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Strategies & Market Trends : Waiting for the big Kahuna
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To: ayn rand who wrote (89228)7/30/2009 5:59:54 PM
From: Oblomov  Read Replies (1) of 94695
 
In part the lack of intervention in 1920-21 was due to the complete lack of any public appetite for it. Americans had had enough of Wilson's "wartime socialism", his nationalization of the railroads, and other affronts to liberty such as the Palmer Raids and Prohibition. Harding won on a campaign of "normalcy" in 1920, and the Democratic Party retrenched... its Klan wing (Wilson's base of support- to repay them, he banned blacks from federal civil service) lost out to its more urbane (classical) liberal wing: they nominated Governor Al Smith for President in 1924 and 1928. Smith was no less an anti-interventionist than Coolidge, and was certainly to the right of Hoover. Smith was a prominent member of the Liberty League in the 1930s.

In contrast, Hoover never questioned the need for an unprecedentedly large state intervention following the 1929 crash.
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