Tom Friedman: Our Leaders Should Take Another Look at Herbert Hoover

Tom Friedman is a columnist for the NYT.

TO Barack Obama, John Boehner, Harry Reid, Mitch McConnell, Nancy Pelosi and Eric Cantor, I just have two words of advice: Herbert Hoover.

I know you’re all familiar with that name. Hoover lives in infamy in U.S. history for having been on duty when the Great Depression happened. You’re all courting a similar fate. Your collective behavior is setting all of you up to be known as our generation’s Herbert Hoovers — the leaders who were on duty when we entered our second great economic meltdown.

But unlike Hoover, who was just practicing the conventional economic wisdom of his day when we fell into the Depression, you have no excuses. We know what to do — a Grand Bargain: short-term stimulus to ease us through this deleveraging process, debt restructuring in the housing market and long-term budget-cutting to put our fiscal house in order. None of this is easy and the economy will not be fixed overnight; it will take years. But there is every chance it will get healed if our two parties construct the Grand Bargain we need....