History repeats: Obama = Hoover

From the Mises Economics Blog:

“My main message in today’s meeting was very simple: that America’s banks received extraordinary assistance from American taxpayers to rebuild their industry and now that they’re back on their feet, we expect an extraordinary commitment from them to help rebuild our economy,” President Obama said after the meeting.

In the previous depression, Herbert Hoover complained that banks weren’t lending, and was “disturbed at the apparent lack of cooperation of the commerical banks of the country in the credit expansion drive.”

Since Hoover’s comments were made in 1931, does that mean we’ve got another ten years of this economy to look forward to?

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