't fail, the US economy was already recovering before the war, and would likely have continued to do so if it didn't happen. Yes the War increased demand which improved recovery,, but there's no logical connection between this working and the new deal failing. These are simply two superseding events, that actually worked in a similar manner (eg, boost spending, get people employed) Therefore cannot be a logical conclusion from these two events. A 33% price drop (again quoting Friedman here) isn't exactly minor deflation either.

@jakexu2347 3 года назад

@@jurrekieboom2208 US economy didn't fully recovered even when after the war ended, the unemployment rate in 33 was around 25% , gradually drop to 15% in 37 then rise again to 20% again in 38 due to the Roosevelt recession, then slowly drop to 15% in 1940, which means on average the unemployment rate was dropping only 1.4% per year under the new deal. So the economy wasn't really recovering, it was merely on life support by the various government subsides, the economy itself never create enough demand to match the supply, only after the massive war contract from Europe and then selective service act make the economy start to really recover.

@mikeashe9859 6 лет назад

The 1929 stock market crash wasn't anything special until government started interfering. The "Great Depression" wasn't due to the stock market crash but was due to government interference.

@Lucian09474 6 лет назад

That was Hoover's fault who else

@rhiroyonve7517 6 лет назад

Don't forget that the government had already interfered with the stocks before -- those golden parachutes given to the bankers weren't a joke. Why else do you think some wealthy had profited while other self-made companies were dragged down by the depression?

@Mark0003260 6 лет назад

You seem to forget the 10,000 bank failures during the Depression. Asset prices collapsed by as much as 90% in some places and people lost their life savings, the companies they worked at used their pensions to save the company and failed. Everybody was broke in an era where getting credit was next to impossible without decent collateral and a job. It wasn't just a garden variety stock collapse.

@mikeashe9859 6 лет назад

"You seem to forget" No I don't. Recessions happen, government policy makes it worse.

@Sylvertaco 6 лет назад

Mike Ashe - So what part of Mark0003260's explanation was due to government policy?

@SociallyTriggered 6 лет назад

It was really WW2 that got the US out of the Great Depression.

@jw4718 6 лет назад

Government never fixes a problem. They simply kick the can down the road. Both parties.

@theraptor6973 5 лет назад

Europe would disagree.

@vanillagorilla6990 4 года назад

@@theraptor6973 Europe is a flaming shithole

@alwaysfreedom9354 9 месяцев назад

@@theraptor6973 Yes. Nazis, Fascists, Communists, Socialists would.

@lincolnhaldorsen5649 3 года назад

This isn’t a real refutation of the Wagner Act really at all. The Wagner Act first off isn’t really focused directly on reviving the American national economy. It’s about worker rights and the power of unions. So that laborers are protected on their jobs and receive fair pay. It’s meant to mold the economy in a way that protects worker rights.

@rossevanricamara4169 3 года назад

Labor Unions in general only benefit the Union Workers.

@idontknow5249 3 года назад

@@rossevanricamara4169 that’s a good thing

@rossevanricamara4169 3 года назад

@@idontknow5249 If steelworkers strike and their wages increase, the price of steel increases. The next likely thing that would happen is that all steel products will see a rise in prices be it in construction, car manufacturing, etc. This rise in prices will cause other companies to cut costs like employees. Even when every industry unionized, it will only benefit the Union Leaders instead of the workers, since, by that time, every industry wasn't as productive as before.

@idontknow5249 3 года назад

@@rossevanricamara4169 You just said it would benefit union workers, not bosses. You flip flopped. Secondly, inflation doesn’t just automatically increase when the wages are increased.

@rossevanricamara4169 3 года назад

@@idontknow5249 I said that when all industries unionized only then will the union bosses be the sole benefactors. I didn't flop. And no, inflation is not affected by a rise in wages. I was saying that unions tend to send an industry down the toilet by creating environments that make operating costs unviable. And when operating costs become unviable, the factory flops and flips off the switch.

@Grand1Admiral 6 лет назад

No, none of it did, it made everything worse. My grandmother was a little girl on the farm where FDR made a law that artificially changed the prices of dairy products for her farm where dairy farming was meaningless. They were starving until mobsters starting buying their strawberries and they eventually had enough money to just get by.

@alexandriuscomnenus8017 6 лет назад

Funny how a group of mobsters could be better than the government

@alwaysfreedom9354 9 месяцев назад

FDR forced farmers to plow crops under and kill millions of pigs. As children were eating out of garbage cans in the big cities. Look up the Wickard V. Filburn Supreme Court case. 1942. Americans starved because of FDR. And Jews died because of FDR. And FDR refused to do anything about the Socialist Democrats' KKK. And it was running wild. Education ended in the US in the 70s. When my World War Two vet teachers retired.

@mitchlol1271 3 года назад

The new deal was still kinda good. It was not perfect, and had serious flaws in it, but it helped millions of Americans during the depression, by creating agencys that are still in use today, like the FHA, THA, FDIC and many more. It also helped America use its resources better, wich would benefit the economy in the long run. He also created the CCC in 1933 wich employed thousands if not close to a million Americans to build infastructure across the country. So while he might have prolonged it, the new deal made everything much less misserable for the average joe back then.

@mitchlol1271 3 года назад

And the heavy government interfierance was kinda meh too.

@Jack-sq6xb 3 года назад

Shut up you’re breaking the lies posed bu the billionaires

@mitchlol1271 3 года назад

@@Jack-sq6xb no

@hnys7976 3 года назад

@@Jack-sq6xb The only people who believe the billionaire lies are Reagan conservatives...

@alwaysfreedom9354 9 месяцев назад

Education ended in America when my World War Two vet teachers retired. Young Americans do not know FDR was a Jew-hating racist eugenicist who starved Americans. How can forcing farmers to plow crops under and kill millions of pigs, driving the price of food up, help the "forgotten man?" FDR punished small business owners, like butchers, for lowering their prices. He had men going around checking the prices at small businesses. I was a business owner for decades. If someone from the government came to my store and told me I was in trouble for not charging enough, he would be missing his teeth!

@Jimmy-bb3og 3 года назад

“Your research”

@jokie1246 3 года назад

Says the guy with the Bernie pfp

@Jimmy-bb3og 3 года назад

jokie124 you username summarizes who you are personally.. I love it

@Jimmy-bb3og 3 года назад

jokie124 the new deal is why America is still afloat today during the COVID. And also there’s a reason why Facebook blocks them because all they do is spread lies and gullible people believe it. I see you are a master of idiotics

@jokie1246 3 года назад

trump failed to close the borders in time to save Americas lacking industry that is why we faced such a crisis people would still have jobs and insurance instead the government took them away by locking down

@Jimmy-bb3og 3 года назад

jokie124 you don’t have a drop of sense how America works. This has nothing to do with a piece of wall. It has to do with idiots on the Republican side spreading covid because they refuse to wear a mask. This putting everything on lock down hurting the economy because money is no longer flowing. But you stated your pathetic point which was embarrassingly stupid. Move on you joke

@vwr32jeep 6 лет назад

The 1921 depression was handled much like Trump is doing now. Lowering taxes on corporations. It ended the 1921 depression and started the roaring 20’s.

@skubischta 6 лет назад

By percentage, it was the worst stock market crash in history. The worst was not, as many think, in 1928.

@jonathanhenly99 6 лет назад

And ended in the great depression. Just like W Bush lowering taxes in the 2000s, and resulting in the financial crash

@skubischta 6 лет назад

...in your view, which crash did JFK cause by lowering taxes when the economy was bad?

@hadmiar8 6 лет назад

"Tax cuts caused the financial crisis" This is how you know people don't read or think. They repeat what they are told to.

@jonathanhenly99 6 лет назад

I didn't say tax cuts caused the financial crisis, did I? You are literally quoting me on something I didn't say. What was it you were saying about not reading or thinking? But tax cuts were part of the problems which led to the 2008 crisis, yes. Not to mention they dramatically pushed up the US debt and ruined the surplus. Running a deficit in boom time when you have inherited a surplus is pretty unforgivable, especially from the supposedly 'fiscally responsible' conservative Republicans.

@browk2512 4 года назад

You're ignoring the millions of infrastructure jobs created with the new deal.

@jeffgillson 4 года назад

Here is a good rule of thumb: When the government is trying to take credit for something- it was probably happening before they got involved.

@marineninga 6 лет назад

Congratulations on 1 million subs

@factwave708 5 лет назад

Hi PragerU I'm a huge fan of your channel. I had a question, I'm currently learning about the great depression in my World Studies class and I was talking with my teacher about how many of FDR's policies centralized businesses and killed off most of the smaller businesses due to price fixing. My teacher agreed with me saying that those were drawbacks of FDR's policies but that his policies were mostly meant to get America out of the recession and that the economy would have continued to spiral downward and that FDR's policies were stopping the spiral out of control, I just wanted to hear your opinion or anyone else opinion in the comments.

@josephwilliammarek9566 5 лет назад

Read the FDR biography by Smith, and the New Deal book by Leuchtenburg.

@alwaysfreedom9354 9 месяцев назад

Read FDR's Folly. How Roosevelt and His New Deal Prolonged the Great Depression. By Jim Powell. FDR was a Jew-hating racist eugenicist. Read The Jews Should Keep Quiet. By Rafael Medoff. He wanted our guns for the same reasons Hitler took the Jews' guns.

@jedison2441 2 года назад

I haven't seen this much miss information since I read a southern text book on the Civil War.

@Wearenotaloneanymore 2 года назад

Lmao

@terrifiedtyphlosion9889 6 лет назад

Wot, this guy teaches at my university? I gotta meet him!

@marktheaustin 6 лет назад

Matthew Nguyen Did you meet him?

@ShivamSharma-zd8lw 6 лет назад

Ill have to have a chat with him when I start my first semester at UCLA as well. Living around the campus had led me to conclude that almost everyone there, students and faculty, are leftist nutjobs.

@solidsnake9477 6 лет назад

Did you meet him?

@MakimaDog 5 лет назад

Did you meet him?

@OkieAllDay 4 года назад

Did you end up meeting him?

@rohankakulawaram1996 6 лет назад

A year after FDR implemented his program, gdp grew 12% and after reagan cut taxes the economy only grew 4%.

@buildingbee9575 3 года назад

finally someone who doesn’t have a IQ of 3.

@harmanjotsingh4230 3 года назад

@@buildingbee9575 easy to grow a shit economy would you rather increase a 30 apples by 20% or to get 36, or 60 apples by 5% to get 63

@JimMoorby 3 года назад

Easy to grow an economy if you just take on a s*** load of debt

@rohankakulawaram1996 3 года назад

@@harmanjotsingh4230 Reagan also inherited a recession g

@rohankakulawaram1996 3 года назад

@@JimMoorby ok

@SmokeDimi 6 лет назад

Economist is a guy who'll explain you tomorrow why the thing he predicted yesterday didn't happen today.

@sabre5097 6 лет назад

Congratulations on over 1 million subs

@shirtless6934 6 лет назад

Then explain this: From the period from 1933 to 1936, gross domestic product increased each year, almost reaching its 1929 level. There was a dip in 1937, but it began to grow again in 1938 and 1939, which was when the war began in Europe. Here is another question: the Great Depression began in October, 1929. At that time, the Republicans controlled the White House and both Houses of Congress, and they would continue to do until March, 1931. From then, until March, 1933, they controlled the White House and the Senate. If the Republicans are such great financial wizards, why couldn't they fix the economy between October, 1929, and March, 1931, or at least by March, 1933, which would have made FDR and the New Deal unnecessary? The answer? Because Republicans cannot govern without crashing the economy.

@gettysburgbuff6320 6 лет назад

What made the depression so severe?

@SandBoxJohn 6 лет назад

My Grandfather was president of the Kansas City Gas Company during that era. He labeled Franklin D. Roosevelt "The Great Destroyer" because of his policies.

@integ3r 6 лет назад

Too shallow. Can't just say "My research says" and not really show any of the research... A big part of the new deal was the WPA, which gave jobs and consequently money to people who would otherwise never find jobs because nobody needed workers. You couldn't create businesses because nobody had any income to buy goods. The WPA turned millions of people into consumers, which grows the economy and consequently enables the expansion of private enterprise. Then WW2 happened which created a massive demand for workers which persisted into the post-ww2 era.

@ajent047 6 лет назад

www.nber.org/papers/w15258.pdf Although I wish PragerU would cite their sources more often, this guy is right. Also, the WPA just made a bunch of short-time jobs which were public service projects. In case it isn't clear, community projects don't take years. It didn't create sustainable jobs, and neither did the other alphabet-soup junk-piles.

@christopheraddeo5949 6 лет назад

Well, you missed the point of the video.

@AlchemiconSilver 6 лет назад

I managed to get an advertisement for this channel on this video.

@nikolas-1145 9 месяцев назад

I remember watching a movie or tv series at some point that stated that the new deal extended the Great Depression by as much as 8 years, but I can’t find it anymore! It was very in depth about that whole era. Does anyone know where I can find it again?

@alwaysfreedom9354 9 месяцев назад

I have already listed history books here. Read FDR's Folly. How Roosevelt and His New Deal Prolonged the (his) Great Depression. By Jim Powell. Walter E. William's Liberty Versus the Tyranny of Socialism proves that FDR's New Deal caused his Great Depression. More important is the fact FDR refused to save any Jews or push for antilynching laws. Part of FDR's New Deal included punishing farmers for not plowing crops under and killing millions of pigs, as children were eating out of garbage cans in our big cities. Some Americans starved to death under FDR! FDR was a eugenicist, racist, Jew hater. He had a lot in common with his Uncle Joe and Blood Broer Stalin. And his friend Mussolini. But FDR did not like Churchill.

@swiggynutmcgee2186 6 лет назад

Hmmmmmm.. I wonder why we were never taught this in school when we were studying the Great Depression 🤔

@alwaysfreedom9354 9 месяцев назад

I was. In the 60s and early 70s. My teachers were there. World War Two vets, one, a Holocaust survivor, one grew up under Nazism. One was a Bataan Death March survivor. My late father and uncles were in that war. My father told me of the horrible things Japanese did to people. They cut breasts and sex organs off. Both the Japanese and the Nazis ate human flesh. Both used people in sickening medical experiments.

@carspiv 4 года назад

How did the stock market react to the New Deal? By suffering the 2nd worst crash in its history in 1937, that’s how. A depression within a depression. “We are spending more money than we have ever spent before and it does not work. I want to see this country prosperous. I want to see people get a job. We have never made good on our promises. I say after eight years of this administration we have just as much unemployment as when we started and an enormous debt to boot."--FDR Treasury Secretary Henry Morgenthau, May 1939.

@alwaysfreedom9354 9 месяцев назад

Yes. That quote is in books I have read. FDR's tax slavery, his New Deal, caused his Great Depression. FDR forced farmers to plow crops under and kill millions of pigs as children ate out of garbage cans in our big cities. FDR did zero about the Socialist Democrats' KKK. And it was running wild. LBJ was another Socialist racist. He did push for civil rights. But he used the N word a lot. Calling MLK the N word. Both those presidents went after our guns. Both were racists. Both pushed for more Socialism/tax slavery. Punish those who work hard and smart, reward the stupid and lazy. With wealth robbed from others with tax slavery. Add to that, FDR took over control of farmland. That is Communism. No wonder FDR called Stalin Blood Brother and Uncle Joe. An animal who starved more people than Hitler!

@rexromana 2 года назад

Any book recommendations on your research?

@camelloy 6 лет назад

Can you guys link the research article in the future? I’m interested in the concept and want to explore it but I’d like to see the data first.

@matthewcarey3148 3 года назад

Well that’s just it, isn’t it? Anyone can make an argument and say “my research backs it up!” But until they can produce it, it’s just talk. Just look at recent history: the period of greatest economic growth and widely shared prosperity was between 1945-1960, a period defined by massive government investment in infrastructure and defense spending (admittedly I’d like to see spending on other things), strong unions, and high personal and corporate taxes. Periods of high economic inequality (the Gilded Age, 1920s, 1980s and today) are defined by trickle down economics, which only works for the rich.

@alwaysfreedom9354 9 месяцев назад

@@matthewcarey3148 No. Government spending went way down after the end of World War Two. And the economy took off. Read FDR's Folly. How Roosevelt and His New Deal Prolonged the (his) Great Depression. By Jim Powell. But it is much more important that young Americans know FDR refused to save any Jews or push for antilynching laws. When it came to race, FDR was another Hitler!

@tonkacaptain 6 лет назад

Two books on this matter that I found to both be very good reads were "New Deal or Raw Deal" and "FDR's Folly". Both dive into this topic deeper and give great explanations to the misguided economic policies of the FDR administration.

@anyanyanyanyanyany3551 3 года назад

Gonna comment for future use.

@tonkacaptain 3 года назад

@Jonas E. The election results were influenced by FDR's patronage to special interests. He was a pioneer in that realm and used it to his advantage. The GDP during his 3 term presidency increased, but most came at the latter half as we entered WWII. If you're open minded I would suggest reading the two books I mentioned above. I enjoy and think its healthy discussing other people's ideas, interpretations, opinions, trying to learn. Thank you for the response.

@tonkacaptain 3 года назад

@Jonas E. I agree Hoover's executive policies and the policies of the Federal Reserve at the time were not helpful. But under FDR I feel his executive policies were equally not as helpful. The FDR policies interfered with markets, and congress helped. I am not trying to bash President Roosevelt (FDR) personally. Would you say that the Great Depression was ended in 1936? I don't know if just looking at GDP tells the full story, then or any other time. Yes that is a way to "gauge" or define a recession, but in my opinion that doesn't share a whole truth.....

@jakexu2347 3 года назад

@Jonas E. You don't measure depression by GDP, it's not a recovery if the living standard hasn't improve. The GDP can be increase with massive government spending( GDP = C + I + G + NX ), which could be extremely misguided. Which involve unemployment rates, CPI, wage growth, etc. Imagine never read a book, then talking about economy in great depression with few pictures from Google.

@jakexu2347 3 года назад

@Jonas E. If you knew anything about Hoover you would know that the first new deal was merely the extension of Hoover's policy.

@raedwulf61 6 лет назад

We actually learned this in the 8th grade in the mid-70s in New York. (Although the National Recovery Act was known as the NRA).

@alwaysfreedom9354 9 месяцев назад

Same here. But in America. My teachers, and father and mother and uncles were there. My father fought the Japanese.

@user-fj8rp3eh7b 12 дней назад

Every economist now admits that if the government had left everything alone, the economy would have begun to recover on its own by the fall of 1930 and everything would be well on its way to back to normal by June 1931 but since government intervened, the misery dragged on and on But we know the government interference caused the problem because even the secretary of the treasury for FDR Henry Morganthau admitted in his book that by 1934. It was clear to everyone that their incessant meddling in the economy, was causing more problems than it solved, but because of their inflated egos, they had to continue The manipulation until finally World War II ended the Great Depression

@judebrill23 6 лет назад

I stopped watching memes for this and it was worth it.

@DuranmanX 6 лет назад

The amount of arms we sold to the Allies before we got involved in the war is what helped us out of the Great Depression, doubly for all the arms the US produced after getting involved It's easy to get out of depression when everyone works like their lives depend on it, and back in those days, they did

@peterdworzanski7177 6 лет назад

I remember saying this was wrong in high school. My teacher looked at me all mad. I see what side she was on now.

@NKRevolution 6 лет назад

Peter Kra-Dwor Quite the opposite for me. My poli sci teacher doesn't like FDR and I got pissed at him

@jamesmartin1895 6 лет назад

How about Prager sponsor a counter view point so the public can hear both side or how about sponsor a short debate?

@elrichjr301 6 лет назад

Don't you see that two spirals, one up and one down, provided in the beginning, are two viewpoints at the sameeconomic cycle?

@benamini5701 4 года назад

Oswald Mosley had same plan for England at the same time, Labor party rejected it. It's all Keynesian economics. ps: Mosley then left the Labor party and founded British Union of Fascists.

@LibertyDownUnder 6 лет назад

Somewhat unrelated: many people blame immigrants / minorities for the demise of the US - but looking at FDR and the voters who supported him (4 times), it's quite clear that Anglo-Americans were quite capable of destroying their own economy just as well. The lesson IMO: Learn more about economics, and teach others around you. With the internet there is no excuse for not educating yourself.

@curtiscarpenter9881 3 года назад

Boost the economy from the bottom up if wages rise according to a increase productivity then the cause is separate from the effect of higher wages resulting as the effect as a problem.

@ExpatriatePaul 10 месяцев назад

Sadly, also in 1936 the New Deal SCOTUS case U.S. v Butler brought about an irrational interpretation of the Constitution that persists to this day that has allowed the outrageous expansion of the fed gov in size and scope.

@RandyClassicCarsFan 5 лет назад

Thanks PragerU, you've taught me that capitalism always saves the day and is perfect and can't be improved in any conceivable way!

@Dbulkss 2 года назад

Sounds like you are in pain

@alwaysfreedom9354 9 месяцев назад

That is actually true! Like a Constitutionally limited Democracy. And free enterprise. 120 million people killed by their own governments in the last 100 years. Not counting wars. FDR added to that number. Yes. Democracy was under attack under FDR. His KKK stopped blacks from voting for the party that freed the slaves.

@polakpolanski8114 6 лет назад

I showed this to my librral teacher today.. she couldnt handle this and nearly started crying

@12gauge_shawtyy 3 года назад

and everyone clapped

@wilee.coyote2552 6 лет назад

If high taxes ended poverty, wouldn't poverty have vanished from the face of the earth centuries ago?

@Kraigmire 6 лет назад

This is similar to what the Canadian and Provincial governments are doing. As part of their "stimulus" programs they hire more government employees and artificially create work, all funded by higher taxes and debt. This is severely slowing the recovery process and then we will all be worse off when (if) we do recover.

@finitewehosh6542 6 лет назад

There actually was quiet a bit of success to the new deal. It's easy to pick a part the successes or failures of any policy, it's hard not to apply bias and obscure the truth.

@alwaysfreedom9354 9 месяцев назад

Historians say FDR's New Deal caused his Great Depression. Read FDR's Folly. By Jim Powell. If FDR had done some good, and he did not, nothing could make up for the fact he refused to save any Jews from the Nazis. Read The Jews Should Keep Quiet. By Rafael Medoff. FDR killed more Jews than America's 120 million gun owners ever will. And, like Hitler taking the Jews' guns, FDR went after our tools of freedom.

@user-ui7jw8ow4f 5 лет назад

Talk about Hoover’s policies a bit..

@buster117 4 года назад

Hoover tried to copy FDR in the last stages of his presidency by government intervention.

@harmanjotsingh4230 3 года назад

he was never a free market laizzes faire guy even as Secretary of Treasury under Warren Harding, his only advice was intervention in response to the 1920-21 depression which ended in 18 months after the government cut spending, balanced the budget, and pretty much that is it (didn't raise nor cut taxes I believe, I need to check those numbers out). He also boosted infastructure (not at level keynesianists demanded) but introduced the greatest tax hike in history thus far (since it had been barely even two decades since income tax even became a thing from 1913)

@robyshaji3445 5 лет назад

Learning about this in school now

@RalphSampson... 5 лет назад

Mr. Lee O'Hanion, Pardon me if I misspelled your name. You don't mention programs like the CCC and the WPA. These programs gave jobs to people. Were these bad somehow? How about the FDIC, FCIC, TVA, and FHA? Were these bad? Was the Social Security Act bad? I'm not being a smart-ass. I'd really like to know your thoughts on these programs. In grammar school (I'm 54 years old, now) we were taught how great these were. Can you explain how that was all wrong? Maybe, direct me to another video?

@RalphSampson... 4 года назад

@Spoon Okay, but, your presumption of what an 80 or 90 year old person's idea of preference in the 1930's and 1940's does not answer my question. Honestly, I cant imagine someone in those days disliking the ability to make money. Were these programs somehow ultimately bad? I get the idea of hindsight. We can look back and say the programs extended the depression. That's debatable. At the time, surely people appreciated them. How were they bad?

@purplepotatoes9255 3 года назад

Nice theory and everything, now bring up the numbers. Oh, look at that, the great depression immediately got better when fdr stepped into office. His hundred day plan immediately lessened the intensity of the great depression. You keep on talking about these theoreticals, but if you were right, then why didn't the great depression become worse while he was in office? You didn't provide any alternative reasons for why the numbers got better when he implemented his policies, and you didn't provide ANY numbers

@rocket1399 3 года назад

I'm guessing this is your first time watching prager u? this is their typical tactic. Step 1 make a claim. Step 2 do not use sources

@SuperherShowcase 3 года назад

It's a place for conspiracy theorists 😂

@hnys7976 3 года назад

I agree with you The US economy started recovering the year after he was elected president. GDP growth 1930: -8.5% GDP growth 1931: -6.4% GDP growth 1932: -12.9% FDR was elected on March 4 1993 New deal begins. GDP growth 1933: -1.2% GDP growth 1934: +10.8% GDP growth 1935: +8.9% GDP growth 1936: +12.9% I'm not saying GDP growth is the only factor that determines if the economy is doing well. But because of FDR and the taxes on the wealthy most of it benefited regular people rather than the ultra rich. He also appointed Henry A Wallace as the head of the agricultural department where lives of Americans started to become better than during the depression. Henry A Wallace is one of the reasons why the depression ended but nobody really talks about him. www.thebalance.com/us-gdp-by-year-3305543

@purplepotatoes9255 3 года назад

@@hnys7976 nice addition, thanks

@harmanjotsingh4230 3 года назад

look at the unemployment numbers

@xcp4518 6 лет назад

Thank you for making this video ive heard people talk about fdr prolonging the depression but i wanted to hear a simple explanation good video

@hunterjones5003 6 лет назад

The only thing this doesn't take into account is productivity. Increasing labor costs is a minor issue when productivity has sky rocketed.

@phillyprice4460 3 года назад

People think the Great Depression was the only depression America had. Every other one prior the government didn’t meddle in economic affairs and the economy righted itself.

@phillyprice4460 2 года назад

@Lukas Lombardo Id safely bet I know more than you, I read it everyday. You don’t know there were other depression in the US prior to 1929?

@phillyprice4460 2 года назад

@Lukas Lombardo Who bragged about their IQ?

@phillyprice4460 2 года назад

@Lukas Lombardo You’re delusional.

@1anthonybrowning 6 лет назад

FDR made the Depression Great.

@olefoureyes3592 5 лет назад

Do you really not know who was president on Black Tuesday?

@harmanjotsingh4230 3 года назад

@@olefoureyes3592 do you really not know that Black Tuesday was simply a market correction to overspeculation and bank recklessness

@olefoureyes3592 3 года назад

@@harmanjotsingh4230 You mean the great depression?

@harmanjotsingh4230 3 года назад

@@olefoureyes3592 no the stock market crash on black tuesday

@olefoureyes3592 3 года назад

@@harmanjotsingh4230 right, which was a the tipping point toward the depression. When ever there is a "correction" as you say, we end up with the mortage crisis in 2008 and a subsequent recession.

@user-wv3ee2ec4v 6 лет назад

I learned the opposite in high school. Keep on shining the light of truth Prager U.

@g0801215 6 лет назад

Any references to your research.

@richardgonzalezlcsw9935 6 лет назад

Prager U, you’re doing a great job thank you. God bless you all. Keep up the good work.

@PowerLord83 6 лет назад

Sometimes it can be good to do nothing than something, especially for the government

@billythekid21able 6 лет назад

WW II got us out of the Depression. To FDR’s credit though, he did get money back into circulation, created low income jobs (CCC), and got the national banks to re-open. He purposely caused greater inflation so the government will have greater spending power.

@alwaysfreedom9354 9 месяцев назад

The banks reopened after FDR had closed them. This stopped people from getting their money as their children were starving. Many of FDR's actions were actually designed to starve Americans to death! Such as forcing farmers to plow crops under and kill millions of pigs. Driving the price of food up. When no one had any money. FDR was as much a Jew-hating racist eugenicist as Hitler. And as power-hungry as his Uncle Joe and Blood Brother Stalin. FDR also loved Mussolini. But FDR did not like Churchill. Churchill said FDR's New Deal was driving the entire world into a deeper economic disaster. Historians would later agree. There was one historian who loved FDR. One!

@rmh941 4 года назад

It comes down to this, private business cannot be artificially controlled by the government because business is about getting the right products and services to the right consumers at the right price, quantity or quality at the right time. This is why I believe in supply side economics. Supply side economics is simply giving business more power to regulate itself and perform the proper functions at the right time instead of having an overbearing government breathing down its neck.

@glennellis1584 3 года назад

~ Spoken like a true robber baron of the late 19th or early 20th Century whom Teddy Roosevelt detested>>>>>>>>

@harmanjotsingh4230 3 года назад

@@glennellis1584 spoken like an austrian economist

@glennellis1584 3 года назад

@@harmanjotsingh4230 ~ When the GREED exceeds the NEED, PEOPLE are always the victim of their own GREED>>>>>>>>

@harmanjotsingh4230 3 года назад

@@glennellis1584 greed beyond need and demand is never subsidized in a free market

@glennellis1584 3 года назад

@@harmanjotsingh4230 Clueless in n the context of the times. GREED & EXCESS caused the Great Depression.

@Aaron-rh7sz 6 лет назад

If anything there was really 3 new deals. The first one was in his first term, which worked well enough to get him re-elected, the second one was a shell of the first one because it provided a short moment of economic relief before plummeting again. The third one was the one that took us out of the depression, WWII.

@winter_tali2356 5 лет назад

Employment went up in the same year that the nra was passed and continued this video is bunk

@winter_tali2356 4 года назад

Look this stuff up this isn’t even a real university

@winter_tali2356 4 года назад

When a fake one lies about a time of economic crisis, it was either controlling the prices and wages or letting hundreds of Americans starve

@dysonspreybar4903 4 года назад

@Spoon dude these guys are known to cherry pick and intentionally misinterpret data... But I doubt you'll look at any of the hundreds of videos debunking Prager U

@tv9mpeti 6 лет назад

Actually what really ended the Great Depression was WWII.

@alwaysfreedom9354 9 месяцев назад

Yes. You should have gotten a lot of upvotes.

@joemcamerica 6 лет назад

I still think that FDR is the best president. Sure he didn't fix the economic problems at the time but he tried unlike Hoover.

@gettysburgbuff6320 6 лет назад

Unlike Hoover? I doubt you actually know anything about Him.

@rhiroyonve7517 6 лет назад

Short Answer: Hell no

@alexanderishere6205 3 года назад

I’m a historian and this is probably the most misleading shit I’ve ever seen

@shubhampawaskar6694 4 года назад

But the Great Depression was caused because so many banks gave bad loans and defaulted when those people were unable to pay them back. This led to an increase in interest rates later on as banks were reluctant to give loans which led to a decrease in money supply for businesses which in turn led to a recession cause businesses simply didn’t have the money which the banks used to lend them earlier. So the free market f*cked itself up and needed some regulations especially for the banking sector. That’s why Keynes and Roosevelt implemented the New Deal, to regulate not interfere. I would rather say that New Deal policies in fact saved capitalism cause any other politician could have easily nationalised banks and industries, but to his credit Roosevelt didn’t do that. For example Great Britain nationalised some industries after WW2 but Roosevelt didn’t do that. The New Deal policies did in fact make the lives of workers better without turning America into a socialist nation and even republican presidents like Nixon and Eisenhower expanded some of the New Deal policies.

@harmanjotsingh4230 3 года назад

so you think banks would give out loans to folks with bad credit in a free market with no external/bereaucrat factors?

@alwaysfreedom9354 9 месяцев назад

Read FDR's Folly. How Roosevelt and His New Deal Prolonged (caused) his Great Depression. By Jim Powell.

@alwaysfreedom9354 9 месяцев назад

@@harmanjotsingh4230 I have owned three homes and a commercial building. And I have never asked for a dime from any bank. The fact is, FDR's tax slavery, his New Deal, caused his Great Depression. Read the book by Jim Powell. FDR's Folly. How Roosevelt and His New Deal Prolonged (caused) His Great Depression. No. I did not get any money from my father. He was a county prison guard for decades. BTW, he and my mother also managed to pay cash for their homes. A lot of their money came from the home I grew up in. When they sold it. A home I helped my father add two bedrooms, a garage, and a shower, and toilet, and sink to. While in high school. That made it easier for me to build my first and last home with my own two hands. Capitalism works for those who work. And forty hours in not fulltime work! More like 80!

@musicmansuperman 6 лет назад

In the movie Annie, Daddy Warbucks was right about his take on the New Deal! All of my high school history teachers were decieved!

@alwaysfreedom9354 9 месяцев назад

My teachers were not. They were World War Two vets. In the 60s and 70s.

@Grendel1967g 6 лет назад

Thanks Lee, it's nice to hear from people who actually know their stuff!

@killer13324 6 лет назад

According to the Foundation for Economic Education, FDR's New Deal policies prolonged the Depression by an estimated 7 years.

@harmanjotsingh4230 3 года назад

that organization is biased, although i love them and mises institute

@alwaysfreedom9354 9 месяцев назад

Many economists agree! Read FDR's Folly. By Jim Powell. FDR also refused to save any Jews! Yes. I have books.

@alwaysfreedom9354 9 месяцев назад

@@harmanjotsingh4230 My World War Two vet teachers had even more to say about FDR starving Americans to death!

@habib8982 Год назад

The best explanation of the great depression is told by Hayek: the extra monetary credits resulted in artificial low interest rates which seduced companies and people and convinced them to invest in industries, without considering the cost would be much more than it seemed at the moment. So they start investing in some businesses that they couldn't manage it later. governmental intervention leaded to misinvestment.

@alwaysfreedom9354 9 месяцев назад

FDR's Folly, by Jim Powell, is about FDR's New Deal causing is Great Depression. Americans were starving and FDR forced farmers to plow crops under and kill millions of pigs, as children were eating out of garbage cans in our big cities. FDR was as much a Jew-hating racist eugenicist as Hitler was. Read The Jews Should Keep Quiet. By Rafael Medoff.

@GALAXY-39 2 года назад

Franklin Roosevelt was a dictator

@GALAXY-39 2 года назад

@Lukas Lombardo Oh no, Im really against Mussolini’s, Hitler’s and Roosevelt’s corporatism. Im against Roosevelt’s authoritarian actions like sending Japanese-Americans to concentration camps, being elected more than 2 times, having to much state power, not respecting the American constitution etc. Yes, Roosevelt was an authoritarian similar to the fascists and Im against that.

@GALAXY-39 2 года назад

@Lukas Lombardo another ignorant. Any of those symbols were created to represent Fascism. The Rising Sun is a cultural ancient and religious symbol used by the Samurai, the feudals, the Shinto religion and used by the military during the Meiji and Taisho era (Taisho Democracy). The Iron Cross was used by the Teutonic Cristians and the First Reich and the Germans from WW1 (Second Reich/German Empire).

@GALAXY-39 2 года назад

Also both of them are still on use in Japan and Germany.

@GALAXY-39 2 года назад

@Lukas Lombardo LOL WTF are u talking about?

@vegangelo_29 5 лет назад

0:11 I saw a large eye on the wall.

@everydeadmeme32 5 лет назад

I still like FDR, but this may have changed my mind on the New Deal.

@hansfrazier42 4 года назад

This is a right-wing propaganda channel that cherry picks information to fit its narrative that unregulated capitalism solves everything.

@reharl4953 4 года назад

@@hansfrazier42 Nice strawman.

@antonioiniguez1615 4 года назад

Hans Frazier No one ever said unregulated capitalism solves everything

@AppleJacksCereal 4 года назад

Hans Frazier unregulated capitalism doesn’t solve everything. Nothing solves everything

@harmanjotsingh4230 3 года назад

@@trashmann9404 far from greatest

@nicib3085 6 лет назад

Read "America's great depression" by M. N. Rothbard

@revcrussell 6 лет назад

I believe the argument on the NIRA being bad. I need more information on the Wagner Act to believe you that collective bargaining is bad. Collective bargaining might raise labor costs but unless you are an autoworker or a government employee it seems to level the negotiating positions.

@alwaysfreedom9354 9 месяцев назад

Autoworkers do minimum wage work. Mafia union or no.

@GGGlOlL 4 года назад

1929(great depression start) - 1932 (Republican President Hoover last year) So from 1929-1932 average GDP growth per year was an average of -9.2 per year and in 1932 unemployment rise to 23.6 From 1933 (FDR become president and introduces the New Deal) to 1938 ( 3 years before World War 2) 1933-1938 GDP average growth per year was amazingly 6.2 Unemployment had drop to 9.9 percent months before the US enter Wolrd War two FDR won 3 of his 4 elections (1932-1936-1940) before World war 2 so that fact that people are saying the reason he won most of his elections was because he was a war time president is ridiculous Republicans where so traumatized by the 20 years FDR left them out the White House (if u include Trumans who was his Vice President who serve 8 years) that they where the ones who propose term limits and push for it to become a law One last thing, fun story When FDR pass away his body was put in a train and travel across America, millions of people when to see there president and pay their respects, one of them was this man who was crying uncontrollably and a reported asked him if he knew the president personally, and he replied by saying ”no, but he knew me”

@Katziezi 6 лет назад

11 am here in Germany, nice to see PragerU active!

@scuddyleblanc5119 Год назад

FDR‘s new deal was so bad that it extended the effects of the great depression by several years. President Harding addressed the depression of 1920-21 by cutting government spendIng and letting the private sector lead the recovery. Within two years unemployment fell below 4%. Unemployment stayed above 10% throughout the decade of the 1930s and didn’t fall below 10% until 1940 when FDR gave up his new deal and turn to free enterprise and preparing the US for war.

@alwaysfreedom9354 9 месяцев назад

The war got the US out of FDR's Great Depression that his New Deal caused. But it did not improve the standard of living. Even if you had a government job, and a lot of women had a job for the first time in their lives, there was nothing to buy. Everything went to the war effort. They had to make their own clothes. If they could find any cloth. There were no parts for your car, no gas. If you could afford a car. Many were still riding horses and wagons out West and in the South.