Finance – Putting Two and Two Together

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March 30, 2023 by Scott Crosby - Views: 141

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Finance – Putting Two and Two Together

Two seemingly unrelated articles appeared on the Fox Business webpage on March 9th:  

S544-1.jpg“Stock market will crash in 60 days, best-selling author on Lehman collapse warns”

( and

“Biden to propose major tax hikes as part of administration’s plan to cut deficit”


Is there a connection?  What is it?  

Do you know your history?

What happened in October of 1929, thanks to President Hoover?  

As a direct consequence of Hoover’s monstrous tariff increases, international commerce was effectively destroyed.  That was the beginning of the Great Depression – the first blow of a one-two punch.

The second blow occurred in 1932.

Hoover’s foolishness resulted in Franklin D. Roosevelt winning the 1932 Presidential election.  


Roosevelt was a socialist.

Roosevelt raised taxes – a lot.  Roosevelt radically raised taxes on corporations and the rich – just what Biden wants to do now.  

Those taxes were confiscatory.  Roosevelt effectively stole the seed money needed for economic recovery and the further progress which results from normal economic development.  

Despite Roosevelt’s (or anyone’s) belief in socialism, economic development is something only businesses (and certainly not the government) can do.


Biden is a socialist.

The Government against the Economy

Raising taxes on corporations and the rich – then, now, or anytime – deprives businesses and people of the very money needed to recover from an economic downturn.  

Raising taxes on businesses and the rich is identical to seizing a farmer’s seed corn, and then expecting him to grow next year’s crop.

Counter-productive?  You bet.  As the Great Depression proved, it is economically destructive.  

“Criminally destructive” would be a more accurate term, given how many Americans’ lives were ruined as a result of what Hoover and Roosevelt did, and given how long that destruction lasted – 25 years.  An entire generation of Americans suffered, colored their thinking; they were a very cautious and pessimistic generation ever after.

How many job openings would you expect corporations to be able to offer, without the money to pay for the innovative research, the facilities, the materials, and the labor required for a company to grow?  

Roosevelt made sure that economic recovery was impossible.

Hoover’s and Roosevelt’s Great Depression resulted in desperate people all over the world looking for answers and trying to survive – and being so distraught that they were even willing to accept answers from madmen who would lead them into war – the horribly destructive World War II, in which millions died.  

Monstrous amounts of money were spent on military build-ups and the deliberate destruction of war.  

That was money lost.  The great amount of productivity and potential economic improvement that it represented was wasted and gone forever.

It was only after Roosevelt died and the War ended that Presidents Harry Truman and Dwight Eisenhower could undo the policies which had resulted in massive unemployment in the U.S. and had affected world trade so catastrophically.

It was not until 1954 that the American economy recovered enough to again reach the level it had reached in 1929.  Twenty-five years were required to recover from Hoover’s economic Depression and Roosevelt’s socialistic mismanagement.  

That time meant 25 years of misery for Americans, thanks to Hoover and compounded by Roosevelt.  An entire generation of Americans were deprived of a normal opportunity to enjoy the best years of their lives.

And now, President Biden wants history to repeat itself.  President Biden wants major tax increases.

The first news article mentioned above predicts a major drop in the stock market – a crash.  If that does indeed come about, and should any level of Biden’s call for tax increases be enacted, it will not be difficult to predict the result.  

Those who do not care to learn from history – like a President intent on ignoring history – are doomed to repeat it. 

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