Biden identifies wrong president for market crash

September 24, 2008 04:37

Vice presidential candidate Joe Biden says today's leaders should take a lesson from the history books and follow fellow Democrat Franklin D. Roosevelt's response to a financial crisis. "When the stock market crashed, Franklin D. Roosevelt got on the television and didn't just talk about the, you know, the princes of greed. He said, 'Look, here's what happened,"' Barack Obama's running mate recently told the "CBS Evening News." Except, Republican Herbert Hoover was in office when the stock market crashed in October 1929. FDR was elected three years later when voters denied Hoover a second term. The Democratic challenger appealed to the "forgotten man" by promising a "new deal" to solve the Depression era. Democrats usually like to remind the public that a Republican was president during the 1929 stock market crash. During the 2004 presidential election, John Kerry's campaign repeatedly cited Hoover as the last president until George W. Bush to oversee a loss of jobs during his time in office.

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