To investors, job creation is a second-order effect. Market participants care first about interest rates, exchange rates, bond prices and the one great factor that affects all three: the long-term solvency of a bond company called the U.S. government.

If Coolidge were a stock, he'd be a buy. The experts have historically ranked Coolidge in the bottom quartile or bottom half of all presidents. But his economic performance and his statesmanship suggest Coolidge belongs in the top quarter of presidents. The disparity between the Coolidge price and Coolidge value is huge. So revision is warranted.

Laws must be justified by something more than the will of the majority. They must rest on the eternal foundation of righteousness.

Today many politicians suggest that where the federal government does not act, there must be anarchy. That view is odd, blinkering out the work of state and towns, which until recently did much of our charitable and cultural work. That view also blinkers out the role of mutual societies and churches.

Economics are part of our life. We try to treat them separately, like over there is the economy and here is history. Econ affects history and history often doesn't get it right if it doesn't respect econ.

In a way, Calvin Coolidge is better than Reagan. His tax rates were lower, and he cut budgets.

The difference between recession and depression is simple. Recession, goes the saying, is when you lose your job; depression is when I lose mine.