The Hindu News Update Service

The Hindu News Update Service: "there are certainly clear parallels between the present crisis and events of eight decades ago. In both cases, the economic collapse came after a period of political dominance by the Republican party. The 1920s saw three successive Republican politicians elected to the White House: Warren G Harding, Calvin Coolidge and Herbert Hoover. These administrations shared a fervent commitment to laissez faire capitalism, encouraging growth through tax cuts, low interest rates and minimum business regulation. Coolidge encapsulated Republican faith in the free market economy in the aphoristic observation: 'The business of America is business"