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1920: The Great Depression That Wasn't (How Warren Harding avoided it and what we can learn)
RealClearMarkets ^ | 09/22/2010 | CJ Maloney

Posted on 09/22/2010 6:31:25 AM PDT by SeekAndFind

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1 posted on 09/22/2010 6:31:28 AM PDT by SeekAndFind
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To: SeekAndFind

Interesting, especially in light of the fact that Harding generally tops most prominent historians’ lists of Worst U.S. Presidents (at least until George W. passes him up in their next edition). No doubt it’s why the guy is buried across the street from a shopping mall in Marion, Ohio.


2 posted on 09/22/2010 6:55:43 AM PDT by Buckeye McFrog
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To: SeekAndFind

Harding and Congress cut spending by 50% in 2 years. It is a stronger case for conservativism than the article implies.


3 posted on 09/22/2010 6:58:57 AM PDT by November 2010
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To: November 2010

Too bad Warren Harding was brought down by corruption within his party...

Not sure if he would have won a second term as he suffered from a Heart Attack in 1923, paving the way for Calvin Coolidge, who presided over the roaring 20’s.

Traditionally, polls of historians and scholars have ranked Harding as one of the worst Presidents (nonetheless the nation’s unemployment rate dropped by half during Harding’s administration); primarily due to the multiple scandals in his administration caused by the “Ohio Gang”. These were Harding’s cabinet and appointees who warranted federal corruption investigations, charges, and convictions.

His presidency has always been evaluated in terms of presidential record and accomplishments in addition to the administration scandals and very few considered his accomplishment in leading America out of the panic of 1920.

The most recent Presidential rankings have had various lower results for President Harding.

A 2008 study for The Times placed Harding at number 34, and a 2009 C-SPAN survey ranked Harding at 38.

In 2010, a Siena College poll of Presidential scholars placed Harding at a very low 41 ( almost the worst ).


4 posted on 09/22/2010 7:05:03 AM PDT by SeekAndFind
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To: Buckeye McFrog

Too bad Warren Harding was brought down by corruption within his party...

Not sure if he would have won a second term as he suffered from a Heart Attack in 1923, paving the way for Calvin Coolidge, who presided over the roaring 20’s.

Traditionally, polls of historians and scholars have ranked Harding as one of the worst Presidents (nonetheless the nation’s unemployment rate dropped by half during Harding’s administration); primarily due to the multiple scandals in his administration caused by the “Ohio Gang”. These were Harding’s cabinet and appointees who warranted federal corruption investigations, charges, and convictions.

His presidency has always been evaluated in terms of presidential record and accomplishments in addition to the administration scandals and very few considered his accomplishment in leading America out of the panic of 1920.

The most recent Presidential rankings have had various lower results for President Harding.

A 2008 study for The Times placed Harding at number 34, and a 2009 C-SPAN survey ranked Harding at 38.

In 2010, a Siena College poll of Presidential scholars placed Harding at a very low 41 ( almost the worst ).


5 posted on 09/22/2010 7:05:32 AM PDT by SeekAndFind
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To: SeekAndFind

Great:

Reagan
Coolidge
Harding

Good:
Eisenhower
Kennedy

The rest of the Presidents in the 20th and 21st centuries were disasters.


6 posted on 09/22/2010 7:10:49 AM PDT by November 2010
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To: Buckeye McFrog

No doubt it’s why the guy is buried across the street from a shopping mall in Marion, Ohio.
___________________________________________________________

We should make a shrine of it then to make people realize that there is an American and successful option to Keynsian economics.


7 posted on 09/22/2010 7:13:30 AM PDT by November 2010
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To: SeekAndFind

Article somehow manages to not mention that a world war had ended shortly before all this happened. Would seem to be a relevant point in comparing it to 1929, which occurred in a time of peace.


8 posted on 09/22/2010 7:20:33 AM PDT by Sherman Logan
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To: November 2010

You don’t like Teddy Roosevelt (1901-1909) I gather...

If he was a disaster, why is his face up there on Mt. Rushmore?


9 posted on 09/22/2010 7:26:12 AM PDT by SeekAndFind
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To: Buckeye McFrog

Uhhhh. He’s buried across the street from a cemetery and a hospital and park area.


10 posted on 09/22/2010 7:27:40 AM PDT by Pure Country (“I’ve noticed that every person that is for abortion has already been born.” -Ronald Reagan)
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To: SeekAndFind
What will future generations say of us?

With all the debt we have saddled them with, not much nice, I'm sure.

11 posted on 09/22/2010 7:29:04 AM PDT by Ditto (Nov 2, 2010 -- Time to Clean House.)
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To: SeekAndFind
If he was a disaster, why is his face up there on Mt. Rushmore?

Because the guy who carved Mt. Rushmore was a big TR fan.

12 posted on 09/22/2010 7:31:14 AM PDT by Ditto (Nov 2, 2010 -- Time to Clean House.)
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To: SeekAndFind

I don’t like Teddy Roosevelt at all. His Bull Moose fiasco led to Wilson’s election which then led directly or indirectly to Lenin’s train into Moscow, the Treaty of Versailles, hyperinflation in Germany, Hitler . . .

Roosevelt’s progressive policies started the train down the tracks that lead to our ruin.


13 posted on 09/22/2010 7:34:38 AM PDT by November 2010
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To: November 2010
Harding ran an "America first" campaign that encouraged industrialization and a strong economy independent of foreign influence.
He didn't unercut domestic business interests with cheap, imported crap.
14 posted on 09/22/2010 7:35:58 AM PDT by Willie Green (Some people march to a different drummer – and some people polka.)
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To: SeekAndFind

It’s a shame we didn’t get a good or great President following Reagan. What a difference that would have made for the country. I hope the next Republican nominee if they are conservative considers how important the VP is for carrying on thier ideas and values and stops this geographic/idealogical calculation crappola (I’m conservative as Reagan so I’ll get a moderate Veep like Bush) . . .


15 posted on 09/22/2010 9:27:31 AM PDT by November 2010
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To: November 2010

Not sure Harding was great, but he did get the 20s going. Coolidge was definitely great, and is underappreciated. I didn’t know how well he had done because nothing he did is taught, even in college US History classes. They provide a few quotes and sum him up as “Silent Cal” without explaining how his pro-business policies created the boom, and Hoover’s policies helped kill it. I learned about Coolidge in greater detail when researching the history of the 20s and the Great Depression that followed. He was a supply sider and free market, limited government advocate long before Reagan made it a movement.


16 posted on 09/22/2010 10:02:12 AM PDT by Defiant (Liberals care more about the Koran than they did about Terri Schiavo.)
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To: November 2010

I have always wondered which recession had the greater intial ferocity -— the one that Harding had or the one in 1929 that Hoover had.

This article claims that Harding’s recession was far greater than the one Hoover had in 1929.


17 posted on 09/22/2010 10:05:05 AM PDT by SeekAndFind
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To: Defiant

Yah, just because of the scandals, I might move him into the good category. The reality is though that Harding ALONE of all the Presidents in the last century ended a depression successfully and quickly. I don’t know how much greater you can get than that other than winning the cold war without a shot being fired.


18 posted on 09/22/2010 10:06:00 AM PDT by November 2010
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To: Defiant

I have always wondered which recession had the greater intial ferocity -— the one that Harding had or the one in 1929 that Hoover had.

This article claims that Harding’s recession was far greater than the one Hoover had in 1929.


19 posted on 09/22/2010 10:06:13 AM PDT by SeekAndFind
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To: November 2010
I like Coolidge because he had a complete understanding of free market economics before Milton Friedman had explained it so well, and he articulated it on many occasions. One of the tragedies of the liberal propaganda that spread during and after the Roosevelt era was that people completely forgot what the man said and did.

Harding did end that threat very well and quickly. I don't know whether his actions were grounded on the same principles as Coolidge, or whether he just had good advice. Whichever, he did a great job there, hurt his legacy later. Where you put him on the spectrum doesn't matter much, the fact is he did well in his response to a crisis.

Sadly, a similar response in September 2008 could have worked. The Bush progressives never even considered not using the government to respond--it's not in their playbook. I wrote at the time (not having studied Harding and Coolidge, but Reagan and Friedman) that we should not do anything except continue to insure bank deposits to stop the run on the banks, drop capital gains taxes to zero for one year, and allow oil drilling without restriction (remember, oil was $150/barrel that summer). Housing was toast but unleashing economic activity would make up for the prior government interference.

McCain flying to DC to vote for TARP completely encapsulates what is wrong with Republicans these days.

20 posted on 09/22/2010 10:19:54 AM PDT by Defiant (Liberals care more about the Koran than they did about Terri Schiavo.)
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