Dan Mitchell wrote the following on January 11, 2009. Great insight as always Dan.
Which U.S. president ranks as America’s greatest depression fighter? Not the fabled Franklin Delano Roosevelt, since unemployment averaged 17 percent through the New Deal period (1933–1940). What banished high unemployment was the conscription of 12 million men into the armed forces during World War II. FDR actually prolonged high unemployment: he tripled taxes; he signed laws that made it more expensive for employers to hire people, made discounting illegal, and authorized the destruction of food; and he launched costly infrastructure projects like the Tennessee Valley Authority that became a drag on states receiving TVA-subsidized electricity.
America’s greatest depression fighter was Warren Gamaliel Harding. …Harding inherited Wilson’s mess — in particular, a post–World War I depression that was almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933 that FDR would later inherit. The estimated gross national product plunged 24 percent from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million to 4.9 million. Harding had a much better understanding of how an economy works than FDR.
As historian Robert K. Murray wrote in The Harding Era, the man who would become our 29th president “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.’ ” 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 on April 12, 1921. The highest taxes, on corporate revenues and “excess” profits, were to be cut.
…Harding’s Secretary of Commerce Herbert Hoover wanted government intervention in the economy — which as president he was to pursue when he faced the Great Depression a decade later — but Harding would have none of it. He insisted that relief measures were a local responsibility. Federal spending was cut from $6.3 billion in 1920 to $5 billion in 1921 and $3.2 billion in 1922. Federal taxes fell 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, in1925. The federal government paid off debt, which had been $24.2 billion in 1920, and it continued to decline until 1930.
Conspicuously absent was the 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, or to promote cartels and monopolies. …With Harding’s tax and spending cuts and relatively non-interventionist economic policy, GNP rebounded to $74.1 billion in 1922. The number of unemployed fell to 2.8 million — a reported 6.7 percent 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 an extraordinary low of 1.8 percent in 1926. …While Harding can hardly be considered a champion of laissez-faire economics (he supported tariffs, after all), the pro-growth policies he implemented are directly responsible for the astonishingly rapid growth in prosperity — and widely shared prosperity — America enjoyed throughout the Roaring 20s. …Rather than follow the model of FDR — whose policies raised only Americans’ spirits — President-elect Obama ought to consider the model of Warren G. Harding, whose policies raised Americans’ standard of living, and lifted the nation itself out of a depression — before it had a chance to become Great.
Dan is a very nice man. A lot nicer man than I am. He assumes or pretends to assume that Obama and democrats want what is best for America. I would suggest nothing is further from the truth. Democrats know FDR’s policies kept them in power for decades and it was not until 1994 that their stranglehold on power was wrenched from them. Democrats, as Barney Frank and Nancy Pelosi noted on several occasions, worship power and Keynesian economics. It’s what they are all about. Power and control over you. Obama and the democrats with the assistance of a lot of republicans, notably George Bush, are turning the United States into a socialist economy as fast as they can.
They bailed out the banks, automotive and next will be the press. Yes a state run media. This is far deeper than socialism it’s totalitarianism. The run up of debt will eventually collapse the dollar and wipe out the middle class. 401K confiscation like what was done in Argentina will wipe out personal savings.
I must give my employer credit for stopping her 401K contributions if for no other reason than her employees will rethink the investment and move the money into a less government plundering vulnerable vehicle.
Millions will be without property or rights. 1984 is about to become reality. There are few educated individuals with the power or education to combat this. All we can hope for is a Battle of Britain scenario where a few brave talented airmen successfully fought off the Third Reich. I don’t really relish doing all this research beyond my regular job. I have four kids in college and an average suburban lifestyle. But I owe it to my children and anyone else out there to report what is happening as long as I am able to.
I think Dan and most economically educated people understand what is going on. It is evident everyday in the stock market results that continue to drop after trillions in bail outs. On the positive side I will include a video comparing the flat tax verses the fair tax from the Center for Prosperity. Well done as always.
Barack Hussein Obama II is the President-elect of the United States of America. The first African American to be elected President of the United States, Obama was the junior United States Senator from Illinois in 2004 and served until his resignation on November 16, 2008, following his election to the Presidency. His term of office as the forty-fourth U.S. president will begin on January 20, 2009. He is a graduate of Columbia University and Harvard Law School, where he was the first African-American president of the Harvard Law Review. Obama worked as a community organizer and practiced as a civil rights attorney in Chicago before serving three terms in the Illinois Senate from 1997 to 2004. He also taught constitutional law at the University of Chicago Law School from 1992 to 2004. Following an unsuccessful bid for a seat in the U.S. House of Representatives in 2000, Obama was elected to the Senate in November 2004. Obama delivered the keynote address at the Democratic National Convention in July 2004.
He allegedly was born in Kapi’olani Medical Center for Women & Children in Honolulu, Hawaii although currently there are as many as 19 law suits challenging his citizenship and trying by court order to have him submit his vaulted copy to a court of law for examination. Obama has spent $800,000 that we know of defending himself from having to provide any direct documentation to a court of law. Seems pretty expensive to us ordinary working stiffs when all he has to do is provide his birth certificate and make all these court proceeding disappear. One thing is know for certain his certificate of live birth, not to be confused with the long form birth certificate, is a horrible forgery. Many experts have gone over it and the basic conclusion is Obama got his half sisters certificate of live birth, washed it and placed his information over it. And this is why he spent $800,000 defending his right not to present the certificate to a court of law. To do so would subject the document to court inspection and subject him to perjury charges. This would mean instant impeachable ammunition and instant weakening of his ability to lead.
Why doesn’t he submit his vaulted copy? It would be open to public scrutiny. What is on the document that is so secret? Different father? Different birth name? Place of birth Kenya? We don’t know and Obama refuses to release the document for public inspection.
The story that is most believable is his mother, Ann Dunham, went to Kenya with his father at about six or seven months pregnant. This time line would be consistent for college students getting out of school around the beginning of May. Six months pregnant, beginning to show but easily concealable. It would be the adventure of a lifetime for any 18 year old. Possibly as the reality of life in a poverty stricken third world Muslim country began to wear on her she may have tried to return to America to deliver the baby and was denied a boarding pass due to her pregnant condition. And the baby was delivered in Mombasa, Kenya at least according to Obama’s grandmother, half brother and sister. Since then the Kenyan government has issued a gag order on the family from talking to the press.
All this money and government edicts seem to be a whole lot of hassle and expense for someone with a valid birth certificate. Any rational person at the first sign of a law suit would authorize the release of the vaulted copy of the birth certificate. I certainly would.
One thing is certain. Ann Dunham was registered at the University of Washington for the fall semester of August 1961. Interesting choice of colleges since she reportedly gave birth August 4th, 1961 in Hawaii and had previously attended the University of Hawaii in the fall of 1960. Would most women pick up and change universities with a three week old infant? Possibly what happened was she was in Kenya and registered as a correspondence student for the fall, flew back to Washington, then Hawaii, registered or maybe not registered Obama’s birth, flew back to Washington realizing her short term relationship with the father was over, and resumed her college career. We do know she spent the fall, winter and spring semesters of 1961 and 1962 at the University of Washington.
Ann Dunham married Lolo Soetoro and Barrack was adopted and was reportedly an Indonesian citizen about 1965 or 66. This is possibly how he was able to travel to Pakistan in 1981 when US citizens were banned from travel to that country at that time. It also stands to reason if he had an Indonesian passport under the name Barry Soetoro he was registered at Columbia under the name Barry Soetoro which would also explain why he doesn’t want any records released from Columbia. Not even a picture of his degree.
Obama was placed in the care of his grandparents at the age of 10. Probably the only decent thing his reportedly promiscuous communist mother did for him. In his later writings he worshipped his absentee father as a child. Reading and gleaning information about his mother I can see why. She must have been a horribly neglectful woman concerned with saving the world, satisfying her lust for sex, communism, and group events with strangers over and above her duty to her children as is the case for most liberals.Bad behavior is easily justifiable by the weak, lazy and irrational person by taking up some cause that will save humanity.Communism was Ann Dunham’s cause.
He attended the finest private school in Hawaii just as his children attend the finest private school in Washington DC today. A good lesson for the anti school voucher crowd if there ever was one.
After a stint in junior college as it was called back then Obama transferred to Columbia. Possibly under the name Barry Soetoro. None of his grades were released but I am sure he got nothing less than a B in his core classes. How do I know? I attended college at that time and colleges and universities were doing everything they could to educate and promote black students. When I went to ask about financial aid at the University of South Florida I was told I was the wrong color to receive any aid. For the white males working and the military was the accepted form of aid back then in the early 80’s.If you didn’t have the daddy scholarship to bad, no college for you.The financial aid office at Columbia probably did cartwheels getting Obama every dollar they could.
As for his core curriculum grades two words, political science. For anyone who has attended these political indoctrination sessions the classes are on par with a 5th grade social studied class. Lots of professor opinion about how bad capitalism is and if we could just give people money for nothing the world would be equal and perfect. Any idiot could get strait “A’s” in political science. It’s the preferred degree of lawyer wannabes who need lots of easy classes to boost their GPA for law school entrance and stoners who don’t want to study. Obama would fit in perfectly.
It always astonished most math, business, and engineering students when we graced the halls of these leftist areas of the campus. Like going on academic vacation where you parked your brain, listened to the dogma of the intellectually weak minded, and regurgitated it all back on papers you were required to write. It was like taking three classes and getting the fourth one for free. Minimal study and a few papers. The only thing you needed to pay attention to was the political philosophy of your professor. Was he communist, socialist or fascist? Once you had that figured out it was an easy “A.”
During Obama’s Columbia years he has admitted to using cocaine. Even with financial aid Columbia and living expenses must have been a financial burden. How did he do it? We don’t know but as one from the era he would have been a pretty good mid level coke dealer. Cool, calm demeanor somewhat tough looking with the right clothing accessories and a cigarette in his mouth. We will never know since no one from Columbia, staff or students will talk about him.
And why did he go to Pakistan in 1981? Another financial opportunity or reaffirming his Muslim faith?
Possibly making connections to the future Jihad fighters that would play such an evil role in the coming years.
Maybe someday Barry Soetoro will tell us his secrets.
After graduation Obama was community organizer, going around Chicago pimping government hand outs to the residences and hassling corporations. If they just gave money away for nothing the world would be perfect don’t you know? Why work? Seems to be his philosophy these days with his bail out proposals.
Eventually he realized he needed a law degree to climb the heap of parasites consuming the blood of the working people of the world. He got the help of Dr. Khalid Abdullah Tariq al-Mansour former PLO terrorist and spokesperson. No need to work your way through college like Sarah Palin did when you have terrorist connections that will pay your way through school. Work is for idiots and suckers seems to be Obama’s lesson he learned early in life.
He was appointed the president of the Harvard law review and I would venture to guess is the only HLR editor in the history of the publication to never have written a complete article for the publication. He submitted one six page piece that was evaluated as “The temperate legal language doesn’t display the rhetorical heights that run through his memoir, published a few years later, but provides insight into his support for abortion rights and expanded social service.” At Harvard he rode his skin color for all it was worth. Affirmative action “A’s” and even president of the HLR.
And what about his memoir? Dreams From My Father. Obama was given $125,000 from Poseidon a affiliate of Simon & Schuster. After years of mediocrity he reportedly had William Ayers ghost write the book. And had another ghost write his second book which is completely different in style from the first.
This brings up the biggest myth about Obama in the media today. He’s smart. Where is there any evidence of his being smart? Can he write a 5,000 word coherent paper about anything? All his raw writing and normal speech is average or stupid at best. Has anyone recorded or have in print something original to him?
No he’s not smart. If he was smart he would have opted for that engineering or doctor’s degree. Or at the very least showed some brilliance like his father did in getting a minor in math. It’s not that unusual for young minds interested in Bachelor of Arts studies to cross over to math or science for a few classes to prove they are brilliant. I have seen a psychology student taking physics as an elective for just that reason. It makes a statement and garners respect.
His cap and trade energy policy is strait out of a text book. His bail out and “tax cuts” are strait out of the communist manifesto and John Maynard Keynes books of just giving the money away for nothing and liquidity trap theory. He doesn’t have an original idea in his head. He reads Teleprompters and gives rehearsed answers. He’s black. That’s it.
He has learned how to exploit his skin color and that’s all he done his whole life. I would guess his IQ to be at 90 to 95. Show me an unedited paper he wrote about anything and change my mind. Show me some grades from Columbia or Harvard that will change my mind. He’s black and looks like a clean cut guy who speaks English without the ghetto dialect. And we are stuck with this communist educated idiot for at least four years.
This is probably the best e-mail I’ve seen in a long, long time. The following has been attributed to State Representative Mitchell Kaye from GA. If true this guy should run for President one day…
‘We the sensible people of the United States, in an attempt to help everyone get along, restore some semblance of justice, avoid more riots, keep our nation safe, promote positive behavior, and secure the blessings of debt-free liberty to ourselves and our great-great-great-grandchildren, hereby try one more time to ordain and establish some common sense guidelines for the terminally whiny, guilt ridden, delusional. We hold these truths to be self evident: that a whole lot of people are confused by the Bill of Rights and are so dim they require a Bill of NON-Rights.’
You do not have the right to a new car, big screen TV, or any other form of wealth. More power to you if you can legally acquire them, but no one is guaranteeing anything.
You do not have the right to never be offended. This country is based on freedom, and that means freedom for everyone — not just you! You may leave the room, turn the channel, express a different opinion, etc.; but the world is full of idiots, and probably always will be.
You do not have the right to be free from harm. If you stick a screwdriver in your eye, learn to be more careful; do not expect the tool manufacturer to make you and all your relatives independently wealthy.
You do not have the right to free food and housing. Americans are the most charitable people to be found, and will gladly help anyone in need, but we are quickly growing weary of subsidizing generation after generation of professional couch potatoes who achieve nothing more than the creation of another generation of professional couch potatoes.
You do not have the right to free health care. That would be nice, but from the looks of public housing, we’re just not interested in public health care.
You do not have the right to physically harm other people. If you kidnap, rape, intentionally maim, or kill someone, don’t be surprised if the rest of us want to see you fry in the electric chair.
You do not have the right to the possessions of others. If you rob, cheat, or coerce away the goods or services of other citizens, don’t be surprised if the rest of us get together and lock you away in a place where you still won’t have the right to a big screen color TV or a life of leisure.
>You do not have the right to a job. All of us sure want you to have a job, and will gladly help you along in hard times, but we expect you to take advantage of the opportunities of education and vocational training laid before you to make yourself useful. AMEN and AMEN
You do not have the right to happiness. Being an American means that you have the right to PURSUE happiness, which by the way, is a lot easier if you are unencumbered by an over abundance of idiotic laws created by those of you who were confused by the Bill of Rights.
This is an English speaking country . We don’t care where you are from, English is our language. Learn it or go back to wherever you came from!
Lastly ARTICLE XI:
You do not have the right to change our country’s history or heritage. This country was founded on the belief in one true God. And yet, you are given the freedom to believe in any religion, any faith, or no faith at all; with no fear of persecution.The phrase IN GOD WE TRUST is part of our heritage and history, and if you are uncomfortable with it, TOUGH!
This was just too cute … enjoy !
A female CNN journalist heard about a very old Jewish man who had been going to the Western Wall to pray, twice a day, every day, for a long, long time.
So she went to check it out. She went to the Western Wall and there he was, walking slowly up to the holy site.
She watched him pray and after about 45 minutes, when he turned to leave, using a cane and moving very slowly, she approached him for an interview.
‘Pardon me, sir, I’m Rebecca Smith from CNN. What’s your name?
‘Morris Fishbein,’ he replied.
‘Sir, how long have you been coming to the Western Wall and praying?’*
‘For about 60 years.’
’60 years! That’s amazing! What do you pray for?’
‘I pray for peace between the Christians, Jews and the Muslims.’ I pray for all the wars and all the hatred to stop. I pray for all our children to grow up safely as responsible adults, and to love their fellow man.’
‘How do you feel after doing this for 60 years?’
‘Like I’m talking to a f****’ wall.