Over at National Review, Larry Kudlow writes:
Larry
Kudlow on Enron, Morals, and Adam Smith on National Review Online:
Capitalism in this country has been under assault ever since FDR's New Deal
1930s, a time when a number of alphabet agencies attempted to control America's
industrial and farming sectors. The experiment soon proved a dismal failure,
with unemployment running 20 to 25 percent up until WWII...
Ummm... The implication that Roosevelt's New Deal pushed the unemployment
rate up is, of course, false. The U.S. unemployment rate in the Great Depression
peaked at 24.9% in 1933--before any of Roosevelt's policies had time to have any
impact--and was below 20% by the end of 1935. By Pearl Harbor day the
unemployment rate was 9%--still very disappointingly high, but a far cry from
Kudlow's "The [New Deal] experiment... dismal failure... unemployment running 20
to 25 percent up until World War II."