Andrew Ross Sorkin

And he would tell him he's not really doing it.

But he but Hoover knew Hoover knew that the second he got into the White House, that Roosevelt would go off and do exactly what Hoover should have done effectively and

and he would get the credit for it, and he does.

I think in part because he had made a pivotal mistake, which is he had told the country over and over and over again that this was somehow some kind of psychological problem, that this was not actually an economic problem, that this was like a problem in your mind, that somehow what you were seeing was not what you were seeing.

And by the way, people didn't believe that because they could see what they could see.

Give in to the fact that he had that his biggest mistake was not taking this on in a more meaningful way earlier.

You know, there was just so many there was a series of mistakes that were made after the crash.

That really led to the Great Depression.

I think of the crash as almost just the first domino in a whole bunch of things that he did.

One of the things he tried to do was raise taxes at a time when the economy was flailing.

That was a wild idea.

The other thing that he did was he decides – by the way, like now – to –

put tariffs on, the Smoot-Hawley tariffs, 1930.

He had pledged to do that during his presidential campaign in 1928, trying to get farmers to vote for him.

And he said, my goodness, I need to make good on my pledge.

Meanwhile, every economist in America is writing him open letters, by the way, the same way they're writing letters to Trump, saying, I beg you, I beg you, don't do this.

The CEOs were going down to the Oval Office, getting on their knees, saying, please don't do this.

And of course, he does it.

And what happens?

Twelve months later, global trade is down by 60 percent.