28 January 2011

David Rosenberg: Herbert Hoover Obama

I receive an automatic email from Dave Rosenberg of Canadian firm Gluskin Sheff every morning. He is always informed and clever, but occasionally he just makes my day. You can receive his e-letter by registering here.


A long-standing colleague and reader sent this off to me yesterday and it blew
me away. Read on:

Obama’s State of the Union:

“Two years after the worst recession most of us have ever known, the stock market has come roaring back. Corporate profits are up. The economy is growing again.”

Herbert Hoover, May 1st 1930, US Chamber of Commerce Meeting:

“While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover.”

Obama’s State of the Union:

“Thanks to the tax cuts we passed, Americans’ paychecks are a little bigger today. Every business can write off the full cost of the new investments they make this year. These steps, taken by Democrats and Republicans, will grow the economy and add to the more than one million private sector jobs created last

Herbert Hoover, October 22, 1932, campaign speech in Detroit:

“It can be demonstrated that the tide has turned and that the gigantic forces of depression are today in retreat. Our measures and policies have demonstrated their effectiveness. They have preserved the American people from certain chaos. They have preserved a final fortress of stability in the world.”

Obama’s State of the Union:

“But now that the worst of the recession is over...”

Herbert Hoover, June 1930, to a delegation requesting a public works project:

“Gentlemen, you have come sixty days too late. The depression is over.”

Obama’s State of the Union:

“The steps we’ve taken over the last two years may have broken the back of this recession…”

Herbert Hoover, State of the Union, December 6, 1932:

“The unprecedented emergency measures enacted and policies adopted undoubtedly saved the country from economic disaster…”

As I mentioned the other day, the only difference I can find between Hoover and Obama is that Herbert Hoover, the Great Engineer, had many impressive accomplishments in the private sector before becoming President. And he still screwed it up. lol. Even Sir Isaac Newton, who could develop a calculus to take the measure of the universe and plot the orbits of the planets, could not plumb the depths and mysteries of a massive financial fraud. I think the strength of such frauds is their incredible size supported only by deceptive simplicity. The scientific mind boggles at such brazen rapacity.