The 1920 Depression

KingCondanomation

KingCondanomation

New member
Why don't we ever hear of the 1920 depression? Very interesting.
Not that I am praising Harding the man, but worth reading.

http://www.calvin-coolidge.org/html/the_harding_coolidge_prosperit.html


On April 12,1921, President Harding went before a contentious Congress and presented his program for economic recovery which he called "A Return to Normalcy". Harding's normalcy program consisted of the following measures.


1) A call for a national budget program (which was vetoed by his predecessor).
2) National debt reduction
3) Tax reduction


President Harding pushed hard for his program and got it passed by Congress in 1921. By late 1922, the economy began to turn around. Harding did not live to see it, but his normalcy program proved to be the foundation that Coolidge prosperity was built on. Harding's successor, Calvin Coolidge had the wisdom to stay the course and build on Harding's program.

The American people were the beneficiaries of the unprecedented prosperity of the 1920's. Unemployment was pared from its high in 1921 of 20% to an average of 3.3% for the remainder of the decade. The misery index which is a combination of unemployment and inflation had its sharpest decline in U.S. history under President Harding. The Gross National Product averaged 7% from 1924 to 1929. Wages, profits, and productivity all made substantial gains during the 1920's. Harding slashed federal spending by two billion from Wilson's last year and Coolidge maintained that spending level of 3.3 billion per year for the rest of the decade.
The Harding-Coolidge tax cuts produced increased revenue that went to cut the national debt left by Wilson by one-third.
 
evince said:
And then lack of regulations created an even worse situation a few years later.
Click to expand...

??? Lack of regulations, I've never heard any economist blame that, it was a severe stock market crash, with a loose money supply followed by heavy protectionism (ie: Smoot-Hawley).
 
evince said:
And then lack of regulations created an even worse situation a few years later.
Click to expand...

you mean when the Kennedy's, Rockefellers and Rothchilds etc... deliberately shorted the market?

The reason the uptick rule was put in place to begin with?

I wonder who controlled both houses of Congress when the SEC removed the uptick rule? I wonder what happened to the market shortly thereafter?
 
evince said:
And that makes regulations a good idea in your mind then?
Click to expand...

Desh... do try to pay attention....

I doubt anyone has called for the return of Glass Steagall and the uptick rule as much as I have.

You have this idiotic thought stuck in your head that conservatives want NO regulations that we want everything to run without regard for the consequences.

You completely ignore the fact that it was BOTH parties that removed Glass Stegall. It was a 91-8 vote in the Senate Desh. The House had a similar margin of victory. It was a Dem in the White House and DEM appointees that championed this bill along side of Gramm and company.

Quit pretending that this is a conservative vs. liberal issue. It is not. It is a public vs the Government and Wall Street thing. The sooner people like you realize this, the better.
 
Superfreak said:
Desh... do try to pay attention....

I doubt anyone has called for the return of Glass Steagall and the uptick rule as much as I have.

You have this idiotic thought stuck in your head that conservatives want NO regulations that we want everything to run without regard for the consequences.

You completely ignore the fact that it was BOTH parties that removed Glass Stegall. It was a 91-8 vote in the Senate Desh. The House had a similar margin of victory. It was a Dem in the White House and DEM appointees that championed this bill along side of Gramm and company.

Quit pretending that this is a conservative vs. liberal issue. It is not. It is a public vs the Government and Wall Street thing. The sooner people like you realize this, the better.
Click to expand...
Though I hate regulations, I am also in favor of the uptick rule. A pretty small price to pay in regulation for what a crisis can cause in terms of government growth afterwards.
 
Topspin said:
Can you buy stocks on 90% margins today?
Click to expand...

depends on what you mean by 90%.

If you buy 10k worth of stock, you can buy 10k of that same stock on margin.

So that is 100% of your original investment, but 50% of the total position. That is the max for a new position.

If the stock drops to $7500, then your margin drops to 33% of your 20k position... that is the minimum it can go to before margin calls.
 
Superfreak said:
Desh... do try to pay attention....

I doubt anyone has called for the return of Glass Steagall and the uptick rule as much as I have.

You have this idiotic thought stuck in your head that conservatives want NO regulations that we want everything to run without regard for the consequences.

You completely ignore the fact that it was BOTH parties that removed Glass Stegall. It was a 91-8 vote in the Senate Desh. The House had a similar margin of victory. It was a Dem in the White House and DEM appointees that championed this bill along side of Gramm and company.

Quit pretending that this is a conservative vs. liberal issue. It is not. It is a public vs the Government and Wall Street thing. The sooner people like you realize this, the better.
Click to expand...



The ONLY "cons" who get into office are against ANY attempt to regulate anything. They fight for DEREGULATION at every turn. Who is it you will actually vote for?


I will vote for the democrats who at least try to regulate.


It is a republican vs democrat issue in the real world of politics in this country.
 
evince said:
The ONLY "cons" who get into office are against ANY attempt to regulate anything. They fight for DEREGULATION at every turn. Who is it you will actually vote for?


I will vote for the democrats who at least try to regulate.


It is a republican vs democrat issue in the real world of politics in this country.
Click to expand...

Like I said Desh, you are completely demented.

It was BOTH parties that removed the regulations that allowed for this economic collapse. But you will continue pretending that your beloved party is not responsible. You will continue to blame Republicans. You will continue to pretend that all cons are against all regulations blah blah blah.

Bottom line... you are full of shit.
 
Superfreak said:
Like I said Desh, you are completely demented.

It was BOTH parties that removed the regulations that allowed for this economic collapse. But you will continue pretending that your beloved party is not responsible. You will continue to blame Republicans. You will continue to pretend that all cons are against all regulations blah blah blah.

Bottom line... you are full of shit.
Click to expand...

Nope you are full of shit.

Deregulation is one of the top issues for cons.

Its tied right into the smaller government bullshit and you know it as well as I do.
 
evince said:
Nope you are full of shit.

Deregulation is one of the top issues for cons.

Its tied right into the smaller government bullshit and you know it as well as I do.
Click to expand...

Again Desh.... 91-8, clinton signed it, House similar .... BOTH parties deregulated the banks you fucking moron.

Again... smaller government, does not mean NO regulations. There are regulations that are beneficial and there are those that are detrimental. Neither party is FOR or AGAINST 'ALL' Regulations you fucking moron.

That is simply what brain dead morons from one party or another use to demonize the other party. Yes, the Dems do tend to want to over regulate and the Reps tend to shy away from regulation. But it is NOT the black and white issue you continue to try to make it out to be.

Bottom line... you are full of shit... as previously stated.
 
Isn't Desh often fond of saying the right never listens to facts?

Fact: The huge deregulation of Investment Banks vis-a-vis Glass Steagal was signed by a Democratic President

Fact: Several years later the huge regulation of industry, Sarbenes-Oxley, was passed by a Republican Congress and signed by a Republican President

Kind of goes against Desh's claim that Republicans want to deregulate everything

And for some interesting historical reading take a look at Jimmy Carter's economic record. He in fact did a little deregulating himself.
 
Man oh man you are silly SF.

That shows significant opposition to the deregulations on the dem side and a locked step march of the Rs.

I dont care if dems did help it pass and Clinton signed it. There stupidity does not make it a Democratic party decades long goal.

Remember how the right treated Clinton his entire term even though he stepped acrossed the aisle to vote for this dog.

Trying to claim that because the dems got convinced OR BOUGHT into supporting these failed republican party tennent ideas does not make them part of the current Dem platform now does it?

Deregulation is at the HEART of the republican partys exsistance and every sane person knows this.

This country needs regulations to survive.
 
You must log in or register to reply here.
Back
Top