Tag Archives: Great Depression

Why Does The Republican Party Even Exist?

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Once the proud party of Lincoln whose actions saved the Republic and emancipated the slaves, the Republican Party has been caught in a destructive downward spiral ever since. Of the seven presidents who served during the nation’s Gilden Age, six were Republicans. Together, they endorsed Horse and Sparrow economics – the predecessor of Trickle-Down economics – that allowed a few industrialists to create an enormous wealth gap between themselves and ordinary Americans.

Likewise, the scandal-plagued, pro-business administrations of Republicans Warren G. Harding and Calvin Coolidge created an overheated economy that led to the 1929 Wall Street crash and the Great Depression. They were followed by Republican Herbert Hoover who, although he was credited with organizing a massive food relief program during and after WWI, his timid response to the Great Depression resulted in a deepening of the depression that continued until the election of Democratic Franklin D. Roosevelt.

Republican Dwight D. Eisenhower, the hero of WWII, led us into the Vietnam War and signed off on the Dulles brothers’ ill-advised overthrow of democratically elected governments in Iran, Guatemala, Indonesia and Congo. He also embraced White Christian Nationalists who added “under God” to the Pledge of Allegiance and changed the national motto from “E Pluribus Unum” (from many, one) to “In God We Trust. Those same religious and racist zealots have been trying to turn the U.S. into an unconstitutional theocratic-driven Christian nation ever since.

Republican Richard M. Nixon was elected, in part, due to his violation of the Logan Act by intervening in the Vietnam peace talks. He and Henry Kissinger supported a military coup to overthrow the democratically elected government of Chile. Further, his re-election campaign was marked by a series of dirty tricks aimed at Democratic candidates leading to the Watergate break-in and cover-up and his eventual resignation to avoid impeachment. Not surprisingly, Nixon’s Republican successor, Gerald R. Ford, pardoned Nixon to save him from criminal prosecution.

Like Nixon, Republican Ronald Reagan was elected, in part, as a result of his violation of the Logan Act by encouraging Iran to delay the return of U.S. hostages until after the election in return for a better deal. His Trickle-Down economic plan led to a wave of corporate consolidations that continues today, as well as tax cuts for the wealthy. He opened the door for today’s propaganda network by ending the Fairness Doctrine. And he famously created a shadow government as part of Iran-Contra Affair.

Republican George H. Bush continued Reagan’s pro-corporate economic policies and led the U.S. into a war with Iraq called Desert Storm. Republican George W. Bush reprised his father’s war with Iraq costing the U.S. 4,431 military deaths and an estimated $4 trillion. His economic policies also led to the Great Recession following the 2007 banking and real estate crash.

Finally, we get to the worst of them all: the twice-impeached Donald J. Trump.

Elected with the obvious help of Russia, the Felon-in-Chief mishandled the Covid pandemic leading to the deaths of roughly 1 million Americans. Among other illegal acts while in office, he ordered the payment of hush money to coverup an affair and sex with a porn star. He led a conspiracy to overturn his election loss through insurrection. He stole boxes of the nation’s top secrets and engaged in a coverup. Then, when he returned to office, he pardoned the insurrectionists and seditionists and sold pardons to convicted supporters.

He has engaged in self-dealing and insider trading helping his family raise between $2 and $4 billion to date. He and his cabinet have committed numerous constitutional violations. He illegally destroyed the East Wing of the White House. He has engaged the U.S. in an ill-advised and illegal war against Iran leading to out-of-control inflation. He has attacked news media and advanced the MAGA propaganda network. He imposed illegal tariffs against most of our trading partners. He has compromised relationships with our most trusted allies and NATO.

He has threatened free and fair elections. He has used the FBI and DOJ to exact vengeance against his perceived political enemies. He has ignored the climate crisis. He has tried to rewrite history to diminish our nation’s involvement in genocide and slavery. He created a large masked and heavily armed militarized force to arrest hundreds of thousands of hard-working immigrants. In the process, that force has repeatedly violated the Constitution and murdered dozens of people, including two U.S. citizens. Further, the 34-time convicted felon and litigated sexual assaulter has overseen the destruction of virtually every institution and norm that made our country great.

Seriously, why does that party continue to exist?

Remembering The Greatest Economic Crash In History.

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Looking back at the market crash of 2008, it’s difficult to believe that it represented a greater loss of stock and home equity than any previous crash in American history. Though we may be impatient for a full recovery of jobs and middle class incomes, we should take a few moments to recognize that the quick action by Congress and the Federal Reserve did, in fact, work. The same can be said for President Obama’s automotive bailouts and economic stimulus which were opposed and derided by Teapublicans.

So you have not yet been able to find the job you want? Or you feel that you are being undervalued and underpaid? Your frustration is understandable. But, when compared to the aftermath of lesser crashes, it could have been a whole lot worse. We were not relegated to soup lines and work camps as our parents and grandparents were following the stock market crash of 1929. But had President Obama not ignored the Teapublicans’ call for austerity measures, we well might have been.

To fully appreciate what I mean, you need to look at the extent of the losses in 2008.

The Dow Jones Industrials lost 778 points in one day – the greatest single day loss in history. It’s estimated that the market crash resulted in a $1.2 trillion loss of market equity. Looking at it another way, the Dow lost 33.8 percent for the full year – surpassed only by the bear markets of 1907 and 1931. Further, GDP contracted for more than a year. Unemployment rose from 5 percent to 10 percent before it began to drop. According to Zillow.com, $3.3 trillion in home equity was stripped from homeowners in 2008 as home values fell by 30 percent. Income levels fell, causing the net worth of households and non-profit organizations to fall by roughly $15 trillion. And the impact of the crash on retirement funds is virtually immeasurable. Indeed, those who were nearing retirement may never fully recover the money lost in their IRAs, 401ks and their defined benefit pension funds.

Despite all of that, our economy recovered remarkably quickly. If you don’t believe me, just look at the economies of many other advanced nations that are struggling with stagnation who mistakenly followed the advice of conservatives. By contrast, the GDP of the US is growing, our deficits have fallen at a dramatic rate and our national debt is now less than 3 percent of our GDP – and it would be much lower if Teapublicans hadn’t fought to give more tax breaks to corporations and the one percent. Certainly, income inequality is skyrocketing, but it was expanding long before the crash as a result of the Bush tax cuts. Yet rather than do something to address the issue, the GOP-led Congress has, instead, voted to eliminate estate taxes for the wealthiest 5,000 families in America!

Remember that the next time you hear someone claim that the GOP is the party of fiscal responsibility. It was GOP policies that led to the Great Recession. And, once again, it was Democratic leadership that led us out of it.