The piece contends that Roosevelt’s activist, rapidly changing New Deal programs injected 'radical uncertainty' that deterred investment and prolonged the Depression. It further claims the famed 1933 bank holiday’s mechanics were largely prepared under Hoover and executed using prior examinations, signaling continuity—not novelty—drove that success.
— This reframes crisis governance by suggesting stable, predictable policy beats ad hoc activism, a lesson with implications for today’s economic emergencies.
Tyler Cowen
2025.10.17
80% relevant
Selgin argues the early New Deal boost didn’t last because NRA price controls slowed output and that ad hoc gold‑buying was inferior to a swift devaluation—an 'activism' sequence that aligns with the thesis that policy volatility, not steady stimulus, impeded durable recovery.
James E. Hartley
2025.09.23
100% relevant
Selgin’s False Dawn, as summarized here, and the review’s specifics on Hoover Treasury’s role in planning the bank holiday and reliance on pre‑existing bank exams.
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