Warren Harding and the Forgotten Depression of 1920

The Intercollegiate Review / Campaign for Liberty ^ | 2009-10-15 | Thomas E. Woods, Jr.

[investigateworld]

Ping

[VR-21]

bookmarked

[JasonC]

Europe was annihilated and the US owned all world trade. Hardly relevant to contemporary issues. It was also the last time wages went down. Also, -17% to GDP makes the current hit to income look like child's play, and anyone who thinks it is a model to imitate is on drugs.

[JasonC]

"that has ever been ended as a result of government meddling"

You can't point to a single financial crisis in which authorities didn't intervene to help financial insitutions and the markets. Yeah it is more pro business and small government if that comes through big tax cuts, but it is still support.

[JasonC]

Hardly. It was the end of the WW I inflation and the real shock from its restructuring. The US's trade surplus to export out was funded by loans to Germany recycled through reparations, and started the hairball growing that blew up in 1929. Anyone who thinks the 1920 recession was a domestic US event or that international financial arrangements didn't have a ton to do with handling it, simply does not know the history.

[M. Espinola]

Very, very interesting.

[John Leland 1789]

A keeper for my high school level home schoolers.

[FreeStateYank]

Great history lesson. Thanks!

[MaggieCarta]

Thanks for the ping, sickoflibs. It’s a great alternative piece to the stuff you see in High School textbooks.

Thanks very much for finding this article, rabscuttle385.

[ding_dong_daddy_from_dumas]

You can't point to a single financial crisis in which authorities didn't intervene to help financial insitutions and the markets. Yeah it is more pro business and small government if that comes through big tax cuts, but it is still support.

Sophistry. Cutting taxes on business is "government intervention?"

So if school bullies steal less money from other kids, that's an example of bullying "helping" the other kids?

[sickoflibs]

Plus cutting business taxes across the board is different than the fed gov picking winners by giving a few businesses money. Washington is guided by political interests, not economic. However the president gets blamed for a bad economy.

Another problem is that republicans for political reasons sent out checks to individual taxpayers as ‘tax cuts’ . You see Obama making the most of this. Removing those at the bottom from paying any income taxes has a similar effect. (they still get government benefits so in effect this is giving them money, also the EITC)

Giving money to the poor, even working poor, while might be appreciated, and even needed by them, but does not create jobs. Not all tax cuts are the same.

I wouldnt exactly call all taxes theft either. Some taxes are theft like.

[ding_dong_daddy_from_dumas]

Giving money to the poor, even working poor, while might be appreciated, and even needed by them, but does not create jobs. Not all tax cuts are the same.

Right, I said taxes on business.

I wouldnt exactly call all taxes theft either.

Doesn't the US some of the highest capital gains tax rates in the world?

[sickoflibs]

I said I wouldn't call ALL taxes theft.

Why would you call capital gains theft? It may be counter investment, but why theft?

I think of theft as when a dem claims he can give a voter something for free by raising taxes on an other group(the rich). Or even Obama tax credits, funded by tax increases on rich. By promising to give you something paid for by someone else is OBVIOUS theft.

As my tagline says , its the spending not the taxing.

[ding_dong_daddy_from_dumas]

Why would you call capital gains theft?

Capital gains taxes, not capital gains.

Also see my new tag line :)

[sickoflibs]

I meant ‘tax cuts’. It may be counter investment, but its not theft.

The ‘taxes are theft’ idea sounded good in 1993 before republicans got power. But republicans found they had to spend spend spend to buy votes (and that didnt work forever, nor in CA). So now the republicans, and many so called conservatives supporting them broke the piggy bank for themselves, its hard to claim no one has to pay for the spending (although many do here.)

[sickoflibs]

Sorry I did it again, I mean “capital gain taxes”