by Gary Alexander
January 28, 2025
““The chief business of the American people is business.”
— President Calvin Coolidge, January 17, 1925
A century ago, President Calvin Coolidge, in a speech to the American Society of Newspaper Editors in Washington DC, on January 17, 1925, said, “The chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing and prospering in the world.”
That talk came 45 days before his first Inauguration in his own right, after assuming the Presidency upon the death of Warren G. Harding in August 1923, then winning a landslide victory in all 36 northern and western states (losing only the 12 former Confederate states to the Democrats) in the 1924 election.
Last week, legendary investor Stanley Druckenmiller, used giddier language, when he basically told CNBC the same thing on Inauguration Day 2025: “I’ve been doing this for 49 years, and we’re probably going from the most anti-business administration to the opposite. We do a lot of talking to CEOs and companies on the ground, and I’d say CEOs are somewhere between relieved and giddy.”
Druckenmiller’s words reflect the dramatic leap in the Small Business Optimism Index to a six-year high, a mirror image of the leap it took in December 2016, when Donald Trump was first elected President:
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