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Calvin Coolidge Gets New Deal in Revisionist History

Bill110 Wrote: Feb 25, 2013 7:35 AM
"----economic historians have suggested that policy mistakes by the Federal Reserve were the prime cause of the deflationary downward spiral." The Federal Reserve caused the depression and continues to be the primary factor in stagflation. It is refreshing to see some positive information on Coolidge even if it is 85 years late.
absinthe48 Wrote: Feb 25, 2013 12:21 PM
Another interesting book is Benn Steil's "The Battle of Bretton Woods." Jacob Viner got Harry Dexter White is his first job with Morgenthau's Treasury Department but later redeemed himself by teaching Milton Friedman. As an undergraduate I thought that economics was truly the dreariest subject, and monetary theory too boring for words, but after one loses one's retirement funds two or three times, one's interest in the subject begins to be piqued.
For years, most Americans' vision of history has been shaped by the New Deal historians. Writing soon after Franklin Roosevelt's death, Arthur Schlesinger Jr. and others celebrated his accomplishments and denigrated his opponents.

They were gifted writers, and many of their books were bestsellers. And they have persuaded many Americans -- Barack Obama definitely included -- that progress means an ever bigger government

In their view, the prosperous 1920s were a binge of mindless frivolity. The Depression of the 1930s was the inevitable hangover, for which FDR administered the cure.

That's one way to see it. But there are others, and...