Posted on 02/23/2014 9:46:03 AM PST by Attention Surplus Disorder
Very interesting presentation by Thomas Woods, discussing the GD of 1920-1921, the depression nobody ever talks about. Well worth watching, :41, only a couple of slow spots, otherwise entertaining.
It is never talked about because the US economy rapidly came out of it with NO federal stimulus; indeed, the Fed lowered taxes and decreased spending during this period.
Instead, Warren G. Harding was universally ridiculed for his clumsy speeches; examples of which are given and which sound entirely sensible.
Virtually all historians castigate Harding because he was allegedly slow and stodgy, and during the latter half of his term, the period referred to, he had a stroke and his wife essentially became president. Since she had no power, she could do nothing, and doing nothing is precisely what allowed the economy to exit the depression of the time which was arguably as bad or even worse than GD 1929. And economists, universally, decry the lack of government action/intervention...while asserting that it was impossible to come out of the depression of the time without government intervention, even as they ignore the fact the economy actually did. IOW, they simply cannot accept the fact that their theories are non-functional.
Fascinating, with a very brief recap of Austrian economics at the end.
Worth watching, IMO.
Nice!
The country’s greatest growth occurred during the Lochner Era. We need to return to that.
Great video. Thanks!
Simply amazing that you would quote Wikipedia in a defense of the communist Wilson. Harding did the unthinkableand reduced government spending rather than increase it as Lord Keynes's precursors were encouraging.
Your history is revisionistic.
So we’ve got three years left of the Obama Depression.
And your reading skills are deficient. I was not defending Wilson or Harding with the quote - I was pointing out to the OP that the “history” related in the original post was incorrect since Wilson was still in office when the post-war recession began. Go back, get the context right (a basic reading skill, BTW.)
As to your extract from the Wiki article, the quote supports the point that Harding continued the laissez-faire approach that came from Wilson’s debilitating stroke. As you note, Harding took it the step further of scaling back government expenditures to match the reduced resources. My posting of the final paragraph from Wiki was to be complete in making that extract, even though I most certainly oppose any thoughts from the risible Krugman. There are always going to be two sides to these types of policy discussions. Assuming I support a particular position when I post info from both perspectives is an unmerited leap of logic on your part, IMO.
Further, the OP was posting a link to a source that is also cited in the Wiki article so I thought that would have value for the OP when considering my post.
I heard about it, my father lost a business in it and didn’t start another one until 1936.
Stick wikipedia up your backside!
When will your next edition of “Winning Friends and Influencing People” be published, Mr. Carnegie? Your skills at logic and rhetoric are just flabbergasting...
New chapter heading perhaps???
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