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Friday, September 26, 2008

Great Depression History

In tonight's presidential debate, Obama said:
"Even if we get all $700 billion back, let's assume the markets recover, we' holding assets long enough that eventually taxpayers get it back and that happened during the Great Depression when Roosevelt purchased a whole bunch of homes, over time, home values went back up and in fact government made a profit."
Can somebody point me to a link that describes the Roosevelt Administration's profitable home purchasing program? I missed that part of the history of the great depression and I'm having trouble finding information about it with Google.

3 comments:

aog said...

What of the times Obama said "You said ..." when he meant "Bush said ..."? Reality has no hold on Obama, and one will call him to account for it.

SteveBrooklineMA said...

I had the same question. Maybe he meant this?

http://en.wikipedia.org/wiki/HOLC

This wasn't really "purchasing" homes.

Harry Eagar said...

I know something about the Depression, and I have no idea what he's on about.

On the other hand, I know something about the Depression, and it amuses me no end that critics of the bailout (in droves at Volokh, for example) are calling it a New Deal-like program.

Doesn't anybody know how to play this game?