Didn't President Hoover fail miserably in rescuing an ailing economy by doing what the current GOP advocates?

Back then there was no clear formula for rescuing an ailing economy- since then we have learned quite a bit. What Republicans succeed at very well is in aculating debt while weakening the regulatory systems and cutting taxes for their wealthy benefactors until things reach a breaking point, then they loose an election and blame their successor. Tell me where I'm wrong.