Republican "Fiscal Responsibility" - The Great Depression Timeline

[barbaraann]

Harding, Coolidge, and Hoover - GOP Presidents from 1921-1933

Some excerpts:

1920's - By 1929, the richest 1 percent will own 40 percent of the nation's wealth. The bottom 93 percent will have experienced a 4 percent drop in real disposable per-capita income between 1923 and 1929.

1920's - Individual worker productivity rises an astonishing 43 percent from 1919 to 1929. But the rewards are being funneled to the top: the number of people reporting half-million dollar incomes grows from 156 to 1,489 between 1920 and 1929, a phenomenal rise compared to other decades. But that is still less than 1 percent of all income-earners.

1924 - The stock market begins its spectacular rise. Bears little relation to the rest of the economy.

1929 - Annual per-capita income is $750. More than half of all Americans are living below a minimum subsistence level.

1930 - By February, the Federal Reserve has cut the prime interest rate from 6 to 4 percent. Treasury Secretary Andrew Mellon announces that the Fed will stand by as the market works itself out: 'Liquidate labor, liquidate real estate... values will be adjusted, and enterprising people will pick up the wreck from less-competent people'.

1931 - No major legislation is passed addressing the Depression.

1932 - 10,000 banks have failed since 1929, or 40 percent of the 1929 total.

1933 - Alarmed by Roosevelt's plan to redistribute wealth from the rich to the poor, a group of millionaire businessmen, led by the Du Pont and J.P. Morgan empires, plans to overthrow Roosevelt with a military coup and install a fascist government modelled after Mussolini's regime in Italy. The businessmen try to recruit General Smedley Butler, promising him an army of 500,000, unlimited financial backing and generous media spin control. The plot is foiled when Butler reports it to Congress.

1945 - The top tax rate is 91 percent. It will stay at least 88 percent until 1963, when it is lowered to 70 percent. During this time, America will experience the greatest economic boom it had ever known until that time.

(The Timeline was compiled by Steve Kangas.)

http://www.hyperhistory.com/online_n2/connections_n2/great_depression.html

[Why Syzygy]

1. And the wheel goes round

Do they have enough yet?

[salin]

2. Steve Kangas

http://www.politicalamazon.com/kangas.html

tragic

[barbaraann]

4. very tragic

We have to carry on for him.

[atommom]

3. But somehow they never learn from history!

[barbaraann]

5. They learn the wrong lessons--like how to cover up better, etc.

And how to steal elections.

[atommom]

9. I've been reading The People's History of the United States, and

what really strikes me is that the greed of the wealthy drives so much of our policy, both domestic and foreign. They made concessions for the poor only when forced to, and they've been paring them back ever since.

[liberal N proud]

6. History repeating itself

[Why Syzygy]

7. n/t

:kick:

[kentuck]

8. JFK's biggest mistake ?

Cutting the top taxrates from 88% to 70%? Did that give credence to the cycle of greed once again and later lead Reagan to cut top rates to 29%?