Read the whole thing at Investors:
But while everyone was picking apart these and other flaws in Obama's
speech, they overlooked the most frightening line of all. That was when
Obama promised that he'd pursue "the kind of bold, persistent
experimentation that Franklin Roosevelt pursued during the only crisis
worse than this one."
That promise might have made liberal hearts swoon. But as Amity
Shlaes explained in her outstanding history of the era — "The Forgotten
Man" — it was precisely FDR's "bold, persistent experimentation" that
was largely to blame for the length, depth and severity of the Great
Convinced that the government had to do something, FDR tinkered and
experimented, she said, figuring that if he didn't "get it right the
first time ... maybe he'd get it right the second time." But the very
arbitrariness of FDR's actions, she found, made it impossible for
businesses to make plans. And so, as FDR's bold experiments increased,
business activity decreased and markets froze.