Lindsay Tanner (Melbourne, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I was asked about the alternative contractionary approach to the budget, and of course the high priest of this approach was Herbert Hoover. He put his theories into practice and produced the Great Depression in the United States. It is worth noting that at this particular Republican convention in 1936 even the Republican Party realised that Herbert Hoover was a dud and decided not to renominate him for the presidency. But the Liberal Party is still sticking with his views 70-odd years later. Although, to cut Senator Coonan some slack, I am not quite sure that she knows who she is talking about, because later in the speech she referred to the quote again and called him J Edgar Hoover. Perhaps now the Liberal Party is getting its economics policies from the FBI!

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