The answer to your question: Republicans begin to act exactly like Democrats, to wit: run up huge deficits, intrude government into the marketplace via planning and regulations, bailouts and subsidies. Hoover did it big time, Bush only slightly less. The solution to bubbles and manias is less government not more -- let markets correct themselves and recovery comes much quicker. There's more but that's a start.
Following the fiscal cliff melodrama, Senator Richard Shelby appeared on television to declare that we are becoming European. "We're always wanting to spend and promise and spend and borrow but not cut. We've got to get real about this. We're headed down the road that Europe's already on."
There's no "heading" about it. We're there. Prof. John J. DiIulio, writing in "National Affairs", outlined the true size of American government. When state and local government expenditures are added to federal outlays, government spending as a share of GDP easily competes with European nations. In fact, per-capita government spending in the...
" Hoover did it big time, Bush only slightly less."
Hoover tried to balance the federal budget, Bush never did. BTW, FDR's campaign theme in 1932 was a balanced budget. Of course, the economy was recovering under Hoover. FDR plowed it into the ground with excessive spending and borrowing. Sound familiar???