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Unleash Prosperity Hotline
Issue #1224
03/18/2025
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1) Government Did Everything Wrong During the Great Depression
We were delighted by the many comments, criticisms and praise regarding our lead HOTLINE item yesterday ([link removed]) on how the Smoot-Hawley tariffs were the match that lit the fire of the 1929 stock market crash and the decade-long collapse of the economy.
This was an oversimplification.
As Milton Friedman and Anna Schwartz taught us in their classic book “A Monetary History of the United States,” the money supply dramatically contracted after October,1929. This severe shortage of money contributed mightily to the unemployment rate hitting 25% and staying above 10% for a decade.
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This is why today we don't want to see prices fall in the aftermath of Bidenflation. We want prices to be stable.
The other factor that turned what should have been a brief financial panic into the Great Depression was that in one of the greatest acts of economic malpractice in American history FDR raised the highest income tax rate from 25% under Coolidge to 79% in 1936. The economy crashed and burned.
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It was tariffs, deflation, taxes, and New Deal government spending that wrecked the prosperity of the Roaring '20s.
Let's not EVER do that again.
And keep the comments coming. We read them all!
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2) It's True: All It Took Was a New President
We know that it was painful for The New York Times to admit this, but to their credit, they did:
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Illegal crossings at the U.S.-Mexico border are down to their lowest level in decades. Once-crowded migrant shelters are empty. Instead of heading north, people stranded in Mexico are starting to return home in bigger numbers. The border is almost unrecognizable from just a couple of years ago, when hundreds of thousands of people from around the world were crossing into the United States every month in scenes of chaos and upheaval....
The new approach has yielded some eye-popping statistics. In February, the U.S. Border Patrol said it had apprehended 8,347 people trying to illegally cross the border, down from a record high of more than 225,000 apprehensions in December 2023.
Red Marks Trump Years, Blue Marks Biden Years
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3) What Didn't Biden Know, and When Didn't He Know It
Normally this wouldn't be a brewing scandal. But in the case of the Biden presidency with Joe mentally infirm for at least his last two years in the Oval Office, and with the discovery that the White House policy/political team deliberately hid this from the American public, it is fair game to ask whether Biden had any knowledge of what he was "signing" into law with the White House autopen.
President Trump elevated the issue yesterday by questioning the validity of many of Biden's last minute pardons. He is alleging that those pardons had been signed via an autopen and he thinks Biden wasn't even aware of what he was auto-signing. Trump says the decision as to their legitimacy "would be up to a court."
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Remember that House Speaker Mike Johnson revealed a disturbing discussion with President Biden late last year, and Biden couldn't recall signing a key executive order halting Liquified Natural Gas exports? Biden then told Johnson he opposed such a move.
That strongly suggests Biden DID NOT knowingly sign it at all.
The Heritage Foundation Oversight Project reports "we gathered every document we could find with Biden's signature over the course of his presidency. All used the same autopen signature except for the announcement that the former President was dropping out of the race last year." Why the rampant and unprecedented use of the autopen? Was someone else making the key decisions?
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Missouri Attorney General Andrew Bailey wants the Department of Justice to investigate whether Biden's "cognitive decline allowed unelected staff to push through radical policy without his knowing approval."
It's worth a thorough investigation. This could reveal a REAL threat to our democracy at the end of the Biden presidency.
So much for the idea that Democrats care about "the children." If they cared so much, they'd start having them.
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4) Help! Progressives Have Fallen and They Can't Get Up
A pair of new polls from CNN and NBC show the Democratic Party has hit historically low levels of approval.
Only 27% of voters in the NBC poll have a positive view of the party, the lowest level of support it has gotten since 1990.
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A majority of voters (55%) say they have negative views of the party, including 38% who say those views are "very" negative. Republicans are also underwater having a 39% approval rating.
In the CNN poll, Democrats get a favorable rating of just 29%, with Republicans at 36%.
Meanwhile, the NBC poll found that 44% of Americans believe the country is on the right track, up from 27% in November. That's the highest right track number in 20 years.
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5) Big Law Under the Microscope
We're not fond of federal regulatory agencies launching open-ended investigations. But we don't have much sympathy for the big law firms that have cheered on every expansion of federal power and weaponized political correctness getting a dose of their own medicine.
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"The EEOC is prepared to root out discrimination anywhere it may rear its head, including in our nation's elite law firms," Lucas said. "No one is above the law--and certainly not the private bar."
The law firms that received letters from Acting Chair Lucas include:
1. A & O Shearman
2. Debevoise & Plimpton LLP
3. Cooley LLP
4. Freshfields Bruckhaus Deringer LLP
5. Goodwin Procter LLP
6. Hogan Lovells LLP
7. Kirkland & Ellis LLP
8. Latham & Watkins LLP
9. McDermott Will & Emery
10. Milbank LLP
11. Morgan, Lewis & Bockius LLP
12. Morrison & Foerster LLP
13. Perkins Coie
14. Reed Smith
15. Ropes & Gray LLP
16. Sidley Austin LLP
17. Simpson Thacher & Bartlett LLP
18. Skadden, Arps, Slate, Meagher & Flom LLP
19. White & Case LLP
20. WilmerHale
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6) So Much for Saving the Planet
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