Friday, April 23, 2010

Thomas...


...Jefferson once wrote that that a government that governs least, governs best.  Be still my Libertarian heart.  He was so very right.  John Dean, the former counsel to Richard Nixon, has written a book about President Warren G. Harding.  Harding was president right after Woodrow Wilson and right before Calvin Coolidge in the early 1920s.  I have not read the book but I did hear a discussion of Harding's presidency recently.  Apparently the actual "worst" depression ever in the history of the United States started when Woodrow Wilson was still president. It was during that period when he was recovering from a stroke and his wife was actually the president of the United States.  Not unlike Nancy Reagan as President Ronald Reagan was suffering from early onset Alzheimer's.  Mrs Wilson was doing a great job but had no clue as to what to do about the economic depression.  So she did nothing.  Harding was elected president and the same issue applied.  Harding did not know what to do about the depression so he did nothing at all.  The market corrected itself and, except in the minds of many historians and economists, the depression was forgotten.  This may seem cruel to some of you but in our recent economic downturn I seriously believe that the best action would have been no action at all.  Let the banks fail.  Let the car companies fail.  Let the Wall Street fat cats fail. Let the unions fail.  It is a form of social engineering in reverse.  Leave things alone and see what happens.  It worked for Wilson and Garfield and I think it would have worked for Bush and Obama.

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