As Mr Harding took office in March 1921, Americans were in a funk, disillusioned by World War I and fearful of alleged radicals. But the main source of anguish and anger was the unstable economy, which in the span of three years had gone from an inflationary boom to a deflationary bust.
"THE nation of which (Warren G) Harding became president was not happy, and forces were underway which seemed likely, unless arrested, to bring more serious unhappiness."
- journalist Mark Sullivan, 1935
As Mr Harding took office in March 1921, Americans...