The Motley Fool Discussion Boards

Previous Page

Politics & Current Events / Libertarian Fools


Subject:  Re: Calvin Coolidge article Date:  7/3/2004  3:43 AM
Author:  HamletsMill Number:  9327 of 23810

We have got so many regulatory laws already that in general I feel that we would be just as well off if we didn't have any more

Like all political leaders, statements of principles sometimes run afoul of reality. Most notably, his support and signing into law the Radio Act of 1927, which basically established the basis for broacasting regulation by the Federals.

One other observation: Coolidge's favor of an "easy money" fiscal policy contributed a great deal to the speculative excess of the late 1920's, which in that lovely Austrian Economics term, led to extensive malinvestments (primarily in the financial markets) that made the the following decade more of a tragedy.
He also wasn't against the notion of using government to ah, rationalize, certain industries (an intellectual legacy of the private "Trust" efforts a few decades back). In the debate about large scale efficiency versus the creative innovation of competitive capitalism, he tended to come down on the side of the former rather than the latter.
Finally, the precusor (and rather loud canary) of the Great Depression -- the economic collapse of the farming sector occured under his watch. Whether his hands off policy was wise is debatable, but the situation was a clear warning that business wasn't working as usual.

I suspect that if you look into his history and thoughts in more detail, you might find that Coolidge was more of a Yankee Tory than a Libertarian.

But all in all, one of our more interesting, and quietly capable Presidents in many respects.
Sigh Perhaps not surprisingly, we seem to get them more by accident then by design...

Copyright 1996-2022 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us