Learning from History

The last post makes me think to remind people to learn from history. Here's the Wikipedia entry.

Under the section labeled "Early Response"...

Secretary of the Treasury Andrew Mellon advised President Hoover that shock treatment would be the best response: "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.... That will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people."[32] Hoover rejected this advice, and started numerous programs, all of which failed to reverse the downturn.[33]