How The 1930s Produced Barack Obama

[Dad2three]

Another FDR-simpleton checks in.


Well....you've come to the right place for your education:


1. In 1931, in some of the darkest days of the Great Depression and the middle of the Hoover administration, unemployment rate stood at 17.4 %. Seven years later, after five years of FDR, and literally hundreds of wildly ambitious new government programs, more than doubling of federal spending, the national unemployment rate stood at – 17.4 %. At no point during the 1930’s did unemployment go below 14 %. Even in 1941, in the midst of the military buildup, 9.9 % of American workers were unemployed.


2. March 4, 1933, in his first Inaugural Address, FDR said “Our greatest primary task is to put people to work.”
This meant that the New Deal was a wretched, ill-conceived failure.


3. After the stock market crash,, the Dow hit 250 in 1930 under Hoover (it had been 343 before the crash). January 1940, after seven years of the New Deal, the market had collapsed to 151, and remained in the low 100’s through most of FDR’s terms.


4. Federal spending went from 2.5 % in 1929 to 9 % in 1936: Washington’s portion of the economy increased by 360 % in just seven years- with no benefit to the economy.


5. Arthur Schlesinger, Jr., liberal New Deal historian wrote in The National Experience, in 1963, “Though the policies of the Hundred Days had ended despair, they had not produce recovery…” He also wrote honestly about the devastating crash of 1937- in the midst of the “second New Deal” and Roosevelt’s second term. “The collapse in the months after September 1937 was actually more severe than it had been in the first nine months of the depression: national income fell 13 %, payrolls 35 %, durable goods production 50 %, profits 78% .





Lest you embarrass yourself further, take this to heart:

“Let the doors be shut upon him, that he may play the
fool no where but in's own house.”
― William Shakespeare, Hamlet

\

So Roosevelt, on the advice of his conservative Treasury Secretary Henry Morgenthau, decided to tackle the country's exploding deficits

Four years into Franklin Roosevelt's first presidential term, the worst of the Great Depression seemed behind him. Massive jolts of New Deal spending had stopped the economic slide, and the unemployment rate was cut from 22 percent to less than 10 percent.

When A Turn Toward Austerity Turned To Disaster : NPR

Did you just refer to Morganthau???

See.....look at how you resist learning.

Well....another dose of same:

No less an authority than FDR's Treasury secretary and close friend, Henry Morganthau, conceded this fact to Congressional Democrats in May 1939:

"We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong ... somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat.

We have never made good on our promises ... I say after eight years of this Administration we have just as much unemployment as when we started ... And an enormous debt to boot!"*
http://www.businessandmedia.org/articles/2008/20081104085447.aspx



FDR.....failure.

As are you.


[ame=http://www.youtube.com/watch?v=rEQCUgOxShc]BaZing! - YouTube[/ame]

"Did you just refer to Morganthau???"

"... I say after eight years of this Administration we have just as much unemployment as when we started ... And an enormous debt to boot!"

WEIRD:

So Roosevelt, on the advice of his conservative Treasury Secretary Henry Morgenthau, decided to tackle the country's exploding deficits

Four years into Franklin Roosevelt's first presidential term, the worst of the Great Depression seemed behind him. Massive jolts of New Deal spending had stopped the economic slide, and the unemployment rate was cut from 22 percent to less than 10 percent.


THEN HE LISTENED TO THE CONS, SPECIFICALLY MORG...

So Roosevelt, on the advice of his conservative Treasury Secretary Henry Morgenthau, decided to tackle the country's exploding deficits


WHAT HAPPENED?

""All of a sudden," Ritchie says, "after unemployment had been going steadily down, unemployment shot up, the economy stagnated, the stock market crashed again."

When A Turn Toward Austerity Turned To Disaster : NPR

 

[Dad2three]

"Insults do not always substitute well for a scholarly response,..."

I drive the karma bus.

We deliver what folks deserve.




FDR was a four-flushing liar, he ran on cutting, and delivered spending.

You, a dolt who cannot accept reality.

Unfortunately, there are enough of your dolts to saddle the nation with an Obama.

Weird you don't know FDR cut spending 10% after listening to the deficit scolds and the US went back into a depression


Unemployment jumped 3 percent the year after FDR cut spending


Four years into Franklin Roosevelt's first presidential term, the worst of the Great Depression seemed behind him. Massive jolts of New Deal spending had stopped the economic slide, and the unemployment rate was cut from 22 percent to less than 10 percent.


So Roosevelt, on the advice of his conservative Treasury Secretary Henry Morgenthau, decided to tackle the country's exploding deficits. Over two years, FDR slashed government spending 17 percent.

"All of a sudden," Ritchie says, "after unemployment had been going steadily down, unemployment shot up, the economy stagnated, the stock market crashed again. And now it seemed we'd come out of the Hoover Depression to go into the Roosevelt recession."


When A Turn Toward Austerity Turned To Disaster : NPR

FDR's New Deal was the Great Depression that led to World War. It was a huge huge liberal disaster for the American people but nevertheless liberal's still lack the IQ and character tot admit the pure stupidity of their programs. If Obama's economy never recovers the liberal's will pretend he's a great hero too. When Joe Stalins 5 year plans did not work he double downed and tried more aggressive liberal interference plans. Sound familiar?

PS: Depression was caused by Fed monetary policy and 1937 depression was caused by same. Liberals don't know what monetary policy is so of course they can't understand what happened. THey are simply brainless parrots. Dumbto3 is the best example.

LOL

 

[Dad2three]

Harding policies worked, Hoover/Roosevelt....not so much.


Guess which Obama mirrors?

Hmmm, let's see:

Warren G. Harding - Wikipedia, the free encyclopedia

Federal Aid Highway Act of 1921 (Phipps Act) - Wikipedia, the free encyclopedia

Sheppard?Towner Act - Wikipedia, the free encyclopedia


Btw, public works and subsidies were around before the 20th Century:

http://fas.org/sgp/crs/misc/R42140.pdf

Transcript of Pacific Railway Act (1862) (print-friendly version)

Panic of 1792 - Wikipedia, the free encyclopedia

Another dolt sorely in need of education....don't worry....coming right up:


1. America’s greatest depression fighter was Warren Gamaliel Harding. An Ohio senator when he was elected president in 1920, he followed Woodrow Wilson who got America into World War I, ...Harding inherited the mess, in particular the post-World War I depression – almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged.

Richard K. Vedder and Lowell E. Gallaway, in their book Out of Work (1993), noted that the magnitude of the 1920 depression "exceeded that for the Great Depression of the following decade for several quarters." The estimated gross national product plunged 24% from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million in 1920 to 4.9 million in 1921.

2. Compared to FDR, Harding had a much better understanding of how an economy works. Harding, wrote historian Robert K. Murray, in The Harding Era (1969), "always decried high taxes, government waste, and excessive governmental interference in the private sector of the economy. In February 1920, shortly after announcing his candidacy, he advocated a cut in government expenditures and stated that government ought to ‘strike the shackles from industry.’ ‘We need vastly more freedom than we do regulation,’ he said. Surprisingly, big business took very little notice of him at the time."

3. One of Harding’s campaign slogans was "less government in business," and it served him well. Harding embraced the advice of Treasury Secretary Andrew Mellon and called for tax cuts in his first message to Congress, April 12, 1921. The highest taxes, on corporate revenues and "excess" profits, were to be cut. Personal income taxes were to be left as is, with a top rate of 8% of incomes above $4,000. Harding recognized the crucial importance of encouraging investment essential for growth and jobs, something that FDR never did.

4. Harding’s Budget and Accounting Act of 1921 provided a unified federal budget for the first time in American history. The act established (1) the Bureau of the Budget with a budget director responsible to the president, and (2) the General Accounting Office to help cut wasteful spending.

5. Federal spending was cut from $6.3 billion in 1920 to $5 billion in 1921 and $3.2 billion in 1922. Federal taxes were cut from $6.6 billion in 1920 to $5.5 billion in 1921 and $4 billion in 1922. Harding’s policies started a trend. The low point for federal taxes was reached in 1924. For federal spending, in 1925. The federal government paid off debt, which had been $24.2 billion in 1920, and it continued to decline until 1930.




6. Conspicuously absent was business-bashing that became a hallmark of FDR’s speeches. Absent, too, were New Deal–type big government programs to make it more expensive for employers to hire people, to force prices above market levels, to promote cartels and monopolies. Frederick Lewis Allen wrote, "Business itself was regarded with a new veneration. Once it had been considered less dignified and distinguished than the learned professions, but now people thought they praised a clergyman highly when they called him a good business man."

7. With Harding’s tax cuts, spending cuts and relatively non-interventionist economic policy, the gross national product rebounded to $74.1 billion in 1922. The number of unemployed fell to 2.8 million – a reported 6.7% of the labor force – in 1922. So, just a year and a half after Harding became president, the Roaring 20s were underway! The unemployment rate continued to decline, reaching a low of 1.8% in 1926 – an extraordinary feat. Since then, the unemployment rate has been lower only once in wartime (1944), and never in peacetime.



8. "The seven years from the autumn of 1922 to the autumn of 1929," wrote Vedder and Gallaway, "were arguably the brightest period in the economic history of the United States. Virtually all the measures of economic well-being suggested that the economy had reached new heights in terms of prosperity and the achievement of improvements in human welfare. Real gross national product increased every year, consumer prices were stable (as measured by the consumer price index), real wages rose as a consequence of productivity advance, stock prices tripled. Automobile production in 1929 was almost precisely double the level of 1922. It was in the twenties that Americans bought their first car, their first radio, made their first long-distance telephone call, took their first out-of-state vacation. This was the decade when America entered ‘the age of mass consumption.’"

9. "Progressives" were astonishingly blind to Harding’s achievements. Newspaperman William Allen White called Harding "almost unbelievably ill-informed." Historian Allen wrote that Harding’s "mind was vague and fuzzy. Its quality was revealed in the clogged style of his public addresses, in his choice of turgid and maladroit language (‘non-involvement’ in European affairs)." Ironically, Allen wrote this in 1931, when the Great Depression had been going for two years. Harding had the depression of 1920 licked in a year and a half, but under the "progressive" FDR, the Great Depression would persisted throughout the 1930s, until FDR began conscripting millions of young men for the armed forces.

America’s Greatest Depression*Fighter by Jim Powell
America’s Greatest Depression*Fighter by Jim Powell



Compared to FDR, Harding had a much better understanding of how an economy works.

Clearly, that applies to you, as well.

" almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged"


LMAOROG


1921 and All That

Every once in a while I get comments and correspondence indicating that the right has found an unlikely economic hero: Warren Harding. The recovery from the 1920-21 recession supposedly demonstrates that deflation and hands-off monetary policy is the way to go.

But have the people making these arguments really looked at what happened back then? Or are they relying on vague impressions about a distant episode, with bad data, that has been spun as a confirmation of their beliefs?

OK, I’m not going to invest a lot in this. But even a cursory examination of the available data suggests that 1921 has few useful lessons for the kind of slump we’re facing now.

Brad DeLong has recently written up a clearer version of a story I’ve been telling for a while (actually since before the 2008 crisis) — namely, that there’s a big difference between inflation-fighting recessions, in which the Fed squeezes to bring inflation down, then relaxes — and recessions brought on by overstretch in debt and investment. The former tend to be V-shaped, with a rapid recovery once the Fed relents; the latter tend to be slow, because it’s much harder to push private spending higher than to stop holding it down.

And the 1920-21 recession was basically an inflation-fighting recession — although the Fed was trying to bring the level of prices, rather than the rate of change, down. What you had was a postwar bulge in prices, which was then reversed:

Money was tightened, then loosened again:

Discount rates are a problematic indicator, but here’s what happened to commercial paper rates

And so there was a V-shaped recovery:

The deflation may have helped by increasing the real money supply — at least Meltzer thinks so (pdf) — but if so, the key point was that the economy was nowhere near the zero lower bound, so there was plenty of room for the conventional monetary channel to work.

All of this has zero relevance to an economy in our current situation, in which the recession was brought on by private overstretch, not tight money, and in which the zero lower bound is all too binding.

So do we have anything to learn from the macroeconomics of Warren Harding? No.


http://krugman.blogs.nytimes.com/2011/04/01/1921-and-all-that/?_php=true&_type=blogs&_r=0

 

[regent]

"Insults do not always substitute well for a scholarly response,..."

I drive the karma bus.

We deliver what folks deserve.




FDR was a four-flushing liar, he ran on cutting, and delivered spending.

You, a dolt who cannot accept reality.

Unfortunately, there are enough of your dolts to saddle the nation with an Obama.

That is not a scholarly response. When you have checked FDR's early programs for his cost cutting attempts, get back to me. No apology needed, just a promise you will try harder in the future. Good girl.

What a puerile attempt at face-saving.

No need, really.

You can't lose what you never had.

OK, after the election FDR called a special session of Congress to pass the Bank Bill. Then asks Congress to pass a second bill, The Economy Act, written for the most part by Lewis Douglas. That bill, will reduce spending and the story of that bill pretty much tells the story of FDR's first attempt to cut spending.

 

[PoliticalChic]

Hmmm, let's see:

Warren G. Harding - Wikipedia, the free encyclopedia

Federal Aid Highway Act of 1921 (Phipps Act) - Wikipedia, the free encyclopedia

Sheppard?Towner Act - Wikipedia, the free encyclopedia


Btw, public works and subsidies were around before the 20th Century:

http://fas.org/sgp/crs/misc/R42140.pdf

Transcript of Pacific Railway Act (1862) (print-friendly version)

Panic of 1792 - Wikipedia, the free encyclopedia

Another dolt sorely in need of education....don't worry....coming right up:


1. America’s greatest depression fighter was Warren Gamaliel Harding. An Ohio senator when he was elected president in 1920, he followed Woodrow Wilson who got America into World War I, ...Harding inherited the mess, in particular the post-World War I depression – almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged.

Richard K. Vedder and Lowell E. Gallaway, in their book Out of Work (1993), noted that the magnitude of the 1920 depression "exceeded that for the Great Depression of the following decade for several quarters." The estimated gross national product plunged 24% from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million in 1920 to 4.9 million in 1921.

2. Compared to FDR, Harding had a much better understanding of how an economy works. Harding, wrote historian Robert K. Murray, in The Harding Era (1969), "always decried high taxes, government waste, and excessive governmental interference in the private sector of the economy. In February 1920, shortly after announcing his candidacy, he advocated a cut in government expenditures and stated that government ought to ‘strike the shackles from industry.’ ‘We need vastly more freedom than we do regulation,’ he said. Surprisingly, big business took very little notice of him at the time."

3. One of Harding’s campaign slogans was "less government in business," and it served him well. Harding embraced the advice of Treasury Secretary Andrew Mellon and called for tax cuts in his first message to Congress, April 12, 1921. The highest taxes, on corporate revenues and "excess" profits, were to be cut. Personal income taxes were to be left as is, with a top rate of 8% of incomes above $4,000. Harding recognized the crucial importance of encouraging investment essential for growth and jobs, something that FDR never did.

4. Harding’s Budget and Accounting Act of 1921 provided a unified federal budget for the first time in American history. The act established (1) the Bureau of the Budget with a budget director responsible to the president, and (2) the General Accounting Office to help cut wasteful spending.

5. Federal spending was cut from $6.3 billion in 1920 to $5 billion in 1921 and $3.2 billion in 1922. Federal taxes were cut from $6.6 billion in 1920 to $5.5 billion in 1921 and $4 billion in 1922. Harding’s policies started a trend. The low point for federal taxes was reached in 1924. For federal spending, in 1925. The federal government paid off debt, which had been $24.2 billion in 1920, and it continued to decline until 1930.




6. Conspicuously absent was business-bashing that became a hallmark of FDR’s speeches. Absent, too, were New Deal–type big government programs to make it more expensive for employers to hire people, to force prices above market levels, to promote cartels and monopolies. Frederick Lewis Allen wrote, "Business itself was regarded with a new veneration. Once it had been considered less dignified and distinguished than the learned professions, but now people thought they praised a clergyman highly when they called him a good business man."

7. With Harding’s tax cuts, spending cuts and relatively non-interventionist economic policy, the gross national product rebounded to $74.1 billion in 1922. The number of unemployed fell to 2.8 million – a reported 6.7% of the labor force – in 1922. So, just a year and a half after Harding became president, the Roaring 20s were underway! The unemployment rate continued to decline, reaching a low of 1.8% in 1926 – an extraordinary feat. Since then, the unemployment rate has been lower only once in wartime (1944), and never in peacetime.



8. "The seven years from the autumn of 1922 to the autumn of 1929," wrote Vedder and Gallaway, "were arguably the brightest period in the economic history of the United States. Virtually all the measures of economic well-being suggested that the economy had reached new heights in terms of prosperity and the achievement of improvements in human welfare. Real gross national product increased every year, consumer prices were stable (as measured by the consumer price index), real wages rose as a consequence of productivity advance, stock prices tripled. Automobile production in 1929 was almost precisely double the level of 1922. It was in the twenties that Americans bought their first car, their first radio, made their first long-distance telephone call, took their first out-of-state vacation. This was the decade when America entered ‘the age of mass consumption.’"

9. "Progressives" were astonishingly blind to Harding’s achievements. Newspaperman William Allen White called Harding "almost unbelievably ill-informed." Historian Allen wrote that Harding’s "mind was vague and fuzzy. Its quality was revealed in the clogged style of his public addresses, in his choice of turgid and maladroit language (‘non-involvement’ in European affairs)." Ironically, Allen wrote this in 1931, when the Great Depression had been going for two years. Harding had the depression of 1920 licked in a year and a half, but under the "progressive" FDR, the Great Depression would persisted throughout the 1930s, until FDR began conscripting millions of young men for the armed forces.

America’s Greatest Depression*Fighter by Jim Powell
America’s Greatest Depression*Fighter by Jim Powell



Compared to FDR, Harding had a much better understanding of how an economy works.

Clearly, that applies to you, as well.

" almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged"


LMAOROG


1921 and All That

Every once in a while I get comments and correspondence indicating that the right has found an unlikely economic hero: Warren Harding. The recovery from the 1920-21 recession supposedly demonstrates that deflation and hands-off monetary policy is the way to go.

But have the people making these arguments really looked at what happened back then? Or are they relying on vague impressions about a distant episode, with bad data, that has been spun as a confirmation of their beliefs?

OK, I’m not going to invest a lot in this. But even a cursory examination of the available data suggests that 1921 has few useful lessons for the kind of slump we’re facing now.

Brad DeLong has recently written up a clearer version of a story I’ve been telling for a while (actually since before the 2008 crisis) — namely, that there’s a big difference between inflation-fighting recessions, in which the Fed squeezes to bring inflation down, then relaxes — and recessions brought on by overstretch in debt and investment. The former tend to be V-shaped, with a rapid recovery once the Fed relents; the latter tend to be slow, because it’s much harder to push private spending higher than to stop holding it down.

And the 1920-21 recession was basically an inflation-fighting recession — although the Fed was trying to bring the level of prices, rather than the rate of change, down. What you had was a postwar bulge in prices, which was then reversed:

Money was tightened, then loosened again:

Discount rates are a problematic indicator, but here’s what happened to commercial paper rates

And so there was a V-shaped recovery:

The deflation may have helped by increasing the real money supply — at least Meltzer thinks so (pdf) — but if so, the key point was that the economy was nowhere near the zero lower bound, so there was plenty of room for the conventional monetary channel to work.

All of this has zero relevance to an economy in our current situation, in which the recession was brought on by private overstretch, not tight money, and in which the zero lower bound is all too binding.

So do we have anything to learn from the macroeconomics of Warren Harding? No.


http://krugman.blogs.nytimes.com/2011/04/01/1921-and-all-that/?_php=true&_type=blogs&_r=0

"So do we have anything to learn from the macroeconomics of Warren Harding? No."


And there, in one concept, do we find the explanation for the following:

1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI


2. John Maynard Keynes, in a letter published in the NYTimes, December 31, 1933, warned “ even wise and necessary Reform may, in some respects, impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action.” Even Keynes saw the danger in treating the nation’s capitalists as an enemy, as “the unscrupulous money changers,” as FDR called them in his first Inaugural.


3. 'In "The High Tide of American Conservatism: Davis, Coolidge, and the 1924 Election," Garland Tucker casts new light on the election and the two candidates, Democrat John W. Davis and Republican Calvin Coolidge. He quotes Paul Rubin: "We now know that FDR's policies likely prolonged the Great Depression because the economy never fully recovered in the 1930s, and actually got worse in the latter half of the decade." And then, quotes Paul Johnson: "Coolidge Prosperity was huge, real, widespread and it showed that the concept of a property-owning democracy could be realized."



4. It was not until 1937 that production reached the 1929 figure. There was still 14.3 percent unemployment—and this “miniboom” soon gave way to “the steepest economic decline in the history of the US”, which “lost half the ground gained…since 1932”.

Unemployment rose again to 19 percent and was still at 14 percent on the eve of US entry into the war in 1940. The greatest slump capitalism had known was not ended by government action. The most this may have achieved was to replace continual decline by long stagnation, leaving a very high level of unemployment and output below that of the previous decade.

JK Galbraith summed the situation up when he wrote, “The Great Depression of the thirties never came to an end. It merely disappeared in the great mobilisation of the forties”.
International Socialism: The slump of the 1930s and the crisis today



5. Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.” Roosevelt’s Brain Truster Raymond Moley was among the framers of the NRA who later acknowledged the error of their ways. “Planning an economy in normal times is possible only through the discipline of a police state,” he reflected."
http://www.fff.org/freedom/fd0908d.asp

....of course, the economic policies of a police state is exactly what Roosevelt was imitating....Mussolini's.




"So do we have anything to learn from the macroeconomics of Warren Harding? No."

And that's the problem....you never learn.....period.

 

[EdwardBaiamonte]

Another dolt sorely in need of education....don't worry....coming right up:


1. America’s greatest depression fighter was Warren Gamaliel Harding. An Ohio senator when he was elected president in 1920, he followed Woodrow Wilson who got America into World War I, ...Harding inherited the mess, in particular the post-World War I depression – almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged.

Richard K. Vedder and Lowell E. Gallaway, in their book Out of Work (1993), noted that the magnitude of the 1920 depression "exceeded that for the Great Depression of the following decade for several quarters." The estimated gross national product plunged 24% from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million in 1920 to 4.9 million in 1921.

2. Compared to FDR, Harding had a much better understanding of how an economy works. Harding, wrote historian Robert K. Murray, in The Harding Era (1969), "always decried high taxes, government waste, and excessive governmental interference in the private sector of the economy. In February 1920, shortly after announcing his candidacy, he advocated a cut in government expenditures and stated that government ought to ‘strike the shackles from industry.’ ‘We need vastly more freedom than we do regulation,’ he said. Surprisingly, big business took very little notice of him at the time."

3. One of Harding’s campaign slogans was "less government in business," and it served him well. Harding embraced the advice of Treasury Secretary Andrew Mellon and called for tax cuts in his first message to Congress, April 12, 1921. The highest taxes, on corporate revenues and "excess" profits, were to be cut. Personal income taxes were to be left as is, with a top rate of 8% of incomes above $4,000. Harding recognized the crucial importance of encouraging investment essential for growth and jobs, something that FDR never did.

4. Harding’s Budget and Accounting Act of 1921 provided a unified federal budget for the first time in American history. The act established (1) the Bureau of the Budget with a budget director responsible to the president, and (2) the General Accounting Office to help cut wasteful spending.

5. Federal spending was cut from $6.3 billion in 1920 to $5 billion in 1921 and $3.2 billion in 1922. Federal taxes were cut from $6.6 billion in 1920 to $5.5 billion in 1921 and $4 billion in 1922. Harding’s policies started a trend. The low point for federal taxes was reached in 1924. For federal spending, in 1925. The federal government paid off debt, which had been $24.2 billion in 1920, and it continued to decline until 1930.




6. Conspicuously absent was business-bashing that became a hallmark of FDR’s speeches. Absent, too, were New Deal–type big government programs to make it more expensive for employers to hire people, to force prices above market levels, to promote cartels and monopolies. Frederick Lewis Allen wrote, "Business itself was regarded with a new veneration. Once it had been considered less dignified and distinguished than the learned professions, but now people thought they praised a clergyman highly when they called him a good business man."

7. With Harding’s tax cuts, spending cuts and relatively non-interventionist economic policy, the gross national product rebounded to $74.1 billion in 1922. The number of unemployed fell to 2.8 million – a reported 6.7% of the labor force – in 1922. So, just a year and a half after Harding became president, the Roaring 20s were underway! The unemployment rate continued to decline, reaching a low of 1.8% in 1926 – an extraordinary feat. Since then, the unemployment rate has been lower only once in wartime (1944), and never in peacetime.



8. "The seven years from the autumn of 1922 to the autumn of 1929," wrote Vedder and Gallaway, "were arguably the brightest period in the economic history of the United States. Virtually all the measures of economic well-being suggested that the economy had reached new heights in terms of prosperity and the achievement of improvements in human welfare. Real gross national product increased every year, consumer prices were stable (as measured by the consumer price index), real wages rose as a consequence of productivity advance, stock prices tripled. Automobile production in 1929 was almost precisely double the level of 1922. It was in the twenties that Americans bought their first car, their first radio, made their first long-distance telephone call, took their first out-of-state vacation. This was the decade when America entered ‘the age of mass consumption.’"

9. "Progressives" were astonishingly blind to Harding’s achievements. Newspaperman William Allen White called Harding "almost unbelievably ill-informed." Historian Allen wrote that Harding’s "mind was vague and fuzzy. Its quality was revealed in the clogged style of his public addresses, in his choice of turgid and maladroit language (‘non-involvement’ in European affairs)." Ironically, Allen wrote this in 1931, when the Great Depression had been going for two years. Harding had the depression of 1920 licked in a year and a half, but under the "progressive" FDR, the Great Depression would persisted throughout the 1930s, until FDR began conscripting millions of young men for the armed forces.

America’s Greatest Depression*Fighter by Jim Powell
America’s Greatest Depression*Fighter by Jim Powell



Compared to FDR, Harding had a much better understanding of how an economy works.

Clearly, that applies to you, as well.

" almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged"


LMAOROG


1921 and All That

Every once in a while I get comments and correspondence indicating that the right has found an unlikely economic hero: Warren Harding. The recovery from the 1920-21 recession supposedly demonstrates that deflation and hands-off monetary policy is the way to go.

But have the people making these arguments really looked at what happened back then? Or are they relying on vague impressions about a distant episode, with bad data, that has been spun as a confirmation of their beliefs?

OK, I’m not going to invest a lot in this. But even a cursory examination of the available data suggests that 1921 has few useful lessons for the kind of slump we’re facing now.

Brad DeLong has recently written up a clearer version of a story I’ve been telling for a while (actually since before the 2008 crisis) — namely, that there’s a big difference between inflation-fighting recessions, in which the Fed squeezes to bring inflation down, then relaxes — and recessions brought on by overstretch in debt and investment. The former tend to be V-shaped, with a rapid recovery once the Fed relents; the latter tend to be slow, because it’s much harder to push private spending higher than to stop holding it down.

And the 1920-21 recession was basically an inflation-fighting recession — although the Fed was trying to bring the level of prices, rather than the rate of change, down. What you had was a postwar bulge in prices, which was then reversed:

Money was tightened, then loosened again:

Discount rates are a problematic indicator, but here’s what happened to commercial paper rates

And so there was a V-shaped recovery:

The deflation may have helped by increasing the real money supply — at least Meltzer thinks so (pdf) — but if so, the key point was that the economy was nowhere near the zero lower bound, so there was plenty of room for the conventional monetary channel to work.

All of this has zero relevance to an economy in our current situation, in which the recession was brought on by private overstretch, not tight money, and in which the zero lower bound is all too binding.

So do we have anything to learn from the macroeconomics of Warren Harding? No.


http://krugman.blogs.nytimes.com/2011/04/01/1921-and-all-that/?_php=true&_type=blogs&_r=0

"So do we have anything to learn from the macroeconomics of Warren Harding? No."


And there, in one concept, do we find the explanation for the following:

1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI


2. John Maynard Keynes, in a letter published in the NYTimes, December 31, 1933, warned “ even wise and necessary Reform may, in some respects, impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action.” Even Keynes saw the danger in treating the nation’s capitalists as an enemy, as “the unscrupulous money changers,” as FDR called them in his first Inaugural.


3. 'In "The High Tide of American Conservatism: Davis, Coolidge, and the 1924 Election," Garland Tucker casts new light on the election and the two candidates, Democrat John W. Davis and Republican Calvin Coolidge. He quotes Paul Rubin: "We now know that FDR's policies likely prolonged the Great Depression because the economy never fully recovered in the 1930s, and actually got worse in the latter half of the decade." And then, quotes Paul Johnson: "Coolidge Prosperity was huge, real, widespread and it showed that the concept of a property-owning democracy could be realized."



4. It was not until 1937 that production reached the 1929 figure. There was still 14.3 percent unemployment—and this “miniboom” soon gave way to “the steepest economic decline in the history of the US”, which “lost half the ground gained…since 1932”.

Unemployment rose again to 19 percent and was still at 14 percent on the eve of US entry into the war in 1940. The greatest slump capitalism had known was not ended by government action. The most this may have achieved was to replace continual decline by long stagnation, leaving a very high level of unemployment and output below that of the previous decade.

JK Galbraith summed the situation up when he wrote, “The Great Depression of the thirties never came to an end. It merely disappeared in the great mobilisation of the forties”.
International Socialism: The slump of the 1930s and the crisis today



5. Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.” Roosevelt’s Brain Truster Raymond Moley was among the framers of the NRA who later acknowledged the error of their ways. “Planning an economy in normal times is possible only through the discipline of a police state,” he reflected."
http://www.fff.org/freedom/fd0908d.asp

....of course, the economic policies of a police state is exactly what Roosevelt was imitating....Mussolini's.




"So do we have anything to learn from the macroeconomics of Warren Harding? No."

And that's the problem....you never learn.....period.

yes, govt interference grows and grows but despite the failure of USSR East Germany Cuba Red China and 132 others the American liberal believes there is a correct formula that they will find someday. And all because they lack the IQ to understand capitalism.

 

[PoliticalChic]

" almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged"


LMAOROG


1921 and All That

Every once in a while I get comments and correspondence indicating that the right has found an unlikely economic hero: Warren Harding. The recovery from the 1920-21 recession supposedly demonstrates that deflation and hands-off monetary policy is the way to go.

But have the people making these arguments really looked at what happened back then? Or are they relying on vague impressions about a distant episode, with bad data, that has been spun as a confirmation of their beliefs?

OK, I’m not going to invest a lot in this. But even a cursory examination of the available data suggests that 1921 has few useful lessons for the kind of slump we’re facing now.

Brad DeLong has recently written up a clearer version of a story I’ve been telling for a while (actually since before the 2008 crisis) — namely, that there’s a big difference between inflation-fighting recessions, in which the Fed squeezes to bring inflation down, then relaxes — and recessions brought on by overstretch in debt and investment. The former tend to be V-shaped, with a rapid recovery once the Fed relents; the latter tend to be slow, because it’s much harder to push private spending higher than to stop holding it down.

And the 1920-21 recession was basically an inflation-fighting recession — although the Fed was trying to bring the level of prices, rather than the rate of change, down. What you had was a postwar bulge in prices, which was then reversed:

Money was tightened, then loosened again:

Discount rates are a problematic indicator, but here’s what happened to commercial paper rates

And so there was a V-shaped recovery:

The deflation may have helped by increasing the real money supply — at least Meltzer thinks so (pdf) — but if so, the key point was that the economy was nowhere near the zero lower bound, so there was plenty of room for the conventional monetary channel to work.

All of this has zero relevance to an economy in our current situation, in which the recession was brought on by private overstretch, not tight money, and in which the zero lower bound is all too binding.

So do we have anything to learn from the macroeconomics of Warren Harding? No.


http://krugman.blogs.nytimes.com/2011/04/01/1921-and-all-that/?_php=true&_type=blogs&_r=0

"So do we have anything to learn from the macroeconomics of Warren Harding? No."


And there, in one concept, do we find the explanation for the following:

1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI


2. John Maynard Keynes, in a letter published in the NYTimes, December 31, 1933, warned “ even wise and necessary Reform may, in some respects, impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action.” Even Keynes saw the danger in treating the nation’s capitalists as an enemy, as “the unscrupulous money changers,” as FDR called them in his first Inaugural.


3. 'In "The High Tide of American Conservatism: Davis, Coolidge, and the 1924 Election," Garland Tucker casts new light on the election and the two candidates, Democrat John W. Davis and Republican Calvin Coolidge. He quotes Paul Rubin: "We now know that FDR's policies likely prolonged the Great Depression because the economy never fully recovered in the 1930s, and actually got worse in the latter half of the decade." And then, quotes Paul Johnson: "Coolidge Prosperity was huge, real, widespread and it showed that the concept of a property-owning democracy could be realized."



4. It was not until 1937 that production reached the 1929 figure. There was still 14.3 percent unemployment—and this “miniboom” soon gave way to “the steepest economic decline in the history of the US”, which “lost half the ground gained…since 1932”.

Unemployment rose again to 19 percent and was still at 14 percent on the eve of US entry into the war in 1940. The greatest slump capitalism had known was not ended by government action. The most this may have achieved was to replace continual decline by long stagnation, leaving a very high level of unemployment and output below that of the previous decade.

JK Galbraith summed the situation up when he wrote, “The Great Depression of the thirties never came to an end. It merely disappeared in the great mobilisation of the forties”.
International Socialism: The slump of the 1930s and the crisis today



5. Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.” Roosevelt’s Brain Truster Raymond Moley was among the framers of the NRA who later acknowledged the error of their ways. “Planning an economy in normal times is possible only through the discipline of a police state,” he reflected."
http://www.fff.org/freedom/fd0908d.asp

....of course, the economic policies of a police state is exactly what Roosevelt was imitating....Mussolini's.




"So do we have anything to learn from the macroeconomics of Warren Harding? No."

And that's the problem....you never learn.....period.

yes, govt interference grows and grows but despite the failure of USSR East Germany Cuba Red China and 132 others the American liberal believes there is a correct formula that they will find someday. And all because they lack the IQ to understand capitalism.

Here is a pretty good working definition of 'capitalism:'

"In the free market, every man, woman and child is scheming to find a better way to make a product or service that will make a fortune!"
David Mamet, "The Secret Knowledge," chapter ten.

 

[mudwhistle]

Ask anyone here if they make more now than they did in 2008, most will say they make the same or less, yet everything costs much more.

YES, like the first GOP great depression, the GOP hosed US and put US in a deep AND wide hole.

Of course the Corps and 1% ers are doing OK, just like conservatives want, no need to increase taxes on the 'job creators' who have the lowest sustained tax burden in 80 years...

I guess Obama lied when he said he would strengthen the Middle-Class.....

 

[EdwardBaiamonte]

YES, like the first GOP great depression, the GOP hosed US and put US in a deep AND wide hole.

Dear, can you say how you figure it was GOP depression?? See why we say slow?

 

[EdwardBaiamonte]

"So do we have anything to learn from the macroeconomics of Warren Harding? No."


And there, in one concept, do we find the explanation for the following:

1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI


2. John Maynard Keynes, in a letter published in the NYTimes, December 31, 1933, warned “ even wise and necessary Reform may, in some respects, impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action.” Even Keynes saw the danger in treating the nation’s capitalists as an enemy, as “the unscrupulous money changers,” as FDR called them in his first Inaugural.


3. 'In "The High Tide of American Conservatism: Davis, Coolidge, and the 1924 Election," Garland Tucker casts new light on the election and the two candidates, Democrat John W. Davis and Republican Calvin Coolidge. He quotes Paul Rubin: "We now know that FDR's policies likely prolonged the Great Depression because the economy never fully recovered in the 1930s, and actually got worse in the latter half of the decade." And then, quotes Paul Johnson: "Coolidge Prosperity was huge, real, widespread and it showed that the concept of a property-owning democracy could be realized."



4. It was not until 1937 that production reached the 1929 figure. There was still 14.3 percent unemployment—and this “miniboom” soon gave way to “the steepest economic decline in the history of the US”, which “lost half the ground gained…since 1932”.

Unemployment rose again to 19 percent and was still at 14 percent on the eve of US entry into the war in 1940. The greatest slump capitalism had known was not ended by government action. The most this may have achieved was to replace continual decline by long stagnation, leaving a very high level of unemployment and output below that of the previous decade.

JK Galbraith summed the situation up when he wrote, “The Great Depression of the thirties never came to an end. It merely disappeared in the great mobilisation of the forties”.
International Socialism: The slump of the 1930s and the crisis today



5. Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.” Roosevelt’s Brain Truster Raymond Moley was among the framers of the NRA who later acknowledged the error of their ways. “Planning an economy in normal times is possible only through the discipline of a police state,” he reflected."
http://www.fff.org/freedom/fd0908d.asp

....of course, the economic policies of a police state is exactly what Roosevelt was imitating....Mussolini's.




"So do we have anything to learn from the macroeconomics of Warren Harding? No."

And that's the problem....you never learn.....period.

yes, govt interference grows and grows but despite the failure of USSR East Germany Cuba Red China and 132 others the American liberal believes there is a correct formula that they will find someday. And all because they lack the IQ to understand capitalism.

Here is a pretty good working definition of 'capitalism:'

"In the free market, every man, woman and child is scheming to find a better way to make a product or service that will make a fortune!"
David Mamet, "The Secret Knowledge," chapter ten.

Thats wrong! Everyone is scheming to serve their fellow man! Thats the beauty of capitalism.

 

[Dad2three]

Another dolt sorely in need of education....don't worry....coming right up:


1. America’s greatest depression fighter was Warren Gamaliel Harding. An Ohio senator when he was elected president in 1920, he followed Woodrow Wilson who got America into World War I, ...Harding inherited the mess, in particular the post-World War I depression – almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged.

Richard K. Vedder and Lowell E. Gallaway, in their book Out of Work (1993), noted that the magnitude of the 1920 depression "exceeded that for the Great Depression of the following decade for several quarters." The estimated gross national product plunged 24% from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million in 1920 to 4.9 million in 1921.

2. Compared to FDR, Harding had a much better understanding of how an economy works. Harding, wrote historian Robert K. Murray, in The Harding Era (1969), "always decried high taxes, government waste, and excessive governmental interference in the private sector of the economy. In February 1920, shortly after announcing his candidacy, he advocated a cut in government expenditures and stated that government ought to ‘strike the shackles from industry.’ ‘We need vastly more freedom than we do regulation,’ he said. Surprisingly, big business took very little notice of him at the time."

3. One of Harding’s campaign slogans was "less government in business," and it served him well. Harding embraced the advice of Treasury Secretary Andrew Mellon and called for tax cuts in his first message to Congress, April 12, 1921. The highest taxes, on corporate revenues and "excess" profits, were to be cut. Personal income taxes were to be left as is, with a top rate of 8% of incomes above $4,000. Harding recognized the crucial importance of encouraging investment essential for growth and jobs, something that FDR never did.

4. Harding’s Budget and Accounting Act of 1921 provided a unified federal budget for the first time in American history. The act established (1) the Bureau of the Budget with a budget director responsible to the president, and (2) the General Accounting Office to help cut wasteful spending.

5. Federal spending was cut from $6.3 billion in 1920 to $5 billion in 1921 and $3.2 billion in 1922. Federal taxes were cut from $6.6 billion in 1920 to $5.5 billion in 1921 and $4 billion in 1922. Harding’s policies started a trend. The low point for federal taxes was reached in 1924. For federal spending, in 1925. The federal government paid off debt, which had been $24.2 billion in 1920, and it continued to decline until 1930.




6. Conspicuously absent was business-bashing that became a hallmark of FDR’s speeches. Absent, too, were New Deal–type big government programs to make it more expensive for employers to hire people, to force prices above market levels, to promote cartels and monopolies. Frederick Lewis Allen wrote, "Business itself was regarded with a new veneration. Once it had been considered less dignified and distinguished than the learned professions, but now people thought they praised a clergyman highly when they called him a good business man."

7. With Harding’s tax cuts, spending cuts and relatively non-interventionist economic policy, the gross national product rebounded to $74.1 billion in 1922. The number of unemployed fell to 2.8 million – a reported 6.7% of the labor force – in 1922. So, just a year and a half after Harding became president, the Roaring 20s were underway! The unemployment rate continued to decline, reaching a low of 1.8% in 1926 – an extraordinary feat. Since then, the unemployment rate has been lower only once in wartime (1944), and never in peacetime.



8. "The seven years from the autumn of 1922 to the autumn of 1929," wrote Vedder and Gallaway, "were arguably the brightest period in the economic history of the United States. Virtually all the measures of economic well-being suggested that the economy had reached new heights in terms of prosperity and the achievement of improvements in human welfare. Real gross national product increased every year, consumer prices were stable (as measured by the consumer price index), real wages rose as a consequence of productivity advance, stock prices tripled. Automobile production in 1929 was almost precisely double the level of 1922. It was in the twenties that Americans bought their first car, their first radio, made their first long-distance telephone call, took their first out-of-state vacation. This was the decade when America entered ‘the age of mass consumption.’"

9. "Progressives" were astonishingly blind to Harding’s achievements. Newspaperman William Allen White called Harding "almost unbelievably ill-informed." Historian Allen wrote that Harding’s "mind was vague and fuzzy. Its quality was revealed in the clogged style of his public addresses, in his choice of turgid and maladroit language (‘non-involvement’ in European affairs)." Ironically, Allen wrote this in 1931, when the Great Depression had been going for two years. Harding had the depression of 1920 licked in a year and a half, but under the "progressive" FDR, the Great Depression would persisted throughout the 1930s, until FDR began conscripting millions of young men for the armed forces.

America’s Greatest Depression*Fighter by Jim Powell
America’s Greatest Depression*Fighter by Jim Powell



Compared to FDR, Harding had a much better understanding of how an economy works.

Clearly, that applies to you, as well.

" almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged"


LMAOROG


1921 and All That

Every once in a while I get comments and correspondence indicating that the right has found an unlikely economic hero: Warren Harding. The recovery from the 1920-21 recession supposedly demonstrates that deflation and hands-off monetary policy is the way to go.

But have the people making these arguments really looked at what happened back then? Or are they relying on vague impressions about a distant episode, with bad data, that has been spun as a confirmation of their beliefs?

OK, I’m not going to invest a lot in this. But even a cursory examination of the available data suggests that 1921 has few useful lessons for the kind of slump we’re facing now.

Brad DeLong has recently written up a clearer version of a story I’ve been telling for a while (actually since before the 2008 crisis) — namely, that there’s a big difference between inflation-fighting recessions, in which the Fed squeezes to bring inflation down, then relaxes — and recessions brought on by overstretch in debt and investment. The former tend to be V-shaped, with a rapid recovery once the Fed relents; the latter tend to be slow, because it’s much harder to push private spending higher than to stop holding it down.

And the 1920-21 recession was basically an inflation-fighting recession — although the Fed was trying to bring the level of prices, rather than the rate of change, down. What you had was a postwar bulge in prices, which was then reversed:

Money was tightened, then loosened again:

Discount rates are a problematic indicator, but here’s what happened to commercial paper rates

And so there was a V-shaped recovery:

The deflation may have helped by increasing the real money supply — at least Meltzer thinks so (pdf) — but if so, the key point was that the economy was nowhere near the zero lower bound, so there was plenty of room for the conventional monetary channel to work.

All of this has zero relevance to an economy in our current situation, in which the recession was brought on by private overstretch, not tight money, and in which the zero lower bound is all too binding.

So do we have anything to learn from the macroeconomics of Warren Harding? No.


http://krugman.blogs.nytimes.com/2011/04/01/1921-and-all-that/?_php=true&_type=blogs&_r=0

"So do we have anything to learn from the macroeconomics of Warren Harding? No."


And there, in one concept, do we find the explanation for the following:

1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI


2. John Maynard Keynes, in a letter published in the NYTimes, December 31, 1933, warned “ even wise and necessary Reform may, in some respects, impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action.” Even Keynes saw the danger in treating the nation’s capitalists as an enemy, as “the unscrupulous money changers,” as FDR called them in his first Inaugural.


3. 'In "The High Tide of American Conservatism: Davis, Coolidge, and the 1924 Election," Garland Tucker casts new light on the election and the two candidates, Democrat John W. Davis and Republican Calvin Coolidge. He quotes Paul Rubin: "We now know that FDR's policies likely prolonged the Great Depression because the economy never fully recovered in the 1930s, and actually got worse in the latter half of the decade." And then, quotes Paul Johnson: "Coolidge Prosperity was huge, real, widespread and it showed that the concept of a property-owning democracy could be realized."



4. It was not until 1937 that production reached the 1929 figure. There was still 14.3 percent unemployment—and this “miniboom” soon gave way to “the steepest economic decline in the history of the US”, which “lost half the ground gained…since 1932”.

Unemployment rose again to 19 percent and was still at 14 percent on the eve of US entry into the war in 1940. The greatest slump capitalism had known was not ended by government action. The most this may have achieved was to replace continual decline by long stagnation, leaving a very high level of unemployment and output below that of the previous decade.

JK Galbraith summed the situation up when he wrote, “The Great Depression of the thirties never came to an end. It merely disappeared in the great mobilisation of the forties”.
International Socialism: The slump of the 1930s and the crisis today



5. Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.” Roosevelt’s Brain Truster Raymond Moley was among the framers of the NRA who later acknowledged the error of their ways. “Planning an economy in normal times is possible only through the discipline of a police state,” he reflected."
http://www.fff.org/freedom/fd0908d.asp

....of course, the economic policies of a police state is exactly what Roosevelt was imitating....Mussolini's.




"So do we have anything to learn from the macroeconomics of Warren Harding? No."

And that's the problem....you never learn.....period.

"The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.[1]

In 1935, the U.S. Supreme Court unanimously declared that the NRA law was unconstitutional, ruling that it infringed the separation of powers under the United States Constitution.


" 1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI"


LIE

" New Deal and the National Recovery Administration"





Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.”

The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.

National Recovery Administration - Wikipedia, the free encyclopedia


NOTE THE DIFFERENCE OF NRA VERSUS NEW DEAL? LOL


ONCE MORE, YES, ONCE FDR LISTENED TO THE DEFICIT SCOLDS AND CUT SPENDING 10% IN 1937 AND 7% IN 1938 WE WENT BACK INTO THE CONSERVATIVES DEPRESSION

 

[Dad2three]

Ask anyone here if they make more now than they did in 2008, most will say they make the same or less, yet everything costs much more.

YES, like the first GOP great depression, the GOP hosed US and put US in a deep AND wide hole.

Of course the Corps and 1% ers are doing OK, just like conservatives want, no need to increase taxes on the 'job creators' who have the lowest sustained tax burden in 80 years...

I guess Obama lied when he said he would strengthen the Middle-Class.....

So you don't think getting millions more insurance, creating more than 10+ million more PRIVATE sector jobs than Dubya did in his 8 years is better?

 

[Dad2three]

YES, like the first GOP great depression, the GOP hosed US and put US in a deep AND wide hole.

Dear, can you say how you figure it was GOP depression?? See why we say slow?

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse



Bush’s regulators not only let banks do this, they attacked state regulators trying to do their jobs. Bush’s documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment bank’s capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional 440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.


http://www.usmessageboard.com/economy/362889-facts-on-dubya-s-great-recession.html

 

[Agit8r]

Harding policies worked, Hoover/Roosevelt....not so much.


Guess which Obama mirrors?

Hmmm, let's see:

Warren G. Harding - Wikipedia, the free encyclopedia

Federal Aid Highway Act of 1921 (Phipps Act) - Wikipedia, the free encyclopedia

Sheppard?Towner Act - Wikipedia, the free encyclopedia


Btw, public works and subsidies were around before the 20th Century:

http://fas.org/sgp/crs/misc/R42140.pdf

Transcript of Pacific Railway Act (1862) (print-friendly version)

Panic of 1792 - Wikipedia, the free encyclopedia

Another dolt sorely in need of education....don't worry....coming right up:


1. America’s greatest depression fighter was Warren Gamaliel Harding. An Ohio senator when he was elected president in 1920, he followed Woodrow Wilson who got America into World War I, ...Harding inherited the mess, in particular the post-World War I depression – almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged.

Richard K. Vedder and Lowell E. Gallaway, in their book Out of Work (1993), noted that the magnitude of the 1920 depression "exceeded that for the Great Depression of the following decade for several quarters." The estimated gross national product plunged 24% from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million in 1920 to 4.9 million in 1921.

2. Compared to FDR, Harding had a much better understanding of how an economy works. Harding, wrote historian Robert K. Murray, in The Harding Era (1969), "always decried high taxes, government waste, and excessive governmental interference in the private sector of the economy. In February 1920, shortly after announcing his candidacy, he advocated a cut in government expenditures and stated that government ought to ‘strike the shackles from industry.’ ‘We need vastly more freedom than we do regulation,’ he said. Surprisingly, big business took very little notice of him at the time."

3. One of Harding’s campaign slogans was "less government in business," and it served him well. Harding embraced the advice of Treasury Secretary Andrew Mellon and called for tax cuts in his first message to Congress, April 12, 1921. The highest taxes, on corporate revenues and "excess" profits, were to be cut. Personal income taxes were to be left as is, with a top rate of 8% of incomes above $4,000. Harding recognized the crucial importance of encouraging investment essential for growth and jobs, something that FDR never did.

4. Harding’s Budget and Accounting Act of 1921 provided a unified federal budget for the first time in American history. The act established (1) the Bureau of the Budget with a budget director responsible to the president, and (2) the General Accounting Office to help cut wasteful spending.

5. Federal spending was cut from $6.3 billion in 1920 to $5 billion in 1921 and $3.2 billion in 1922. Federal taxes were cut from $6.6 billion in 1920 to $5.5 billion in 1921 and $4 billion in 1922. Harding’s policies started a trend. The low point for federal taxes was reached in 1924. For federal spending, in 1925. The federal government paid off debt, which had been $24.2 billion in 1920, and it continued to decline until 1930.




6. Conspicuously absent was business-bashing that became a hallmark of FDR’s speeches. Absent, too, were New Deal–type big government programs to make it more expensive for employers to hire people, to force prices above market levels, to promote cartels and monopolies. Frederick Lewis Allen wrote, "Business itself was regarded with a new veneration. Once it had been considered less dignified and distinguished than the learned professions, but now people thought they praised a clergyman highly when they called him a good business man."

7. With Harding’s tax cuts, spending cuts and relatively non-interventionist economic policy, the gross national product rebounded to $74.1 billion in 1922. The number of unemployed fell to 2.8 million – a reported 6.7% of the labor force – in 1922. So, just a year and a half after Harding became president, the Roaring 20s were underway! The unemployment rate continued to decline, reaching a low of 1.8% in 1926 – an extraordinary feat. Since then, the unemployment rate has been lower only once in wartime (1944), and never in peacetime.



8. "The seven years from the autumn of 1922 to the autumn of 1929," wrote Vedder and Gallaway, "were arguably the brightest period in the economic history of the United States. Virtually all the measures of economic well-being suggested that the economy had reached new heights in terms of prosperity and the achievement of improvements in human welfare. Real gross national product increased every year, consumer prices were stable (as measured by the consumer price index), real wages rose as a consequence of productivity advance, stock prices tripled. Automobile production in 1929 was almost precisely double the level of 1922. It was in the twenties that Americans bought their first car, their first radio, made their first long-distance telephone call, took their first out-of-state vacation. This was the decade when America entered ‘the age of mass consumption.’"

9. "Progressives" were astonishingly blind to Harding’s achievements. Newspaperman William Allen White called Harding "almost unbelievably ill-informed." Historian Allen wrote that Harding’s "mind was vague and fuzzy. Its quality was revealed in the clogged style of his public addresses, in his choice of turgid and maladroit language (‘non-involvement’ in European affairs)." Ironically, Allen wrote this in 1931, when the Great Depression had been going for two years. Harding had the depression of 1920 licked in a year and a half, but under the "progressive" FDR, the Great Depression would persisted throughout the 1930s, until FDR began conscripting millions of young men for the armed forces.

America’s Greatest Depression*Fighter by Jim Powell
America’s Greatest Depression*Fighter by Jim Powell



Compared to FDR, Harding had a much better understanding of how an economy works.

Clearly, that applies to you, as well.

I don't know wtf the point of that rant could possibly have been, because all I was noting was that Harding implemented tax cuts along with infrastructure spending, which is precisely what The American Recovery and Reinvestment Act of 2009 did (that everyone on the right got all about)

The fact that Harding passed a healthcare law is just gravy

 

[PoliticalChic]

" almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged"


LMAOROG


1921 and All That

Every once in a while I get comments and correspondence indicating that the right has found an unlikely economic hero: Warren Harding. The recovery from the 1920-21 recession supposedly demonstrates that deflation and hands-off monetary policy is the way to go.

But have the people making these arguments really looked at what happened back then? Or are they relying on vague impressions about a distant episode, with bad data, that has been spun as a confirmation of their beliefs?

OK, I’m not going to invest a lot in this. But even a cursory examination of the available data suggests that 1921 has few useful lessons for the kind of slump we’re facing now.

Brad DeLong has recently written up a clearer version of a story I’ve been telling for a while (actually since before the 2008 crisis) — namely, that there’s a big difference between inflation-fighting recessions, in which the Fed squeezes to bring inflation down, then relaxes — and recessions brought on by overstretch in debt and investment. The former tend to be V-shaped, with a rapid recovery once the Fed relents; the latter tend to be slow, because it’s much harder to push private spending higher than to stop holding it down.

And the 1920-21 recession was basically an inflation-fighting recession — although the Fed was trying to bring the level of prices, rather than the rate of change, down. What you had was a postwar bulge in prices, which was then reversed:

Money was tightened, then loosened again:

Discount rates are a problematic indicator, but here’s what happened to commercial paper rates

And so there was a V-shaped recovery:

The deflation may have helped by increasing the real money supply — at least Meltzer thinks so (pdf) — but if so, the key point was that the economy was nowhere near the zero lower bound, so there was plenty of room for the conventional monetary channel to work.

All of this has zero relevance to an economy in our current situation, in which the recession was brought on by private overstretch, not tight money, and in which the zero lower bound is all too binding.

So do we have anything to learn from the macroeconomics of Warren Harding? No.


http://krugman.blogs.nytimes.com/2011/04/01/1921-and-all-that/?_php=true&_type=blogs&_r=0

"So do we have anything to learn from the macroeconomics of Warren Harding? No."


And there, in one concept, do we find the explanation for the following:

1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI


2. John Maynard Keynes, in a letter published in the NYTimes, December 31, 1933, warned “ even wise and necessary Reform may, in some respects, impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action.” Even Keynes saw the danger in treating the nation’s capitalists as an enemy, as “the unscrupulous money changers,” as FDR called them in his first Inaugural.


3. 'In "The High Tide of American Conservatism: Davis, Coolidge, and the 1924 Election," Garland Tucker casts new light on the election and the two candidates, Democrat John W. Davis and Republican Calvin Coolidge. He quotes Paul Rubin: "We now know that FDR's policies likely prolonged the Great Depression because the economy never fully recovered in the 1930s, and actually got worse in the latter half of the decade." And then, quotes Paul Johnson: "Coolidge Prosperity was huge, real, widespread and it showed that the concept of a property-owning democracy could be realized."



4. It was not until 1937 that production reached the 1929 figure. There was still 14.3 percent unemployment—and this “miniboom” soon gave way to “the steepest economic decline in the history of the US”, which “lost half the ground gained…since 1932”.

Unemployment rose again to 19 percent and was still at 14 percent on the eve of US entry into the war in 1940. The greatest slump capitalism had known was not ended by government action. The most this may have achieved was to replace continual decline by long stagnation, leaving a very high level of unemployment and output below that of the previous decade.

JK Galbraith summed the situation up when he wrote, “The Great Depression of the thirties never came to an end. It merely disappeared in the great mobilisation of the forties”.
International Socialism: The slump of the 1930s and the crisis today



5. Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.” Roosevelt’s Brain Truster Raymond Moley was among the framers of the NRA who later acknowledged the error of their ways. “Planning an economy in normal times is possible only through the discipline of a police state,” he reflected."
http://www.fff.org/freedom/fd0908d.asp

....of course, the economic policies of a police state is exactly what Roosevelt was imitating....Mussolini's.




"So do we have anything to learn from the macroeconomics of Warren Harding? No."

And that's the problem....you never learn.....period.

"The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.[1]

In 1935, the U.S. Supreme Court unanimously declared that the NRA law was unconstitutional, ruling that it infringed the separation of powers under the United States Constitution.


" 1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI"


LIE

" New Deal and the National Recovery Administration"





Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.”

The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.

National Recovery Administration - Wikipedia, the free encyclopedia


NOTE THE DIFFERENCE OF NRA VERSUS NEW DEAL? LOL


ONCE MORE, YES, ONCE FDR LISTENED TO THE DEFICIT SCOLDS AND CUT SPENDING 10% IN 1937 AND 7% IN 1938 WE WENT BACK INTO THE CONSERVATIVES DEPRESSION

It takes a certain kind of moron to imagine that the larger the font they use, the more import it has....and the more it can counter the truth.

Raise your paw.

 

[Dad2three]

"So do we have anything to learn from the macroeconomics of Warren Harding? No."


And there, in one concept, do we find the explanation for the following:

1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI


2. John Maynard Keynes, in a letter published in the NYTimes, December 31, 1933, warned “ even wise and necessary Reform may, in some respects, impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action.” Even Keynes saw the danger in treating the nation’s capitalists as an enemy, as “the unscrupulous money changers,” as FDR called them in his first Inaugural.


3. 'In "The High Tide of American Conservatism: Davis, Coolidge, and the 1924 Election," Garland Tucker casts new light on the election and the two candidates, Democrat John W. Davis and Republican Calvin Coolidge. He quotes Paul Rubin: "We now know that FDR's policies likely prolonged the Great Depression because the economy never fully recovered in the 1930s, and actually got worse in the latter half of the decade." And then, quotes Paul Johnson: "Coolidge Prosperity was huge, real, widespread and it showed that the concept of a property-owning democracy could be realized."



4. It was not until 1937 that production reached the 1929 figure. There was still 14.3 percent unemployment—and this “miniboom” soon gave way to “the steepest economic decline in the history of the US”, which “lost half the ground gained…since 1932”.

Unemployment rose again to 19 percent and was still at 14 percent on the eve of US entry into the war in 1940. The greatest slump capitalism had known was not ended by government action. The most this may have achieved was to replace continual decline by long stagnation, leaving a very high level of unemployment and output below that of the previous decade.

JK Galbraith summed the situation up when he wrote, “The Great Depression of the thirties never came to an end. It merely disappeared in the great mobilisation of the forties”.
International Socialism: The slump of the 1930s and the crisis today



5. Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.” Roosevelt’s Brain Truster Raymond Moley was among the framers of the NRA who later acknowledged the error of their ways. “Planning an economy in normal times is possible only through the discipline of a police state,” he reflected."
http://www.fff.org/freedom/fd0908d.asp

....of course, the economic policies of a police state is exactly what Roosevelt was imitating....Mussolini's.




"So do we have anything to learn from the macroeconomics of Warren Harding? No."

And that's the problem....you never learn.....period.

"The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.[1]

In 1935, the U.S. Supreme Court unanimously declared that the NRA law was unconstitutional, ruling that it infringed the separation of powers under the United States Constitution.


" 1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI"


LIE

" New Deal and the National Recovery Administration"





Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.”

The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.

National Recovery Administration - Wikipedia, the free encyclopedia


NOTE THE DIFFERENCE OF NRA VERSUS NEW DEAL? LOL


ONCE MORE, YES, ONCE FDR LISTENED TO THE DEFICIT SCOLDS AND CUT SPENDING 10% IN 1937 AND 7% IN 1938 WE WENT BACK INTO THE CONSERVATIVES DEPRESSION

It takes a certain kind of moron to imagine that the larger the font they use, the more import it has....and the more it can counter the truth.

Raise your paw.

""So do we have anything to learn from the macroeconomics of Warren Harding? No."



AND


YES, ONCE FDR LISTENED TO THE DEFICIT SCOLDS AND CUT SPENDING 10% IN 1937 AND 7% IN 1938 WE WENT BACK INTO THE CONSERVATIVES DEPRESSION

 

[PoliticalChic]

"The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.[1]

In 1935, the U.S. Supreme Court unanimously declared that the NRA law was unconstitutional, ruling that it infringed the separation of powers under the United States Constitution.


" 1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI"


LIE

" New Deal and the National Recovery Administration"





Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.”

The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.

National Recovery Administration - Wikipedia, the free encyclopedia


NOTE THE DIFFERENCE OF NRA VERSUS NEW DEAL? LOL


ONCE MORE, YES, ONCE FDR LISTENED TO THE DEFICIT SCOLDS AND CUT SPENDING 10% IN 1937 AND 7% IN 1938 WE WENT BACK INTO THE CONSERVATIVES DEPRESSION

It takes a certain kind of moron to imagine that the larger the font they use, the more import it has....and the more it can counter the truth.

Raise your paw.

""So do we have anything to learn from the macroeconomics of Warren Harding? No."



AND


YES, ONCE FDR LISTENED TO THE DEFICIT SCOLDS AND CUT SPENDING 10% IN 1937 AND 7% IN 1938 WE WENT BACK INTO THE CONSERVATIVES DEPRESSION

So....I cured you of the large font thing?

Well, at least to a limited degree, you are capable of learning



Now if you'd get beyond your insane adoration of Roosevelt, the failure who extended both the depression and the war due to his megalomania.

 

[regent]

"So do we have anything to learn from the macroeconomics of Warren Harding? No."


And there, in one concept, do we find the explanation for the following:

1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI


2. John Maynard Keynes, in a letter published in the NYTimes, December 31, 1933, warned “ even wise and necessary Reform may, in some respects, impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action.” Even Keynes saw the danger in treating the nation’s capitalists as an enemy, as “the unscrupulous money changers,” as FDR called them in his first Inaugural.


3. 'In "The High Tide of American Conservatism: Davis, Coolidge, and the 1924 Election," Garland Tucker casts new light on the election and the two candidates, Democrat John W. Davis and Republican Calvin Coolidge. He quotes Paul Rubin: "We now know that FDR's policies likely prolonged the Great Depression because the economy never fully recovered in the 1930s, and actually got worse in the latter half of the decade." And then, quotes Paul Johnson: "Coolidge Prosperity was huge, real, widespread and it showed that the concept of a property-owning democracy could be realized."



4. It was not until 1937 that production reached the 1929 figure. There was still 14.3 percent unemployment—and this “miniboom” soon gave way to “the steepest economic decline in the history of the US”, which “lost half the ground gained…since 1932”.

Unemployment rose again to 19 percent and was still at 14 percent on the eve of US entry into the war in 1940. The greatest slump capitalism had known was not ended by government action. The most this may have achieved was to replace continual decline by long stagnation, leaving a very high level of unemployment and output below that of the previous decade.

JK Galbraith summed the situation up when he wrote, “The Great Depression of the thirties never came to an end. It merely disappeared in the great mobilisation of the forties”.
International Socialism: The slump of the 1930s and the crisis today



5. Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.” Roosevelt’s Brain Truster Raymond Moley was among the framers of the NRA who later acknowledged the error of their ways. “Planning an economy in normal times is possible only through the discipline of a police state,” he reflected."
http://www.fff.org/freedom/fd0908d.asp

....of course, the economic policies of a police state is exactly what Roosevelt was imitating....Mussolini's.




"So do we have anything to learn from the macroeconomics of Warren Harding? No."

And that's the problem....you never learn.....period.

"The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.[1]

In 1935, the U.S. Supreme Court unanimously declared that the NRA law was unconstitutional, ruling that it infringed the separation of powers under the United States Constitution.


" 1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI"


LIE

" New Deal and the National Recovery Administration"





Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.”

The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.

National Recovery Administration - Wikipedia, the free encyclopedia


NOTE THE DIFFERENCE OF NRA VERSUS NEW DEAL? LOL


ONCE MORE, YES, ONCE FDR LISTENED TO THE DEFICIT SCOLDS AND CUT SPENDING 10% IN 1937 AND 7% IN 1938 WE WENT BACK INTO THE CONSERVATIVES DEPRESSION

It takes a certain kind of moron to imagine that the larger the font they use, the more import it has....and the more it can counter the truth.

Raise your paw.

As I have mentioned to you before, you must get this information to the noted historians and presidential experts that rate the presidents. Again and again they have rated Harding as one of the worst American presidents, something about stupidity and stealing. They wouldn't dare say Harding was one of the worst American presidents if they knew your truths. Don't let us down and please let us know how the historians respond.

 

[PoliticalChic]

"The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.[1]

In 1935, the U.S. Supreme Court unanimously declared that the NRA law was unconstitutional, ruling that it infringed the separation of powers under the United States Constitution.


" 1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI"


LIE

" New Deal and the National Recovery Administration"





Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.”

The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.

National Recovery Administration - Wikipedia, the free encyclopedia


NOTE THE DIFFERENCE OF NRA VERSUS NEW DEAL? LOL


ONCE MORE, YES, ONCE FDR LISTENED TO THE DEFICIT SCOLDS AND CUT SPENDING 10% IN 1937 AND 7% IN 1938 WE WENT BACK INTO THE CONSERVATIVES DEPRESSION

It takes a certain kind of moron to imagine that the larger the font they use, the more import it has....and the more it can counter the truth.

Raise your paw.

As I have mentioned to you before, you must get this information to the noted historians and presidential experts that rate the presidents. Again and again they have rated Harding as one of the worst American presidents, something about stupidity and stealing. They wouldn't dare say Harding was one of the worst American presidents if they knew your truths. Don't let us down and please let us know how the historians respond.

"As I have mentioned to you before, you must get this information to the noted historians "


That is far too mild.....when faced with the documented material that I post, you mindlessly default to that 'historians' nonsense.


I chalk it up to both the inability to respond in a cogent manner, and to your infirmity, incessant perseveration.


See if this helps:

"Perseveration can be defined as the contextually inappropriate and unintentional repetition of a response or behavioral unit. In other words, the observed repetitiveness does not
meet the demands of the situation, is not the product ofdeliberation, and may even unfold despite counterintention."
http://schizophreniabulletin.oxfordjournals.org/content/23/1/63.full.pdf

 

[EdwardBaiamonte]

"The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.[1]

In 1935, the U.S. Supreme Court unanimously declared that the NRA law was unconstitutional, ruling that it infringed the separation of powers under the United States Constitution.


" 1. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.” The Real Deal - Society and Culture - AEI"


LIE

" New Deal and the National Recovery Administration"





Economists at the Brookings Institution reported, “The NRA on the whole retarded recovery.”

The National Recovery Administration (NRA) was the primary New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.

National Recovery Administration - Wikipedia, the free encyclopedia


NOTE THE DIFFERENCE OF NRA VERSUS NEW DEAL? LOL


ONCE MORE, YES, ONCE FDR LISTENED TO THE DEFICIT SCOLDS AND CUT SPENDING 10% IN 1937 AND 7% IN 1938 WE WENT BACK INTO THE CONSERVATIVES DEPRESSION

It takes a certain kind of moron to imagine that the larger the font they use, the more import it has....and the more it can counter the truth.

Raise your paw.

""So do we have anything to learn from the macroeconomics of Warren Harding? No."



AND


YES, ONCE FDR LISTENED TO THE DEFICIT SCOLDS AND CUT SPENDING 10% IN 1937 AND 7% IN 1938 WE WENT BACK INTO THE CONSERVATIVES DEPRESSION

1) cutting govt spending means private citizens kept their money so there was no cut in spending. Do you understand now?

2) in 1936 Fed cut money supply. This is what caused depression within depression and similar cuts caused original Great Depression both of which were made worse by several other forms of liberal interference. Is this 100 miles over your head?