Coolidge

The Lost Boys

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UPDATE: Here is one solution.

This week Europe blew up. The media haven’t caught up yet, because they are what they are. But the markets are catching up fast.

This is a huge event for the United States, because our political elite is bound and determined to turn us into Europe. Hasn’t the EU found the answer to war and peace and prosperity forever?

Our Democrats believe it. Europe is their model. Every batty new idea they have is copied from the glorious European Union. Twenty years ago they still celebrated the Soviet Union, until that house of cards crumbled. Now they have shifted their fantasy paradise to Europe.

Over there, fifty years of increasingly centralized control have made it impossible for voters to be heard. The political parties are stuck in GroupThink. Only the fascist “protest” parties agitate for reform. The ruling class doesn’t listen. They don’t have to — they don’t have to run for election.

So European voters fled to the fascists to express their rage and despair. Imagine one out of four US voters going for Lincoln Rockwell, and you get the idea.

Read the rest, as they say.

Belmont Club has an unusually good post for yesterday. I could say that more than once a week, if truth be known. This one is quite to the point on Sequester Day.

The NHS, which its creators boasted would be the ‘envy of the world’, has been found to have been responsible for up to 40,000 preventable deaths under the helm of Sir David Nicholson, a former member of the Communist Party of Britain. “He was no ordinary revolutionary. He was on the hardline, so-called ‘Tankie’ wing of the party which backed the Kremlin using military action to crush dissident uprisings” — before he acquired a taste for young wives, first class travel and honors.

The NHS is dealing with the shortage of funds by pruning its tree of life, so to speak. He also does not tolerate anyone telling the truth about it.

it emerged he spent 15 million pounds in taxpayer money to gag and prosecute whistleblowers — often doctors and administrators who could not stomach his policies.

The public money spent on stopping NHS staff from speaking out is almost equivalent to the salaries of around 750 nurses.

It has recently been noted that NHS staff no longer recommend their own hospital for family members. Also one quarter report being harassed or bullied at work.

The other half of the equation involves the youth.

The European Youth will remain outside the Death Pathways for some time yet. But they will spend the time waiting for their turn at affordable, caring and passionate medicine in poverty and hopelessness. With the exception of Germany youth unemployment in Europe is over 20%. “A full 62% of young Greeks are out of work, 55% of young Spaniards don’t have jobs, and 38.7% of young Italians aren’t employed.”

Unemployment exceeds even our own Obama economy for failure.

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Presidents’ Day: Amity Schlaes’ biography of Coolidge

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Very little attention is being paid to the holiday today, except as a traffic annoyance. When I was a child, we still celebrated Lincoln’s birthday (February 12) and Washington’s birthday (February 22). Since the holidays were combined and made into a long weekend, like most other American holidays, interest has declined in the subject. It has been for many years the weekend of the Midwinter yacht races in southern California, so I enjoyed it as much as anyone.

Amity Schlaes’ new biography of Coolidge, which has been delayed for nearly a year from the original date promised, is now out and I have begun reading it. It has also attracted a hostile review in the New York Times by Jacob Heilbrunn author of such profound works as God Bless Bernie Sanders, an encomium on the Socialist Senator from the “people’s republic of Vermont”, as it is known in New Hampshire, and another tiresome attack on Justice Clarence Thomas and his wife.

Mr Heilbrunn does not seem to be an economist and I am not certain of his qualifications to criticize President Coolidge, other than the obvious invitation by the New York Times.

James Ceaser, a political scientist at the University of Virginia and a regular contributor to The Weekly Standard, said it was important to revive the “moral stigma” of debt, and added, “I want to go back to Coolidge and even McKinley.” The Claremont fellow Charles Kesler, author of “I Am the Change,” a recent book denouncing President Obama and liberalism, agreed: “We’re in for a Coolidge revival.”

Indeed we are. Coolidge was a figure of sport in his own era. H. L. Mencken mocked his daily naps — “Nero fiddled, but Coolidge only snored” — and Dorothy Parker reportedly asked, “How could they tell?” when his death was announced. But such quips have only heightened the determination of a growing contingent of Coolidge buffs to resurrect him. They abhor the progressive tradition among Democrats (Woodrow Wilson) and Republicans (Theodore Roosevelt and Herbert Hoover) as hostile to big business and prosperity. Instead, their aim is to spread the austere doctrine of what might be called Republican Calvinism.

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Why I like Coolidge and why we are not recovering.

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I spent the past six months reading about Calvin Coolidge. I was interested in why the 1920s were a period of great prosperity and why the severe recession/ depression of 1920-1921 was so short. At its peak, there was 25% unemployment. Gross domestic product dropped by 6.9% in one report.

The recession of 1920–21 was characterized by extreme deflation — the largest one-year percentage decline in around 140 years of data.[2] The Department of Commerce estimates 18% deflation, Balke and Gordon estimate 13% deflation, and Romer estimates 14.8% deflation. The drop in wholesale prices was even more severe, falling by 36.8%, the most severe drop since the American Revolutionary War. This is worse than any year during the Great Depression (adding all the years of the Great Depression together, however, yields more severe deflation). The deflation of 1920–21 was extreme in absolute terms, and also unusually extreme given the relatively small decline in gross domestic product.[2]

The Harding-Coolidge administration took office in March 1921 and the recession was over in months. Why ? Governments were smaller then and had less influence on the economy. The Wilson Administration has been widely described as the equivalent of a fascist regime with its war time controls and economic meddling. Again from the Wikipedia article:

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Coolidge- Summing up

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I promise this is the last post of this series.

Coolidge believed that the wedding of government and business would lead to socialism, communism or fascism. Hoover considered Henry Wallace a fascist for supporting the McNary-Haugen bill. Hoover, ironically, was to bring on the Depression by progressive measures that might have been called a form of fascism. The farm bill would be re-introduced under Hoover and die. Only during the New Deal would it find enough support to become law. The summer of 1927 was peaceful and prosperous. It was the summer of Babe Ruth’s 60 home runs. The Yankees would win the World Series and end up with a winning percentage of 0.714, still unsurpassed. In September, Gene Tunney defeated Jack Dempsey in the fight marked by the “long count.” The “Jazz Singer” came out that fall, the first talking feature picture. Charles Lindbergh flew the Atlantic in May of 1927. He and Coolidge were much alike yet different. Both were shy and diffident but Lindbergh was happy to cash in on his fame while Coolidge refused all offers after he left office.

Coolidge arranged for Lindbergh to return to the states aboard the US cruiser, Memphis, where he was met by a crowd and by cabinet members, then there was a huge parade through New York City. Lindbergh and his mother stayed with the Coolidges at the temporary White House where Dwight Morrow, close friend of Coolidge from Amherst, introduced the young aviator to his daughter Ann. Aviation stocks, along with many others, soared and the Dow Jones Average by year end was at 200, the record high.

In his December 6, 1927 State of the Union message, he mentioned an economic slowdown and asked for the same things he had been requesting; sell Muscle Shoals, help farm cooperatives and keep spending down. In May of 1928, he complained to reporters about Congressional spending. “I am a good deal disturbed at the number of proposals that are being made for the expenditure of money. The number and the amount is becoming appalling.” He managed to get another tax cut passed including a cut in the corporate tax rate. The surplus that year was $398 million.

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Dead President Speaking Tour

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Silent Cal
Silent Cal

From the most recent of Michael Kennedy’s recent series of blog posts on Calvin Coolidge over at ChicagoBoyz:

[Coolidge] used radio addresses very effectively long before Roosevelt adopted the medium. Coolidge’s voice, unlike most politicians of the era, was well suited to radio but could not reach the back of large crowds. In a 1927 poll on radio personalities, Coolidge came in fourth, after three musicians.

This being the age of YouTube, I went looking for audio so I could hear the voice of Silent Cal whisper from the dust:

This led me to a collection of YouTube audio of presidents that were even more dead than Silent Cal. Quoth the collection:

Scholars routinely observe that the advent of radio reshaped political speech. But for more than a decade before the first commercial radio broadcast station was inaugurated in Pittsburgh in 1920, citizens had been listening to candidate speeches. This feat was made possible by the phonograph.

I’m old enough to remember being chided by my parents or older siblings not to jump up and down as a small child because I might make the record player jump and scratch the record. To the youngins of today who grew up sniffing heavy doses of Steven Paul Job’s Reality Distortion Field, this might as well have happened long, long ago in a galaxy far, far away where dinosaurs and discos ruled the Earth by walking 100 miles to school through 1 mile deep snow uphill both ways. But digital audio only discriminates based on the skill of the encoder and the compression algorithm used to encode so here’s a few highlights from the Dead Presidents Society on YouTube:

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