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					Andrew Jackson’s Inaugural Address March 4, 1827

To the Victor Belong the Spoils In this cartoon (drawn as a mocking memorial to Jackson’s death in 1877), the Spoils System was not received well by all. Notice how Jackson rides the pig (the symbol of greed and over-indulgence) as it feasts on scraps of bribery, fraud, and plunder. To Jackson, the Spoils System was a reward for loyalty. To others, it was an example of “buying your way” into government positions.

W. H. Harrison’s Inaugural Address March 4, 1841

Jimmy Carter’s Inaugural Address January 20, 1977

Too Many Balls in the Air President Jimmy Carter started out strong, with new promises for the poor and the needy, but with all those balls in the air, the budget came crashing down

The very word "maverick" implies not only independence but a willingness to take risks. But it is critical to understand the common thread running through McCain's high-profile breaks with the GOP: In every case, McCain took a position that was overwhelmingly popular with the public. It was hardly a risk for a politician with national ambitions to embrace campaign finance reform or an effort to regulate tobacco, despite the displeasure it may have caused within the GOP caucus. The other issues on which he has broken with some or all Republicans -- global warming, the gun show loophole -- were also cases in which the prevailing Republican position was widely unpopular. However sincere he was in the positions he took, the result in every case was a double-victory for McCain: He could enhance his image as a moderate and a maverick, and do so with no risk to his national ambitions, since he was taking the popular position.... The only years in which McCain diverged significantly from the Republican party line in the last decades were 2001, when he voted with the party "only" 67 percent of the time, 2004, when he stuck to the party line 79 percent of the time, and 2006, when his unity score was 76. The rest of the time, throughout his 19-year Senate career, McCain has voted with his party more than 80 percent of the time.

-David David Brock and Paul Waldman Brock and Paul Waldman Free Ride: John Free Ride: John McCain and the MediaMcCain and the Media (March 2008)

Panic!
1837 and 2008

Panic!
• What causes a panic? • panic: just like it sounds, an economic time of turmoil when the general public reacts to dips in the market, crop failures, stock market crashes, etc. • We stopped calling it “panic” in the late 1800s and went with a new term: depression • But what makes a panic a panic? • And how is the Panic of 1837 similar to the economic crisis of today?

Panic!
• The Panic of 1837 was caused by four main factors:
1. Overspeculation on land (meaning the price of land was inflated and overdeveloped) 2. Crop failures 3. Depreciation of the dollar 4. An uninformed presidency

•

Today’s crisis has been caused by the same factors
1. Overspeculation in the housing market 2. Increased price of living 3. Depreciation of the dollar 4. An uninformed presidency

Crisis begins Panic begins

Van Buren’s presidency

Panic!
• The Panic of 1837 was caused by four main factors:
1. Overspeculation on land (meaning the price of land was inflated and overdeveloped) 2. Crop failures 3. Depreciation of the dollar 4. An uninformed presidency

•

Today’s crisis has been caused by the same factors
1. Overspeculation in the housing market 2. Increased price of living 3. Depreciation of the dollar 4. An uninformed presidency

Crisis begins

Panic begins

This chart shows the wholesale prices of 38 commodities, including wheat and corn. The price of these commodities has freefallen, indicating either an overproduction, or an inability of the public to buy.

Panic!
• The Panic of 1837 was caused by four main factors:
1. Overspeculation on land (meaning the price of land was inflated and overdeveloped) 2. Crop failures 3. Depreciation of the dollar 4. An uninformed presidency

•

Today’s crisis has been caused by the same factors
1. Overspeculation in the housing market 2. Increased price of living 3. Depreciation of the dollar 4. An uninformed presidency

Andrew Jackson reelected

Martin Van Buren elected

W.H. Harrison elected

James Polk elected

Panic!
• The Panic of 1837 was caused by four main factors:
1. Overspeculation on land (meaning the price of land was inflated and overdeveloped) 2. Crop failures 3. Depreciation of the dollar 4. An uninformed presidency

•

Today’s crisis has been caused by the same factors
1. Overspeculation in the housing market 2. Increased price of living 3. Depreciation of the dollar 4. An uninformed presidency

Do they think that I am such a damned fool as to think myself fit for President of the United States? No, sir; I know what I am fit for. I can command a body of men in a rough way, but I am not fit to be President. -Andrew Jackson, 1821

Oh, do not cry. Be good children, and we shall all meet in Heaven... I want to meet you all, white and black, in Heaven. -Andrew Jackson, 1845

There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing. -Andrew Jackson, 1832

I will go to South Carolina and hang the first secessionist I see from the first tree I can reach. -Andrew Jackson, Date Unknown

Hemans gallows ought to be the fate of all such ambitious men who would involve their country in civil wars. -Andrew Jackson, 1833 Peace, above all things, is to be desired, but blood must sometimes be spilled to obtain it on equable and lasting terms. -Andrew Jackson, 1833

When asked, on his deathbed, what his two greatest regrets in life were, he answered, “I did not hang Calhoun and shoot Clay” -Andrew Jackson, 1845

Panic!
• The Panic of 1837 was caused by four main factors:
1. Overspeculation on land (meaning the price of land was inflated and overdeveloped) 2. Crop failures 3. Depreciation of the dollar 4. An uninformed presidency

•

Today’s crisis has been caused by the same factors
1. Overspeculation in the housing market 2. Increased price of living 3. Depreciation of the dollar 4. An uninformed presidency

Panic!
• The Panic of 1837 was caused by four main factors:
1. Overspeculation on land (meaning the price of land was inflated and overdeveloped) 2. Crop failures 3. Depreciation of the dollar 4. An uninformed presidency

•

Today’s crisis has been caused by the same factors
1. Overspeculation in the housing market 2. Increased price of living 3. Depreciation of the dollar 4. An uninformed presidency

Panic!
• The Panic of 1837 was caused by four main factors:
1. Overspeculation on land (meaning the price of land was inflated and overdeveloped) 2. Crop failures 3. Depreciation of the dollar 4. An uninformed presidency

•

Today’s crisis has been caused by the same factors
1. Overspeculation in the housing market 2. Increased price of living 3. Depreciation of the dollar 4. An uninformed presidency

Panic!
• The Panic of 1837 was caused by four main factors:
1. Overspeculation on land (meaning the price of land was inflated and overdeveloped) 2. Crop failures 3. Depreciation of the dollar 4. An uninformed presidency

•

Today’s crisis has been caused by the same factors
1. Overspeculation in the housing market 2. Increased price of living 3. Depreciation of the dollar 4. An uninformed presidency

So What Happened?
• This current economic crisis has been caused by a number of factors:
1. 2. 3. 4. Subprime mortgages Housing prices Credit risks Lack of regulation

•

But the issues are the same as they were in 1837…

Subprime Mortgages
• • mortgage: a loan from a bank to buy a house or property subprime: sounds exactly like it means: not good, or below what is normally standard subprime mortgage: a loan to a person with either poor credit, no credit, or no investigation into what their credit is When it comes time for these people to pay their mortgage bills, they default on the loan

•

•

Subprime Mortgages Across the Country The darker the colors, the more subprime loans

Late Payments Across the Country The darker the colors, the later the mortgages payments

A History of Home Values This graph is a bit counterintuitive. From the mid 1990s, the U.S. was booming in home production. So, the more homes, the lower the value. That’s why subprime mortgages are so dangerous: a risky loan on a home that’s not worth that much!

So What Happened?
• This current economic crisis has been caused by a number of factors:
1. 2. 3. 4. Subprime mortgages Housing prices Credit risks Lack of regulation

•

But the issues are the same as they were in 1837…

The Issues at Hand

The Issues at Hand
• On November 4, Coloradans will go to the polls to answer the following questions:
Is a fetus considered a person? 2. Should we increase gambling to increase revenue? 3. Should people be forced to join labor unions? 1.

•

Let‟s hold a mock-election in class, and see if our votes reflect the rest of the state…

Amendment 46
•
–

Should there be an amendment that… Proponents say…

•

…prohibits the preferential hiring of people based on their race, sex, or gender?
…preferential hiring hurts those who AREN‟T minorities. This amendment would end this discrimination …this effectively ends Affirmative Action and will end programs aimed at placing women and minorities in places of power

–

•

–

Opponents say…

Amendment 47
• Should there be an amendment that…
– …disallows an employer from forcing their employees to join a labor union?

•

Proponents say…
– …this amendment protects workers‟ rights and their paychecks! …this amendment would pit employer against employee

•

Opponents say…
–

Amendment 48
•
–

Should there be an amendment that…

•

–

Proponents say…

…formally defines a “person” from the point of conception (the moment the sperm and egg meet?)? This fetus is then given the same Bill of Rights protection, including the “right to survive…”
…life starts at the point of conception, so therefore, these fetuses need protection …this amendment effectively reverses a woman‟s right to abortion, even in cases of rape and incest

•

–

Opponents say…

Amendment 49
•
–

Should there be an amendment that…

•

–

Proponents say…

…prohibits paycheck deductions automatically taken by the state for labor unions and organizations? …this amendment protects workers‟ rights and their paychecks! …this amendment should be decided at the local level, not the state level, and also provides for more “red tape”

•

–

Opponents say…

Amendment 50
•
–

Should there be an amendment that…

•

–

Proponents say…

…allows for citizens of Black Hawk and Central City to approve new gambling games in increase revenue? …this increased revenue will go towards Colorado community colleges …this amendment would cripple the “historic charm” of these cities and would turn these cities into „round the clock gambling districts

•

–

Opponents say…

After all the fighting and scratching, will we have a Republican or Democratic president?

Amendment 51
•
–

Should there be an amendment that…

•

–

Proponents say…

…raise the state sales tax from 2.9% to 3.0%, with the additional revenue from that 0.1% going towards services for the disabled?
…this 0.1% increase will bring in $186 million per year, and is a small price to pay for a large benefit

•

–

Opponents say…

…the government already spends $4 billion on the disabled already, and an increase in the sales tax is not appropriate during these difficult times

After all the fighting and scratching, will we have a Republican or Democratic president?

Amendment 52
• Should there be an amendment that…
– …directs a specific tax on oil companies toward transportation and highway maintenance? …this amendment would help fix congestion on I-70

•
•

Proponents say…
–

Opponents say…
– …the amendment focuses too much on I-70 and could take funds away from water projects

Amendment 53
•
–

Should there be an amendment that…

•

–

Proponents say…

…makes it a criminal offense for CEOs and heads of business to engage in immoral and substandard practices in business?
…in the light of AIG and other business failures, we need to keep tighter reigns on our CEOs

•

–

Opponents say…

…the amendment could have a negative impact on the business environment, considering most CEOs and business heads already follow the laws perfectly

After all the fighting and scratching, will we have a Republican or Democratic president?

Amendment 54
• Should there be an amendment that…
– …prohibits businesses from financially supporting political candidates, if they‟ve previously taken an oath not to? …it just makes sense!

• •

Proponents say…
–

Opponents say…
– …the amendment goes too far and interferes with the political process and the rights of people to choose who they sponsor / support

After all the fighting and scratching, will we have a Republican or Democratic president?

Amendment 55
• Should there be an amendment that…
– …forces employers to show “just cause” when firing an employee?

•

Proponents say…
– …it protects from firing people “at will” and provides for employee protection …the amendment makes it impossible to fire someone!

•

Opponents say…
–

Amendment 56
•
–

Should there be an amendment that…

•

–

Proponents say…

…forces employers to provide healthcare for their employees, even if they only employ 20 people or less? …people need health care, and this would increase workplace productivity because people are healthier …it puts an unnecessary financial burden on these employers

•

–

Opponents say…

Amendment 57
•
–

Should there be an amendment that…

•

–

Proponents say…

…allows an employee to sue his or her employer if they don‟t provide a “safe and healthy” work environment? …the present system of Workers’ Compensation isn‟t enough and this amendment gives workers another option …Workers’ Compensation is enough protection, and this would clog the courts

•

–

Opponents say…

After all the fighting and scratching, will we have a Republican or Democratic president?

Amendment 58
•
–

Should there be an amendment that…

•

–

Proponents say…

…removes a tax credit given to oil companies in 1977, and divert that money ($321 million / year) to preserve wildlife, help pay for college, etc.? …the current system offers a $321 million incentive for oil companies to develop business here in Colorado. We have plenty of business here, so divert the money elsewhere!
…since the oil companies are NO LONGER RECEIVING that money, they‟ll increase energy cost to make up the difference

•

–

Opponents say…

After all the fighting and scratching, will we have a Republican or Democratic president?

Amendment 59
• Should there be an amendment that…
– …creates a “savings account” from unspent state money for schools to use in times of trouble? …this amendment provides a constant source of funding to education, even during tough economic times …that unspent money should be returned to the tax payers!

•

Proponents say…
–

•

Opponents say…
–
After all the fighting and scratching, will we have a Republican or Democratic president?


				
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