"This is a Herbert Hoover Moment"

by Liberty and Power

As I prepare an exam, I am watching Paul Ryan, a self-professed free market Republican from Wisconsin, speak in favor of the bailout. Proclaiming this is a "Herbert Hoover Moment," he urges Congress not to emulate Hoover's failure to bail out the private sector. Apparently, Ryan has never heard of Hoover's massive bailout scheme, the Reconstruction Finance Corporation.

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David Richard Henderson - 9/30/2008

That's a shame. Paul Ryan called me after he read a piece of mine in the Wall Street Journal in May 2007 and we had a nice talk about the tax code and making the rates flatter. He also was good on Fannie Mae and Freddy Mac earlier in the decade. He also opposed a bad bill a few months ago--I've forgotten which--that most of his party supported and that took some courage to resist. It's tragic when someone like that votes for a bailout.