U.S. president trump most experienced in the art of the poor deal
Hoover presided over the nation’s descent into the Great Depression following the October 1929 stock market crash. As the financial crisis worsened, Hoover had no answers — and made some enormous mistakes (signing into law the Smoot-Hawley tariff act, for one). He also had a habit of prematurely declaring victory, including in a May 1930 speech when he proclaimed: “I am convinced we have passed the worst and with continued effort we shall rapidly recover”. As it turned out, the Depression continued for another decade and Hoover was summarily dispatched from office in the November 1932 election, with his Republican party banished from the White House for the next two decades.
As the U.S. navigates deeply troubled economic waters, it is tempting to consider whether Donald Trump is a modern Hoover. The similarities jump out: tariffs adding to economic misery; a president spiking the ball at the 50-yard line and understating the depths of crisis.
