Warren Harding is the President who collapsed the tax rate on the highest earners in about 1920. That took the course we've seen it always does and the stock market collapsed into the Great Depression. This took down economies around the world such that there was not much hope of employment anywhere. Right-wing dictatorships sprang up all over and twenty-nine were created between 1929 and 1939.
Roosevelt restored the tax rate when he took office in the early 30's and he began spending Federal dollars on the public works programs but it wasn't enough to get the American economy really running again. It was World War II that caused that level of spending, as it did around the world, and you can trace it all back to Warren Harding's flagrant and sophomoric abuse of the tax tables.
In the post-Depression environment, countries were trying to recover but not doing such a job of it. This is when the United States called in its German loans. German industry collapsed and the stage was set for Hitler with massive numbers of disgruntled employees, always the finest garden bed for growing a revolution.
In analysis of the Great Depression, the Washingtonians start spouting Keynesian economics and all manner of incredibly sophisticated things ... but they never say much about the contribution of malfeasance. In any case, none of that blather was enough to stop it from happening again so it seems patently obvious they had no idea and the words were nothing more than a smokescreen. Refer back to the aspect of malfeasance.
What really changed the market was IBM. Stock market transaction processing speed went to outer space and there's no way you can play unless you own a machine. Fortunately, conservatives and their banks own lots of them.
Roosevelt restored the tax rate when he took office in the early 30's and he began spending Federal dollars on the public works programs but it wasn't enough to get the American economy really running again. It was World War II that caused that level of spending, as it did around the world, and you can trace it all back to Warren Harding's flagrant and sophomoric abuse of the tax tables.
In the post-Depression environment, countries were trying to recover but not doing such a job of it. This is when the United States called in its German loans. German industry collapsed and the stage was set for Hitler with massive numbers of disgruntled employees, always the finest garden bed for growing a revolution.
In analysis of the Great Depression, the Washingtonians start spouting Keynesian economics and all manner of incredibly sophisticated things ... but they never say much about the contribution of malfeasance. In any case, none of that blather was enough to stop it from happening again so it seems patently obvious they had no idea and the words were nothing more than a smokescreen. Refer back to the aspect of malfeasance.
What really changed the market was IBM. Stock market transaction processing speed went to outer space and there's no way you can play unless you own a machine. Fortunately, conservatives and their banks own lots of them.
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