Panic of 1907 — Republican President Theodore Roosevelt
Crash of 1929 & Great Depression — Republican President Herbert Hoover, who assumed office in 1929 after the Republican Coolidge and Harding administrations.
S&L Crisis 1986-1990 — Republican Presidents Ronald Reagan and George HW Bush.
Banking and Mortgage Crisis of 2008 — Republican President George W Bush. In office for 7 years. Inherited a balanced budget. Seems prepared to leave with the economy in shambles and record deficits.
What credibility does the Republican Party bring to managing the economy. All of these crises were caused by rampant speculation in the financial markets. Could these events be the result of laissez-faire economic policies?
Maybe you could tell me what other kind of speculation is good for the financial markets. Other than “rampant”. I thought the financial markets were speculative (?).
No.
One of my 48 Liberal Lies About History is that 1929 crash and depression were caused by GOVERNMENT. First the Smoot-Hawley tariff (a tax) then more taxes, then refusal of the Fed to bail out the BUS (as its charter required), then more taxes. Oh yeah, did I mention still MORE taxes?
The S&L disaster was caused by . . . GOVERNMENT, giving FSLIC cover to S&L owners to engage in risky lending (sound familiar?)
Panic of 1893 caused by . . . GOVERNMENT, passing the idiotic Sherman Silver Purchase Act (loved by the stupid Dems).
Panic of 1873 caused by . . . GOVERNMENT, when the GOVERNMENT backed railroad bonds went belly up causing banks to fail.
Panic of 1857 caused by . . . GOVERNMENT, when the Supreme Court issued the Dred Scott decision throwing open all western territories to slavery.
In fact, you have to go all the way back to 1837 to find a "natural" recession.