A Great Inauguration Speech!
No, Not Obama’s. That was just more of his usual drivel.
I’m refering to Warren G. Harding’s 1921 inaugural address, given in the depth of a deep recession as bad as any we’ve ever known. Harding understood that the economy needed to rebalance itself from the economic distortions of WW1 and was wise and self-confident enough to counsel patience and non-intervention.
Here is a passage from it:
| The business world reflects the disturbance of war’s reaction. Herein flows the lifeblood of material existence. The economic mechanism is intricate and its parts interdependent, and has suffered the shocks and jars incident to abnormal demands, credit inflations, and price upheavals. The normal balances have been impaired, the channels of distribution have been clogged, the relations of labor and management have been strained. We must seek the readjustment with care and courage. Our people must give and take. Prices must reflect the receding fever of war activities. Perhaps we never shall know the old levels of wages again, because war invariably readjusts compensations, and the necessaries of life will show their inseparable relationship, but we must strive for normalcy to reach stability. All the penalties will not be light, nor evenly distributed. There is no way of making them so. There is no instant step from disorder to order. We must face a condition of grim reality, charge off our losses and start afresh. It is the oldest lesson of civilization. I would like government to do all it can to mitigate; then, in understanding, in mutuality of interest, in concern for the common good, our tasks will be solved. No altered system will work a miracle. Any wild experiment will only add to the confusion. Our best assurance lies in efficient administration of our proven system. |
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| The forward course of the business cycle is unmistakable. Peoples are turning from destruction to production. Industry has sensed the changed order and our own people are turning to resume their normal, onward way. The call is for productive America to go on……………. |
The recession soon ended and we were off to the roaring 20s!
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