Andrew Ross Sorkin

But the other piece of it became almost an approach to all of this in the context of almost austerity to some degree.

So instead of throwing money at the problem, he was pulling back.

He was talking about raising taxes.

He was talking about implementing tariffs and the like.

And all of those things combined to actually slow the economy not to grow it.

So one of the things that Hoover believed was that you could ultimately jawbone your way out of

That if you could convince the public that what was happening to them in reality wasn't, and if you could tell them to sort of put a smile on their face, that somehow you could actually will the economy back into being.

And I think we saw it in 1929.

That was something that did not work very well for President Hoover.

He was putting up billboards to try to change that dynamic.

And I think we're, you know, feeling that even today.

You know, President of the United States will tell you that, you know, inflation isn't happening.

And yet it is.

By the way, I say this in a bipartisan way.

There was a period of time where President Biden previously was telling the public that, you know, the economy was doing better than it was.

And you heard people say, that's not the way I feel about it in my own life.

That is the lesson.

Of 1929, and I think we saw how that lesson played out actually in 2008 and then again during the pandemic.

In fact, Ben Bernanke, who was the chairman of the Federal Reserve in 2008 during that financial crisis, had done his Ph.D.

thesis on the Great Depression when he was at Princeton.