Ideology influences everyone to some degree, but I find that empiricism (i.e., being data-driven) serves as a useful check on bias.
As do I.
Harding & Coolidge were relatively responsible
Never seen any DATA that indicates that. You’ve listed some behaviors, but unless you can use data to connect the dots between those behaviors and the GD, what you have is opinion stated as fact.
Because he didn’t back off on regulation,
National Housing Act deregulated the mortgage industry and permitted the securitization of mortgages, and was the first salvo in the bubble that burst in 2008. GNMA then created a little fun device in 1972 called the CDO, which also played about.
Here’s a problem that you ought to consider: The US economy is a huge beast; think of it as an oil tanker. Know how long it takes to slow those things down? The more data I run, the more convinced I am that economic actions taken don’t show up in the data until a decade or more later. You list a perfect example of this:
When you combine tax cuts with underregulation (Reagan, Bush the Younger), you get the S&L Crisis & the 2007 meltdown.
Bush was one of the first presidents since LBJ to never deregulate or pass any legislation regarding the housing market. Here’s an interesting chart:
THAT is a visual graph of a classic economic bubble. The red straight line is the traditional slope of housing price inflation in real dollars; the oscillation line is the actual median housing price in the US for that year. You can clearly see the peak of the bubble in 2006; and you can clearly see the beginning of the bubble where the actual price line first deviates from the historical slope.
In 1998. By 2001, when Bush took office, the bubble was already clearly forming, obviously from actions taken before he took office.
Worse, “starve the beast” fiscal irresponsibility makes it harder to prime the pump when those crises hit.
Well, the last President that starved any beast was Clinton. Part of his balanced budget program was to slow the growth of government. Do you think that was responsible for the market crash and recession of 2000–2002?
Only with World War II did we become true Keynesians, spending whatever it took to become the arsenal (& breadbasket) of democracy. FDR’s free trade agreements promoted recovery before, during and after the war, and should be considered part of the New Deal.
Exactly my point. Keynes theories failed miserably until WW2, then a different sort of investment (military) along with other factors turned the tide. Again, a demonstration of how economics works transactionally.
Of course, we haven’t done a true Keynesian stimulus investment since the GD, so we have limited datapoints.