The Chemistry of Breadmaking

E. Arnold
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Publisher
E. Arnold
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Published on
Dec 31, 1912
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Pages
224
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Language
English
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This content is DRM free.
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In 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No “stimulus” was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place.

In The Forgotten Depression, James Grant “makes a strong case against federal intervention during economic downturns” (Pittsburgh Tribune Review), arguing that the well-intended White House-led campaign to prop up industrial wages helped turn a bad recession into America’s worst depression. He offers examples like this, and many others, as important strategies we can learn from the earlier depression and apply today and to the future. This is a powerful response to the prevailing notion of how to fight recession, and “Mr. Grant’s history lesson is one that all lawmakers could take to heart” (Washington Times).
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James Grant’s enthralling biography of Thomas B. Reed, Speaker of the House during one of the most turbulent times in American history—the Gilded Age, the decades before the ascension of reformer President Theodore Roosevelt—brings to life one of the brightest, wittiest, and most consequential political stars in our history.

The last decades of the nineteenth century were a volatile era of rampantly corrupt politics. It was a time of both stupendous growth and financial panic, of land bubbles and passionate and sometimes violent populist protests. Votes were openly bought and sold in a Congress paralyzed by the abuse of the House filibuster by members who refused to respond to roll call even when present, depriving the body of a quorum. Reed put an end to this stalemate, empowered the Republicans, and changed the House of Representatives for all time.

The Speaker’s beliefs in majority rule were put to the test in 1898, when the sinking of the U.S.S. Maine in Havana Harbor set up a popular clamor for war against Spain. Reed resigned from Congress in protest.

A larger-than-life character, Reed checks every box of the ideal biographical subject. He is an important and significant figure. He changed forever the way the House of Representatives does its business. He was funny and irreverent. He is, in short, great company. “What I most admire about you, Theodore,” Reed once remarked to his earnest young protégé, Teddy Roosevelt, “is your original discovery of the Ten Commandments.”

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