To "airnaut" so then you agree that it was not Coolidge's policies
that started the Depression. Beyond that, all of your other claims are
completely false and made up.The Depression was created from a
recession that the Government tried to fix. The roaring 20's were created
by government doing NOTHING to fix a recession.What you and you ilk
will never admit is that FDR's policies kept us in the Depression and may
have even been what turned a recession into the Depression.Read the
following:"How Government Prolonged the Depression " in the
WSJ"Contrary to popular myth, FDR prolonged agony of
Depression" in the DN"The New Deal Debunked (again)" at
the Von Mises Institute"Great Depression" at Library of
Economics LibertyThe sad thing is that you and your ilk insist that
this time you will get it right and not make the same mistakes while doing the
exact same things.
What caused the great Depression?Answer:No one person or event
was responsible for the Great Depression. There were several major causes.1. Unequal distribution of wealth. The shrinking of the middle class.
Wages were not keeping pace with the increase in the cost of living or staying
relative to the wealth in the hands of the industrialists and others in the
upper income classes. 2. There was over speculation in the Stock
Market, which was not regulated..3. Increased manufacturing and
agricultural output, since wages did not keep pace for the consumers to purchase
what was produced, inventories increased and income remained low.4.
Buying on credit, known in the 1920s as installment buying. People purchased
things like refrigerators on time, and did not have money to pay when the bills
became due.5. Lax Federal regulations on businesses also contributed
to the cause. Tax laws and lack of government oversight were especially
favorable to the large corporations to encourage business expansion.6. Banks were permitted to speculate in land and the stock market with little
government regulations.7. The Stock Market Crash of 1929 signaled
the beginning of the Great Depression.Ala - GWBush 2000-2008
To "airnaut" again, you are wrong. If you look at what caused the crash
in 1929 and again in 2008 it was the easy credit as mandated by the liberal
policies that ran the Federal Reserve.In both cases the Federal
Reserve made money easy, not the President or congress. You may want to blame
conservatives, but it was your ilk and their desire to make credit easy for the
poor that caused both crashes.See "The Great Depression" at
the Von Mises Institute.
Conservative revisionist History from the failed Glenn Beck University and
Limbuagh Institute of Conservative Studies....Stock Market crash -
Oct' 1929FDR becomes POTUS - 1933Coolidge (R) and Hoover
(R) led the country through the heydays of the lower taxes, Lower rates, higher
lending and lax lending regulations of the roaring 20's and head-on ful
steam ahead into the crash of the 30's.Precisely the way GW
Bush did in the Great Recession of the the 21st century.Obama is the
FDR of our generation - for precisely the same garbage economy reasons he was
handed by his republican pedacessors.
@noncelebRead the question again. He asked which president was most
responsible. It most certainly wasn't Coolidge. He wasn't responsible
for the easy-credit Fed policies which led to the crash.That leaves
Hoover and Roosevelt. You could argue that Hoover is more responsible, for
interventions such as pushing the Fed to tighten credit, pressuring businesses
to keep wages and prices high, increasing farm subsidies, increasing tax rates,
or signing Smoot-Hawley. (Laissez-faire...if only! You might have a case blaming
Hoover, but it wouldn't be for non-intervention.)However, I
have to give the big prize to Roosevelt, for taking a bad situation and making
it worse. He took office in 1933 and prolonged the suffering to the end of the
Thirties. He tried intervention after intervention (I won't list them --
everyone knows what they were), preventing a natural recovery from taking place.
His policies led to the 1937-1938 depression-within-a-Depression. Lots of other
countries went through the Depression, but for the U.S. it was Roosevelt who
turned it into the Great Depression.
"Looks like even Bush told the truth."First, let me say that
I never thought Bush lied. I think he choose to believe the wrong
information.But, you guys are amazing. Even Bush admits in his book
"Decision Points" that there were no WMD's"He still
gets a "sickening feeling" when he thinks of the nonexistent weapons of
mass destruction in Iraq."The lengths some people will go to
deny reality. Or, maybe you know more about it than President Bush.
Years Calvin Coolidge (R) was President -- 1923-Jan. 1929 (followed by Herbert
Hoover (R)) Year of stock market crash and beginning of Great Depression
-- 1929 Years George Bush (R) was President -- Jan. 2001 - Jan.
2009Year the "Great Recession" began -- late 2007/early 2008Hmmm.....maybe Republican policies aren't so great after all.
To "JoeBlow" but Bush was telling the truth, read the following:“Troops 'foil Iraq nerve gas bid'” July 2, 2004“US did find Iraq WMD” NY Post October 25, 2004“Iraqi
Nerve Gas, WMD Find Blows Away Pundits” NewsMax, May 17, 2004“WikiLeaks Show WMD Hunt Continued in Iraq – With Surprising
Results” Wired October 23, 2010“Iraq mortar shells contain
blister agent” USA Today January 11, 2004“Bomb said to hold
deadly sarin gas explodes in Iraq” MSNBC May 17, 2004“Sarin,
Mustard Gas Discovered Separately in Iraq” Fox New May 17, 2004“Warheads with mustard, sarin gas found by Polish troops in Iraq:
Rumsfeld” Spacewar July 1, 2004“Hundreds of WMDs discovered in
Iraq” WorldNetDaily June 21, 2006Plus there is the tons of
uranium that had to be shipped out of Iraq to Canada for disposal.Looks like even Bush told the truth.
Wow Nate! FDR did not take office until 1933. Hoover's laissez-faire
approach made the Depression worse. Secretary of the Treasury Andrew Mellon
predicted a fast recovery with no action from the government (first saying 30
days then 90 days). From 1929 to 1933 unemployment went from 5% to almost 30%.
By the time FDR took office half the banks in the United States had failed,
investment was down 98%, and farm and industrial worker income was down about
40%. After FDR became president unemployment fell to 14% by 1937 before a minor
recession in 1938, which ironically was caused by FDR's concern over
deficits, thus cutting federal spending, before the private sector was strong
enough to sustain itself.
"But what has GWB have to do with this discussion anyway?"Just pointing out that the truth does not always emanate from our elected
officials, even Republicans."USED WMDs on his own people its
pretty certain that he actually had them"HAD being the key word.
But, I guess you and Mr Bush are at odds with your claim. I will go with his
assessment.But Mr Bush admits that he was shocked when no weapons of
mass destruction were found in Iraq."No one was more shocked and angry
than I was when we didn't find the weapons," he writes"It is a fact that he was negotiating to get yellow cake"Seriously? It is certainly not a fact. Heck. Its not even being suggested
that it ever happened. That has been debunked so many times it is a complete
joke. How did you miss it?
@djc "Correct me if I'm wrong...."Okay. You're
wrong. The president most responsible was Franklin Roosevelt. After the 1929
crash (triggered by Fed policy), instead of allowing the market to correct
itself quickly, Roosevelt tried to ease the pain through government
intervention, thus prolonging the pain for about an extra decade.Read Amity Schlaes's other book, The Forgotten Man, for the details.Yes, we should learn from history. Bush and Obama seem not to have done
so...and the Great Recession drags on.
The more I read about Calvin Coolidge, the more I am impressed with what that
man stood for and with what he did!
@ Joe Blow. Since Saddam USED WMDs on his own people its pretty certain that he
actually had them, isn't it? It is a fact that he was negotiating to get
yellow cake,(un-enriched uranium)from Africa. Sorry to spoil your fun! But what
has GWB have to do with this discussion anyway?
"Imagine having a leader who tells us the truth instead of one who lies to
us!"Yes Mountanman. I could not agree more. Care to compare
the ramifications? 10/7/2002, George W. Bush, President
"The Iraqi regime . . . possesses and produces chemical and biological
weapons. It is seeking nuclear weapons. We know that the regime has produced
thousands of tons of chemical agents, including mustard gas, sarin nerve gas, VX
nerve gas."Rice, September 8, 2002: You will get different
estimates about precisely how close he is. We do know that he is actively
pursuing a nuclear weapon.
Correct me if I'm wrong, but wasn't Calvin Coolidge the president that
was most responsible for driving the USA into the Great Depression? It seems
rather astounding to worship this man at a time when it appears politicians are
driving the country headlong into another great depression just as fast as they
can. The purpose of studying history is to attempt to not repeat mistakes from
the past. Evidently the lessons of history are lost on some. While Coolidge
was busily reducing taxes and denying aid to those in need the country collapsed
around him. This doesn't seem especially noteworthy to me. I would hope
we would look for ways to not repeat what happened during Silent Cal's
@Irony GuyMaybe it's because everyone knows it's not true.
Well, almost everyone.
@ Irony Guy. What caused the stock market crash and the domino effect of the
depression was not economic freedom but over valued stocks, sort of like the
over valued housing market that caused the last crash! The government giving out
sub prime mortgages to people who had no ability or intention of servicing their
mortgages produced the perfect condition for the crash! By the way, speaking of
overvalued stocks, what's the DOW up to today? Another correction is right
around the corner.
Wrong again, Jay. Coolidge's laissez-faire approach to an out-of-control
securities market, as well as Smoot's ruinous tariff, brought the US
economy to its knees the same year Coolidge left office. This guy was terrible
for America. Interesting that Shlaes book doesn't even try to answer the
charges that Coolidge's policies brought about the Great Depression. Not a
peep. Maybe it's because she can't.
Excellent article about an exceptional (but forgotten) president.
"...the rewards of their own industry. This is the chief meaning of
freedom" See, it was these shortsighted guys in the past that
convinced Americans that you could keep your earnings and accomplish great
things with them. Now all of the people that followed that counsel are
"I want the people of America to be able to work less for the government and
more for themselves," he said. "I want them to have the rewards of their
own industry. This is the chief meaning of freedom."Until we can
re-establish a condition under which the earnings of the people can be kept by
the people, we are bound to suffer a very severe and distinct curtailment of our
liberty."Imagine having a leader who tells us the truth instead
of one who lies to us!