cedit crunch over: the keynsians were right, page-37

Trevor: "it is a fact that Hoover did nothing to prevent the collapse of the financial and credit systems."

Hoover created the Reconstruction Finance Corporation in the early 30s over $1billion to prop up Banks and financial institutions who had made bad loans in the boom years.

"The reason this recovery is progressing much faster than the one in the 1930s was that the financial and credit systems were not allowed to fail."

It is a bit premature to make a statement like that in my opinion Trevor.

http://www.netcastdaily.com/broadcast/fsn2009-0606-2.asx

Well worth the time to listen to carefully.