Question of the day: Is Biden our FDR?
On December 5th, 1933, Franklin D. Roosevelt announced the repeal of the 18th Amendment, known otherwise as Prohibition, and from what I understand the crowd went wild.
Cannabis consumers across America anxiously await the results of the 2020 election, tincture in hand, in hopes of rivaling the 1933 event with a massive celebration and perhaps some Doritos.
To skip the history lesson and go straight to the point, click here.
A brief history
Before we go drawing the line of best fit from FDR to today’s political climate, a quick history lesson is in order. The 18th Amendment, born from the Temperance movement with roots to the early 19th century, was aimed at squashing poverty and eliminating classism. It was late 1917, the US had just declared war on Germany, and [apparently] the Senate, House, and Woodrow Wilson needed Americans ready at the helm… united and sober.
Over the next decade or so, Americans enjoyed a massive bull market. The war had ended and jobs were created on the back of Harding’s “pro-business” regulation. Furthermore, new investors were entering the stock market — many of whom were buying on margin. Sure, America was largely sober; but for the most part they were participating in an exciting growth market and remained upbeat. Besides, a little extra money in their pocket helped ease the pain from massive markups charged by bootleggers.
Then, 1929 happened. The Great Depression.
Take a look at the Dow Jones Index from 1923 to 1933. It’s a personified rager followed by a hangover.
FDR, sworn in to feed America Saltines and nurse it back to health, set out to change the course of the economy.
This included the 21st Amendment (read: hair of the dog) which repealed the 18th Amendment and made America drink again. Importantly, it was the first and only time an amendment was repealed and the only amendment to be ratified by state ratifying conventions (hint: this is big).
Flash forward to 2020, there’s hope for history to be repeated.
So will it? Part 2 tell us.