When the Senate failed to pass the auto bailout plan VP Dick Cheney told the Republican Senators it would be "Herbert Hoover" time. Here's what Wikipedia has to say about Herbert Hoover.
The final attempt of the Hoover Administration to rescue the economy was the passage of the Emergency Relief and Construction Act which included funds for public works programs(Barack's Plan) and the creation of the Reconstruction Finance Corporation (RFC) in 1932. The RFC's initial goal was to provide government-secured loans to financial institutions, railroads and farmers(AKA Bailout). The RFC had minimal impact at the time, but was adopted by Franklin Delano Roosevelt and greatly expanded as part of his New Deal.(now adopted by Obama)
In order to pay for these and other government programs, Hoover agreed to one of the largest tax increases in American history.Obama's at it again. The Revenue Act of 1932 raised income tax on the highest incomes from 25% to 63%. The estate tax was doubled and corporate taxes were raised by almost 15%. Also, a "check tax" was included that placed a 2-cent tax (over 30 cents in today's dollars) on all bank checks. Economists William D. Lastrapes and George Selgin, conclude that the check tax was "an important contributing factor to that period's severe monetary contraction." Hoover also encouraged Congress to investigate the New York Stock Exchange, and this pressure resulted in various reforms.
For this reason, years later libertarians argued that Hoover's economics were statist. Franklin D. Roosevelt blasted the Republican incumbent for spending and taxing too much, increasing national debt, raising tariffs and blocking trade, as well as placing millions on the dole of the government. Didn't Obama say the same thing about George Bush??
Roosevelt attacked Hoover for "reckless and extravagant" spending, of thinking "that we ought to center control of everything in Washington as rapidly as possible," and of leading "the greatest spending administration in peacetime in all of history." Roosevelt's running mate, John Nance Garner, accused the Republican of "leading the country down the path of socialism". Obama you go man! Spend on healthcare. Spend on job creation. Spend, Spend, Spend, or should we call you Billy Idol
As for Roosevelt who easily beat Hoover for re-election- "Roosevelt overreached on his Supreme Court packing plan, and a further financial recession in 1937 and 1938 tarnished his image of invincibility."
Any of this sound like Deja Vu?