The difference between recession and depression is simple. Recession, goes the saying, is when you lose your job; depression is when I lose mine.
Amity ShlaesCoolidge cut the budget, and even better, cut it during peace and prosperity. He left a federal budget lower than the one that greeted him when he arrived in office. He managed to freeze or cut the budget over more than five years in office. If you look at charts of presidents - Nixon, Ike, and Reagan - you see them failing on this score.
Amity ShlaesOur conscience, our faith, our local community, even our online hobby clubs - all civilize us.
Amity ShlaesDisillusionment can come as fast as a gust, but building faith that the government won't inflate again is like building a new sailboat, a project of years.
Amity ShlaesCoolidge liked the dignity of the presidency. He didn't get on the phone easily. It's possible that he banished the phone from his desk. He was known to use it from time to time. The person who was hilarious with the phone was Hoover. He was a real engineer. He made a closed circuit phone where he could call the important people and they could call him, a government hotline, but it was closed. He shut out the possibility of input from people he didn't expect to get input from.
Amity Shlaes