cedit crunch over: the keynsians were right, page-25

As for Hoover "doing nothing", Roosevelt campaigned on Hoover being a spendthrift in the 1932 Federal election. As Hoover ran a deficit greater than a 100% of revenue ie greater than Obama's planned deficit. Hoover actually enacted extensive public works programs that Roosevelt tweaked and labeled the New Deal. Many economic historians look at the mainstream views reviewing this period as distorted historical revisionism, that lauded Roosevelt and demonised Hoover. These views re Hoover doing nothing and Roosevelt saving the USA from the depression only emerged 20 years post event. If the actually Govt accounts from the 1930-1932 period are reviewed Hoover would be viewed as the ultimate Keynesian.