One of these days I’m going to write a comprehensive post about Hoover revisionism. Until then, you might like this short squib, which I wrote before it emerged that the bailout bill gives Paulson the discretion to do just what I describe the New Deal RFC doing in the article. (According to this registration-walled Roubini post, it got into the bill partly by some fuzzy language, secured by Barney Frank’s ostentatious comments about the legislators’ intent during the debate.) So this considerably heightens the pressure on this non-New Deal administration to act like New Dealers.
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The Edge of the American West 
7 comments
October 9, 2008 at 10:43 am
politicalfootball
It also heightens the pressure on the U.S. to not screw up and elect another non-New Deal administration.
October 9, 2008 at 10:43 am
eric
One could certainly draw that conclusion.
October 9, 2008 at 11:08 am
politicalfootball
To be fair, Stan Lee was only about 10 years old at the time, and decades away from discovering the great moral lesson imparted through Spider-Man comics. Maybe Hoover just didn’t know he was supposed to be responsible.
Bush, though, has no excuse.
October 9, 2008 at 12:34 pm
Jason B
Bush, though, has no excuse.
I think he does, actually. The lesson works with Spider-Man because Peter Parker was bitten by a radioactive spider, which granted him super powers. Dubya, on the other hand, was bitten by a radioactive Ronald Reagan (a much lower life-form than an arachnid) and was granted super-self-deception powers and the ability to hypnotize conservatives.
October 9, 2008 at 3:36 pm
jfwells
Don’t let the registration scare you away from Roubini’s site. They are offering a free membership during these troubling economic times, and the insight and analysis there is top-shelf.
October 10, 2008 at 3:03 am
drip
jfwells is right about Roubini, which got me to thinking. Once Roosevelt came into office he seemed to be able to find intellectual talent at will. William O. Douglas, Thurmond Arnold, Stuart Chase, Harry Hopkins, Harold Ickes, etc. where did they come from? Will Obama find this type of brainpower or will he have to rely on the technicians at the big financial institutions (not that they aren’t smart).
October 10, 2008 at 8:10 am
eric
drip, given the wealth of talent that has been sidelined over the past eight years owing to the administration’s relative lack of interest in plain old expertise, I have an idea there might be no trouble in that department.