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« Not Paying Attention to Detail | Main | Larry White on Hoppe on "The Yield on Money Held" »


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DeLong's new strategy is to say, "You're 5% right, but the 95% truth is actually the opposite".

It's a new twist on the classic strategy of the spinner -- take people off guard by admitting some small part of the truth that really doesn't matter, then taking it all back with one giant lie contradicting the bona fides giving bit of "honesty". Note well that DeLong worked in Washington, D.C. for Bill Clinton.

Steve writes:

"I wouldn't hold your breath waiting for Brad DeLong to apologize and admit he was wrong."

Hoover's actions regarding bankruptcy law were also inconsistent with an advocate of liqiuidation. Hoover initiated a review of bankruptcy law in 1930. He noted that the number of bankruptcy cases had increased rapidly during the 1920s and was not simply a reflection of the recession. He eventually advocated changes in the law that allowed wage earner workouts and corporate reorganization. In other words, changes intended to prevent liquidation. Hoover suggested that many debtors would be able to pay their debts if given a little breathing room. Before these changes were implemented in the 1930s federal bankruptcy law was pretty much all about liquidation. There was a composition procedure but it was rarely used, and corporate reorganization was done by means of receivership not bankruptcy law.

You know, this really isn't a new insight...I'm not disparaging Mr. White's work, it's certainly necessary in the present, but it certainly does say something about the decline in knowledge of (or increasing refusal to acknowledge) history amongst the audience that John T. Flynn's The Roosevelt Myth, which makes this same point, and I even think from the same sources*, has gone without citation. Something also of interest; Roosevelt famously accused Hoover of 'piling bureau on top of bureau' as a form of derision, not praise.

*I'll confirm/correct this at my earliest convenience unless someone else does so.

Well it's common knowledge *among libertarians* that Hoover was a statist, yes. But among others? Nope. And the liquidationist meme more narrowly continues a life of its own all over the place.

The reason I found this quote was a paper I'm working on that is a critique of an AER piece that builds many of these historical errors into its framing assumptions.

All I'm trying to say, I guess, is that given 51 years of the truth being available in a work as readable and sound as Flynn's, one must recognize the sheer inertia or outright resistance to facts on the left.

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