A big Happy Thanksgiving to the Frederick Followers in the U-nited States!
WAS Coolidge the cause of the Great Depression? Well, he certainly didn’t do anything to help. His mantra of, “The business of America is business” essentially boiled down to, “The only thing better than profit is more profit.” Just picture Coolidge singing Madonna’s song “More” from Dick Tracy and you have a pretty good idea of the economic policy he urged on his cabinet.
Still, it is unfair to blame Coolidge for not seeing what nobody else in his time saw either. Bismarck let the same thing happen in Germany to the same effect a half century before. As did Lord John Russell in England. And on back and on back… Cal was just the last adherent of Cyclical Doom Economics, not necessarily the worst.
– Count Dolby von Luckner