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Hoover Dam: Worst Investment in History

David16953 Wrote: Sep 03, 2012 6:16 PM
Hoover Dam was a Godsend to the lower western US. As the dam was being built a lot of deep drilling was done to evaluate the geological structures in the area. What was found was a massive salt table under the area. In one place the salt was only 300 feet below the Colorado River. If the river had cut into that salt it would have been renamed the Saline River. The lake was filled to its maximum capacity and the emergency bypass systems were tested. The 120 feet below maximum capacity is for flood control during a 500 year rain. All the dams on the Colorado river keep extra capacity for flood control.

Economics professor Bernard Malamud not once but twice invited the crowd in Las Vegas to visit nearby Hoover Dam to see for themselves an example of the productive assets that were created by Franklin Delano Roosevelt's (FDR) New Deal. Professor Malamud was recruited to plead the Keynesian side of the argument in an "FDR's Depression Policies: Good Deal or Raw Deal?" debate with the Foundation for Economic Education's (FEE) Lawrence Reed during FreedomFest.

I finished my masters degree from UNLV under the tutelage of Murray Rothbard but I started my coursework with a class or two from professor Malamud, who, while...

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