Just to put a fine point on it and cuz I’m sick of my socialist friends “proving” their stance by bringing up Hoover’s “capitalist” policies:
Politicians and pundits portray Herbert Hoover as a defender of laissez faire governance whose dogmatic commitment to small government led him to stand by and do nothing while the economy collapsed in the wake of the stock market crash in 1929. In fact, Hoover had long been a critic of laissez faire. As president, he doubled federal spending in real terms in four years. He also used government to prop up wages, restricted immigration, signed the Smoot-Hawley tariff, raised taxes, and created the Reconstruction Finance Corporation—all interventionist measures and not laissez faire. (http://www.cato.org/pub_display.php?pub_id=13719)
Please, please, please, some clarity here; stop muddying the issues. Hoover was not a capitalist and he did not support classical liberal ideas. Capitalism nor the markets did not fail anyone during the Great Depression. And it’s not because of capitalism that the US, Greece and the EU governments are about to bring on another financial crisis due to their debt loads. Got it?