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GIULIANI: Right. I hope that he and his people have read "The Forgotten - - Man," Amity Shlaes' book that came out last year. I think it's back on the best-seller list. Basically it points out why the recession of 1929, which was a bad one, became the Great Depression of 11 or 12 years, and it became the Great Depression because of unwise government actions first by Hoover and then by Roosevelt.
HANNITY: Right.
GIULIANI: And if — you think you're just going to get your way out of this recession by all kinds of social programs, welfare programs, you're just going to make it much worse.
HANNITY: Well, in the 10 years that the Japan — the Japanese economy was suffering in the '90s, they had eight separate stimulus packages that created, in their history, massive debt. It was unprecedented.
GIULIANI: Right.
HANNITY: And it didn't work, and you're right, historically.
GIULIANI: And — the actions of the new deal, which may have had other reasons for them, did not work from the point of view of solving the depression. In fact, by 1936, '37, '38, the Depression was arguably just as bad as it was in 1929.
HANNITY: Yes.