Author: Redactor

On July 15, 1976, Jimmy Carter accepted the nomination of the Democratic Party to run for the presidency.

Three years later, as president, he gave his infamous “malaise” speech, in which he focused on energy but did not mention the one thing that actually helped turn the ’70s’ energy crisis around: the phased deregulation of oil prices that had started three months earlier, under his own directive. Instead of touting this deregulatory effort, Carter did the usual politic thing and promised a number of new government programs, extensively ground home a “crisis of confidence” message, and vaguely talked of a spiritual challenge.

The deregulation was startlingly effective, in the long run — though the immediate effect was a rocketing of prices. These high prices presented profit opportunities, and (lo and behold!) domestic production greatly increased, allowing for many, many years of lower prices. Those high prices would have worked better as market signals had not Carter and Congress also established “windfall profits” taxes, to take away those temporary gains to existing business.

Had Carter deregulated prices earlier, he would probably have been re-elected president. Had he emphasized deregulation, he probably would have beat back Ronald Reagan’s free market rhetoric — with actual action.

The price controls had been put in place earlier in the decade by the Republican president at the time, Richard M. Nixon, with the great help of his aides Dick Cheney and Donald Rumsfeld.

On July 14, 1789, Paris citizens stormed the Bastille. On the same date nine years later, in America, the Sedition Act prohibited the writing, publishing, or speaking false or malicious statements about the United States government. The passage of this repressive law spurred the formation of the first opposition party in the United States, with Thomas Jefferson [above] as its leader and figurehead.

On July 13, 1973, the minority (Republican) counsel on the Senate Watergate investigative committee, Donald Sanders, asked Nixon aide Alexander Butterfield [pictured] if he knew of any recordings made in the Nixon White House, and Butterfield responded, “everything was taped” at least while Nixon was in attendance, and that “there was not so much as a hint that something should not be taped.” This revelation of the Nixon Tapes transformed the Watergate scandal into a major legal as well as political event, and proved to be one of the most astounding examples of “government transparency” in modern times — indeed, it helped demystify and desanctify the Office of the Presidency, a very republican (if not pro-Republican Party) development.

On July 12, 1817, American poet, abolitionist, businessman, and Transcendentalist philosopher Henry David Thoreau was born. He is perhaps best known, today, for his book of meditations on the simple life, Walden, and his influential essay on civil disobedience.

On July 10, 1832, U.S. President Andrew Jackson vetoed a bill to re-charter the Second Bank of the United States, in effect ending formal central banking in the United States until the establishment of the Federal Reserve in 1913.

The featured image incorporates a bank note from the Second National Bank signed by Daniel Webster.