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The Nightmare of the New Deal
...Shlaes begins diabolically, telling the heart-wrenching story of a young teenager who killed himself so that the rest of his impoverished family might have a little more to eat. Naturally, the reader starts to think, “That miserable bum Hoover — why didn’t he do something to improve conditions in the country?!” Then Shlaes springs the surprise: the event actually took place in late 1937, after Roosevelt had been president for nearly five years. The little-known truth (although painfully evident at the time) is that economic conditions had improved only slightly during Roosevelt’s first term and took a nosedive in the latter half of 1937, giving the nation a depression within a depression. While the United States had suffered through recessions in the past (always, Murray Rothbard has shown, owing to monetary bungling by the government), not one had lasted more than two years. Instead of hastening the normal recovery, the efforts of Hoover and Roosevelt had managed only to deepen and lengthen the misery while transforming the nation in terrible ways....