Rating: 
Summary: Informative but <err> slanted
Review: FDR's Folly is very informative but you must wade through Powell's thumbnail biographies for nearly everyone in government during the late twenties and the thirties. If Powell ever updates FDR's Folly, he'd be well advised to segregate the biographical information in an appendix. His chapter headings are rather heavy handed. Powell apparently never met a Roosevelt policy he liked. This_is_an informative book, well referenced to primary sources and he points out(in contrast to the standard hagiography)the weakenesses in the New Deal program and the frankly political plan behind much of the New Deal. Powell also makes clear that economics as a science was out of its depth when faced with a catastrophe of this magnitude.
Rating: 
Summary: Powell's Predicate
Review: Firstly, to compare Roosevelt's New Deal with Stalin and his purges and brutality demonstrates an ignorance of history that is breathtaking. Secondly, I'd like to see all these revisionists give up their social security, their protection under FDIC, their protection from the SEC, the infrastucture built by the WPA....oh yeah things were just grand before we had child labor laws, minimum wages, insured bank accounts, unemployment insurance, old age pensions, rural electrification and collective bargaining. Thirdly the banks collapsed before FDR became president
Rating: 
Summary: Reality Bites.
Review: Firstly, to not compare Roosevelt's economics with Stalin's Socialism cum tyranny demonstrates a denial of context (and history) that is as breathtaking as it is dissonant. Secondly, to assume free lunches do not somehow defy the physics of wealth and property any more than it might rain pennies from Heaven under a Stalin, a Marx, A Keynes, or any of our vote-buying modern politicians defies all reason. Yet such obviously occurs with surprising regularity, especially among our share-the-wealth Liberal countrymen who are intent on ignoring reality. Speaking of reality, each of our families owes ~$100,000 in federal debt already paid to domestic entitlements; debt we pay countless trillions more in interest to support. Yes, we have a problem, Houston, and it's name is FDR-style Socialism. ~50% aggregate taxation, loss of personal sovereignty, and the sacrifice of our property and wealth; this is Socialism in America and FDR was the kingpin, although none dare call either so. Fabulous book. Understanding the root causes behind Socialist America might just save us.
Rating: 
Summary: OK, Where's the Tables?
Review: For those who enjoyed this book, take a look in the index for "GDP". No mention of GDP. Flick through the book, try to find a graph or table of GDP growth under Roosevelt. Nope, not there. Possibly the reason for this omission by Powell is that, from the start of 1934 (using a 12-month policy lag time) to the end of 1941, real GDP grew *at a mean rate* of over 8% per year. Just for comparison, no GOP president has managed a growth rate matching this for a calendar year. Why should one take seriously a book about economic policy that doesn't discuss real GDP growth rates under the period in question?
Rating:
Summary: The Statistics and Economic History Disagree with this Book
Review: Here are the GDP figures of the New Deal in today's dollars. To suggest that the New Deal did not help, and maybe made it worse, is ridiculous. The GDP was 103.6 billion in 1929 at the start of the Great Depression under Herbert Hoover. It dropped 12% to 91.2 in 1930 (under Hoover). It dropped another 16% to 76.5 in 1932 (under Hoover). It dropped another 23% to 58.7 in 1932 (under Hoover). It dropped only 4% in 1933 after Roosevelt finally took over and stopped the crisis with emergency measures. His first 100 days saw a whirlwind of economic relief. The GDP then rose a staggering 17% to 66.0 billion in 1934 (under FDR)! It rose another 11% to 73.3 in 1935 (under FDR). It rose another 14% to 83.8 in 1936 (under FDR). It rose another 10% to 91.9 in 1937 (under FDR). These are good numbers. The U.S. was out of a depression by 1937 and in only a recession. FDR also brought relief to the suffering. Then in 1936 and 1937 the conservatives on the Supreme Court struck down much of FDR's recovery program, and Roosevelt gave in to the demands of the conservatives in Congress and presented a balanced budget. Roosevelt was also worried that inflation would ensue if GDP grew too high. The result is that the economy contracted 6% to 86.1 billion in 1938. The U.S. plunged into a depression again. After FDR reversed his conservative budget mistake, the GDP rose again. It rose 7% to 92.2 billion in 1939. It rose 10% to 101.4 billion in 1940, which is almost where it was at the start of the Great Depression. Then around 1940 Congress and FDR really ramped up the GDP by spending massively. Congress passed a massive tax increase (much on the rich) and massively deficit spent, pumping the money into the economy through massive military spending for World War II. The GDP DOUBLED in just three years! Boom! The nation was at full employment, and then some. Women and other people not working were called into the workforce to meet the demand for workers. The problem then was inflation. So the government enforced strict price controls. This was not a desirable thing to do, but it needed to be done to win the war by running the war industry at full steam. GDP was 210.9 billion by 1944, more than double what it was when the Great Depression began in 1929. Prior to FDR, there were numerous economic crises in the American economy. There was the severe, long Secondary Postwar Depression from about 1874-1880. There was the severe recession from about 1883-1886. There was the very serious Panic of 1893, which resulted in two consecutive very severe recessions/depressions over five years and a banking panic. There was the Rich-Man's Panic around 1904. There was the very severe Panic of 1907 resulting in a severe recession/depression and a bank panic. There was the Primary Postwar Depression following World War I, which was very deep and severe. Then there was the catastrophic Great Depression, which began in 1929 and saw the U.S. economy decline a staggering 40% in a little over three. Ever since FDR, there has NEVER been anything even close to these severe downturns that occurred prior to his administration. FDR's long-term stabilizers are working well today.
Rating: 
Summary: Nothing Surprising, yet
Review: I've only just begun to peruse this book, and have so far been disappointed. Having already read Schwarz & Friedman's _Monetary History of the US_ and Flynn's _The Roosevelt Myth_, the "groundbreaking" claims made by other reviewers seems a little overblown. If you are going to write a book that contradicts widely held beliefs, I think that it is insufficient to simply show the other side of the story. It is well known that people will continue to hold on to the first bit of information that they hear on a subject long after they have been shown the error of that first impression. Therefore, if Powell's intent is to convince people who are either on the fence, or who are definitely Roosevelt admirers, I think it is incumbent on Powell to show both sides of the story and then explain how one side came into popular acceptance and how truth became a casualty. Specifically, although I appreciate his uncovering the back room dealings on the Wagner Act, I think that his description of union violence lacks roundness. I don't think his work is wrong, I just think it is too one-sided, so much so that everyone except the already convinced will discount his conclusions. I do like the way the book is arranged according to topic instead of in chronological order. It allows me to read those sections that cover topics about which I already have some knowledge in order to gauge the depth and breadth of Powell's coverage. As I continue to read more, I will add to this review. Right now, though, I think I prefer Flynn's book because (1) it is written by a Roosevelt contemporary, and (2) the arguments are more compelling. The Schwarz & Friedman book is far too technical and broad for a broad audience, though I understand that Friedman has condensed the information about the Depression period in another book. Powell's contribution is to be able to look back on the period with the power of the analytical tools that have since been developed. One other note: it should be obvious to all that at least one reviewer has decided that the book is not valid without having read a word of it. That won't be the last such review of this book. It is the type of reaction that this topic is likely to provoke: knee-jerk closed-mindedness. Mencken would have a field day. I gave my father _The Roosevelt Myth_, and he - who considered Roosevelt to be such an unassailable icon - was amazed at the man's documented incompetence and carelessness. With an open mind, you should be able to criticize Roosevelt even from the left. For example, there were actually at least 3 New Deals: The first, which he ran on in 1932, which was to cut government spending, blaming the initial recession on Hoover's reckless spending and borrowing. When he took office, he realized that he would have to come up with an actual plan to appease the voters, and his cabinet decided to both extend Hoover's policies and to copy an experimental system from Italy: the "corporative". This essentially meant that antitrust would be abandoned so the government could act as a cartelizing agent for each industry, allowing them to coordinate pricing and distribution in order to stabilize prices. When the Supreme Court struck this plan of action down, Roosevelt went into a tirade, demanding that his Brain Trust come up with something new (the 3rd New Deal), while threatening to pack the court. The Italian system was the brainchild of Benito Mussolini. The 3rd New Deal sent the country into another recession, that of 1937. Hence, Roosevelt, who has been credited with getting us out of the Depression, actually prolonged it (with the help of a number of state legislatures), but not before trying to introduce fascism.
Rating:
Summary: A Good Primer for Those Unfamiliar with FDR and His Times
Review: If you first read the excellent book "The Roosevelt Myth" by Flynn, you will be disappointed in this book because it is more or less a rehash and not an especially good one at that. Perhaps it's because Flynn knew FDR and was closer to the times and Powell had to rely on old documents and other writers. Yet I'm sure that any reader could gain some new knowledge from this book. It is amazing what a horrid president FDR was and how he caused this country such harm and yet the voters kept voting him into office. Like Clinton, everything he did was based on where he could get the most votes and from whom. He hurt people. He hurt our country and we are still paying for his folly. Is the book worthwhile? Yes. Is it the best book written about FDR and his folly? No. For that I would guide you to Flynn's "The Roosevelt Myth". Susanna K. Hutcheson
Executive Copy Director and Marketing Consultant
Powerwriting.com LLC
Rating:
Summary: Possibly the most important things to remember about FDR
Review: In many ways, he was a great president. Certainly in foreign affairs, he was brilliant. But, like the current administration, his willingness to taint the principles which have allowed America to prosper with baby steps toward socialism has left an indelible mark upon our future. Superb book.
Rating:
Summary: FDR's New Deal=Socialistic Garbage
Review: Jim Powell has written an excellent, easy to understand, explanation of why FDR's New Deal economic policies of the 1930's and 1940's did much more harm than good. One does not need a degree in economics to comprehend Mr. Powell's delineation of why FDR's excruciatingly high personal and business taxes, anti-competitive business regulations, price supports, restrictive domestic and international trade policies did the economy, already in the midst of a depression, even more detriment. Oh yes, Herbert Hoover does not get off the hook entirely. He too increased taxes and signed into law the infamous Smoot-Hawley international tariff bill. However, FDR did not represent change from Hoover's mistakes. He, in essence, followed the same policies as Hoover, but only much more severely. In addition, FDR's economic advisors were a motly crew of pompous neosocialists, who thought only they knew what was good for the economy even though the vast majority of them were never themselves businessmen. Even if you do not agree with Jim Powell's conclusions, though the evidence is quite incontrovertible, I highly recommend that you read this book. Mr. Powell does what a good writer should. He makes you think.
Rating:
Summary: Throwing Back the Curtain
Review: Jim Powell's book is one of those few books that have changed my view of the world. Yes, I'm a Republican and just assumed that a free marketer would have dealt with the Great Depression better than FDR did. But my god, how FDR mucked things up! In clear language and a minimum of bogged-down tangents, Powell catalogs the major economic policies of both Herbert Hoover and FDR, and shows how both presidents (as well as many individual states) doggedly supported counterproductive or self-contradictory policies that prolonged the depression. In reading of historical blunders such as this, I always try to remind myself that someone had to be the first to learn, through hard experience, what not to do in such-&-such a situation. And indeed, it seems that even Republicans & many prominent businesspeople had accepted the glowing promises of the fascists, and were ready to embrace not only government wage & price controls, but production quotas! At one point Powell includes a jaw-dropping quote by the head of the US Chamber of Commerce declaring that laissez-faire "must be replaced by a philosophy of planned national economy"! Now I know where Ayn Rand came up with her spineless businessmen characters for Atlas Shrugged. And yet - reading about the major policies leading up to and prolonging the depression still make me exclaim, "What WERE they thinking???": The Fed keeping interest rates artificially low during the Roaring Twenties, which, suprise! helped magnify the stock market bubble. Herbert Hoover signing the Smoot Hawley tariffs, which, suprise! resulted in all our trading partners retaliating against us, shutting off essential markets to whole industries right when they were scrambling to find somebody to sell their wares to. Farm states prohibiting banks from competing by opening branch offices, so, surprise! when farmers got in trouble, these non-diversified (but oh, so protected) rural banks shriveled up & blew away in the wind. FDR enacting the fascist NRA and trying to micromanage businesses' wages, prices, business practices, and then taking all their profits, and surprise! finding that businesses are suddenly gunshy about expanding & hiring more people. None of those reviewers who thought the book misses the truth about the depression addressed any of Powell's actual arguments. Did the unit banking laws help the American farmer or hurt him? Was the initial stock market crash a government failure, as Powell asserts, or was the Fed right in holding interest rates low in the late '20s? Was Hoover wrong to sign Smoot-Hawley and FDR for keeping it, or is an international trade war a good idea at a time when businesses are finding it impossible to sell things to Americans? Are high taxes on business & the wealthy really a good idea in a depression, or isn't it businesses & the wealthy people who own them precisely the people who tend to hire people - you know, all those proud, able-bodied souls who were out of work? If you're going to give this book one star because you disagree with its basic argument that FDR's blunders made the depression much worse than it could have been, than at least try to counter Powell's ACTUAL ARGUMENTS! OK. Half a star off for the lack of tables & graphs. For example, Powell says that federal relief payments did not go to the states where the need was greatest - mainly the South, who were safely on the Democrat plantation, but instead went to the states that were in play in the presidential elections. A graph of per-capita payments for each state vs. FDR's percentage in the '36 election, paired with another graph of per-capita payments for each state vs. that state's unemployment rate, would drive the argument home in a powerful way. Plus another half-star off for the lack of a chapter laying out a straightforward overview of the history of the depression, just to orient the reader. Overall, this book is a page-turner that rips back the curtain on the Great FDR and one of our nation's formative decades. It would be perfect for a HS Senior or college student who is at all interested in history. It actually makes me hope that I live to see the day when FDR is finally taken off the dime. How about Ronald Reagan instead?...
| 
