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Title: Calvin Coolidge

Description: Calvin Coolidge (John Calvin Coolidge, Jr.; July 4, 1872-January 5, 1933); American politician (Governor of Massachusetts; January 2, 1919-January 6, 1921; twenty-ninth Vice President of the U.S.; March 4, 1921-August 2, 1923); and thirtieth President of the U.S. (August 2, 1923-March 4, 1929); "Keep calm with Coolidge" was Coolidge's campaign motto, one he followed himself as indicated when he first arrived at the White House, carrying a rocking chair to the portico and sitting between the pillars to rock back and forth in the evenings while smoking black cheroots; he believed that "the business of America is business" and that the less Government did the better, following that example by doing less work and making fewer decisions than any other President in the twentieth century; in 1928, when Coolidge is shown here, the stock market was booming with a soaring Bull market and he assured the nation that the spiraling loans making it easier to buy stocks (on margin) with less cash was only "a natural expansion of business in the securities market" the New York Federal Reserve member banks had by then loaned more than $3.8 billion to brokers and dealers and those loans were climbing ever upwards in a market that was as hollow and fragile and ready to crash (it did a year later in 1929) as the colossal financial collapse of 2008-2009, yet the country blindly accepted Coolidge's empty assurances that all was "tranquil"

Category: U.S. Presidents

Keywords: bull markets, chief executives, financial collapses, heads of government, heads of state, highest political officials, politicians, presidents of the U.S., securities markets, stock markets, U.S. Federal Reserve, U.S. presidents, world leaders.