In short
Podcast Notes: The James Altucher Show - Ranking U.S. Presidents: Who Truly Deserves the Top Spot?
Episode Summary In this episode, James Altucher delves into the rankings of U.S. presidents as determined by historians, offering his personal insights on the merits and shortcomings of various leaders. He explores the characteristics that define a great president, critiques popular rankings, and highlights figures like Abraham Lincoln, George Washington, and James K. Polk while addressing the controversies surrounding Franklin D. Roosevelt and Woodrow Wilson.
Key Themes and Discussions
Defining a Great President
- Ethical and moral conduct, transparency, courage with calculated risks.
- Economic growth as an important factor, though not solely attributable to one president.
Insights on Historians’ Rankings
- Abraham Lincoln:
- Ranked as the best president by historians.
- Led the nation during the Civil War, advocating for equality and preserving the Union.
- Acknowledged for his cognitive flexibility and ability to appoint capable individuals like Edwin Stanton.
- George Washington:
- Typically viewed as a foundational president, ranked second.
- Criticized for his treatment of slaves and decisions such as the Whiskey Rebellion.
- Praised for his voluntary decision to step down after two terms, setting a precedent.
- Franklin D. Roosevelt:
- Ranked high, but James questions this due to:
- Perceived mismanagement during the Great Depression.
- The controversial decision to intern Japanese Americans during WWII.
- Attempts to increase presidential power, including court-packing.
- Harry Truman:
- Criticized for his decisions during the Korean War and the use of atomic bombs.
- Ranked as a great president but debated due to the implications of his actions on civilian populations.
- Woodrow Wilson:
- Critiqued for his racist policies, including governmental re-segregation.
- Instituted the Espionage and Sedition Acts, limiting free speech.
- Regarded as one of the worst presidents, contrary to his historian ranking.
Notable Mentions
- Calvin Coolidge:
- Advocated for tax cuts and significantly reduced government spending, leading to economic prosperity.
- Contested historian rankings that place him among the worst presidents.
- James K. Polk:
- Praised for territorial expansion and clear presidential objectives, suggesting he deserves a higher rank.
Episode Takeaways
- Qualities defining a good president extend beyond popularity to include moral integrity, transparency, effective crisis management, and economic foresight.
- The impact of a president's decisions can transcend their popularity or historical perception.
- History is complex, and the evaluation of past leaders often requires a nuanced understanding of their decisions and the context in which they governed.
Episode Breakdown by Timestamp
- [01:30] What makes a great president?
- [02:29] Official duties of the presidency.
- [06:54] Historians’ rankings of presidents.
- [07:50] Exclusion of recent presidents from discussion.
- [08:13] Abraham Lincoln’s leadership during crisis.
- [14:16] George Washington: the good, the bad, and the ugly.
- [22:16] Critique of Franklin D. Roosevelt.
- [29:23] Harry Truman’s atomic bomb decision.
- [35:29] The controversial legacy of Woodrow Wilson.
- [42:24] The case for Calvin Coolidge.
- [50:22] James K. Polk and America's expansion.
Conclusion James Altucher encourages listeners to engage in discussions regarding presidential rankings and invites differing opinions on the subject. Through a critical lens, he provides a fresh perspective on what constitutes effective leadership in the U.S. presidency.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:00Being an entrepreneur is a 24-7 job. And when you're hiring, you need a partner that works as hard as you do. That hiring partner is LinkedIn Jobs. When you clock out, LinkedIn clocks in. LinkedIn makes it easy to post your job for free, share with your network, get qualified candidates that you can manage all in one place. For one thing, you can post a job. LinkedIn's new feature can help you write job descriptions and then quickly get your job in front of the right people. You get qualified candidates. At the end of the day, the most important thing to your business is the quality of the candidates.
0:30And with LinkedIn, of course, you can feel confident that you're getting the best. Based on LinkedIn data, 72 % of small, medium businesses say using LinkedIn helps them find high-quality candidates. Find out why more than 2.5 million small businesses use LinkedIn for hiring today. Find your next great hire on LinkedIn. Post your job for free at linkedin.com slash altature. That's linkedin.com slash altature to post your job for free. Terms and conditions apply. This message comes from Capital One. The Capital One Venture X Business Card has no preset spending limit, so the card's purchasing power can adapt to meet business needs.
1:09Plus, the card earns unlimited double miles on every purchase, so the more a business spends, the more miles earned. And when traveling, the Venture X Business Card grants access to over 1 ,000 airport lounges. The Venture X Business Card. What's in your wallet? Terms and conditions apply. Find out more at CapitalOne.com slash VentureXBusiness.
1:35So we have a brand new president of the United States. And of course, everyone has their opinion about whether President Trump has been good or bad, will be good and bad. Everyone has their opinion about Biden and Barack Obama and on and on. And I'm just curious, what makes someone a good president? What makes someone a bad president?
2:04This isn't your average business podcast, and he's not your average host. This is the James Altucher Show.
2:22Obviously, we want our presidents to be moral and ethical, and we want them to be as transparent as possible with the citizens. Sometimes a president can't be totally transparent because some things are secret. Let's say there's negotiations with other countries or economic policies that are going to be implemented that nobody should know about in advance and so on. But we want, in general, our presidents to be transparent. We want them to have some degree of courage without taking too many risks. And I'll explain what that means in some of the example presidents from history. We also want the country to grow economically, but that doesn't always happen because of one president.
3:03Like, for instance, the Great Depression started with Herbert Hoover, but it continued under Franklin Roosevelt. Was Hoover guilty of causing the Depression? Was Roosevelt guilty of continuing the Depression? I'll get to that in a second, but a lot of these things are a little unclear because it's a little unclear what the president actually does. First off, what does the president of the United States actually do? What is his job according to the Constitution? And I'll tell you, it's not a lot. Here are the official duties of the presidency. Now, it's expanded a lot since the Constitution was made, but here's how it started.
3:42Here's what the law says. First off, he's the commander in chief of the military, but he does not have the right to declare war. Congress is the part of government that has the right to declare war. But guess what? The last time the Congress has actually declared war was on December 8th, 1941, when it declared war on Japan and Germany. Since then, Congress has not declared war on anyone, even though we've been on the Korean War, the Vietnam War, and of course, Afghanistan, Iraq, and wherever other military initiatives have happened. So this is one area where the president has expanded his powers using executive orders.
4:23Now, Congress allocates budgets for these wars, but they pretty much go along with what the president says. So commander in chief, that's power number one, not even the power to declare war, although So presidents have abused it since World War II. Number two, the power to grant pardons, to basically forgive people of their crimes so they don't have to go to jail, but this only applies for federal crimes. The president has the power to make treaties with other governments, but those treaties still have to be approved by Congress before they become law. President has the power to appoint ambassadors, judges of the Supreme Court, cabinet secretaries, other federal officers.
5:05And again, sometimes that power has been abused. Some presidents have been known in the 1800s, for instance, for a certain price. They will sell these positions. President has the power to veto laws made by Congress, but then Congress can override a presidential veto with a two thirds vote and then it becomes a law. President does not have the power to make laws. Only Congress has the power to make laws. The president does have a duty, though, from time to time, give to the Congress information of the State of the Union. So this has become known as the annual State of the Union address, and he may recommend policies, but he could not directly initiate a bill or any law at all.
5:49That's all Congress. The president can use extraordinary powers to convene Congress if they've been taking a long vacation. I don't know if the president has ever done that. And the president also has responsibility to receive ambassadors from other countries. So basically, the president has the power to throw parties at the White House for other foreign governments who are sending their ambassadors. An important responsibility of the presidency is to take care that the laws are faithfully executed. I guess that's through a National Guard and they set up, you know, like if Congress passes the law that taxes go up, then the president has to make sure that the IRS follows and implements the law.
6:34That's an example. Or if Congress says we need more money for the military to buy planes, the president makes sure that happens. He doesn't make the laws, but he makes sure this happens. And again, the president has expanded these constitutional powers, but those were the original powers of the presidency. And in other words, he couldn't make laws. He couldn't declare wars. He couldn't do many of the things that the presidency has done since then. So now I saw this list, like hundreds of historians voted from numbers one through 47, basically who the top and worst presidents are. I want to comment on this list a little bit and tell you who I think are the best and worst presidents.
7:15I'm not going to include the last couple of presidents. I think this battle is still raging. I once asked a friend of mine, really hated Donald Trump. I I said, tell me a couple of things that Donald Trump did bad. And this guy was a news producer for a major TV news show for Fox, actually. And he kept saying Trump was bad and Fox was more pro-Trump. And he couldn't tell me a single thing, a single law that Trump had, that had passed under Trump or that Trump had recommended that was bad. This was around 2019 before COVID, but still after about three years of Trump's presidency. So history will determine about Trump or Biden.
7:56I have my opinions. First off, I think both Biden and Trump did some things bad, some things good, but it's not gonna be discussed at all in this podcast. I wanna get back to the originals, like Washington, Lincoln, Roosevelt, Truman, and so on. So first off, this poll that I'm looking at, the historians rank by far Abraham Lincoln as number one. I was a little surprised that it wasn't George Washington. Usually George Washington is considered number one, but Lincoln is number one. And some people might agree. Some people might disagree. I'll give you my opinion. I more or less agree with this with one caveat, but Lincoln, first off, he probably, unlike more than any other president, he dealt with an extreme crisis in the U.S.
8:44I mean, the U.S. was literally falling apart. It was cut in half. The South had seceded and Lincoln went to war. A long time ago, I thought maybe this war could have been avoided through diplomacy, but really it couldn't have been. In fact, the three presidents before Lincoln, James Buchanan, Franklin Pierce, and Millard Fillmore, they all tried to compromise. I mean, you've heard of things like the Missouri Compromise. They all tried to compromise so that civil war could be avoided. and they all basically failed. Like the tensions between South and North got worse and worse until finally South Carolina seceded from the United States right before Lincoln became inaugurated and Lincoln went to war.
9:31Now, the caveat of course is that this was the worst war in American history. And by worst war, I mean deaths as a percentage of the country, this was the worst war. So the Civil War, the U.S. population was about 31 million people. That includes North and South. And 620 ,000 people died. So that was about 2 % of the U.S. population. So to put that in perspective, World War II, which is usually considered the worst war, about 405 ,000 people died. But there were 132 million people in the country. So only 0.3 % of the population died in World War II. And again, in the Civil War, it was 2%. The Revolutionary War was 1%.
10:17And World War I was 0.1%. And almost nothing as a percentage was, you know, the Vietnam War and the Korean War. So the Vietnam War and the Korean War all together, putting them together, wasn't even as much as any of the other, like the War of 1812, World War I, World War II, the Revolutionary War, wasn't as many deaths. But the Civil War was by far the worst in terms of deaths in the U.S. but again, I don't know how it could have been avoided. They were going to go to war. Lincoln is number one. And I agree with this. He's the first president to say that really all men and women are created equal.
10:54And, you know, he did the Gettysburg address where he basically said, everybody's considered equal and black citizens should be treated as citizens and, and so on. And so this, of course, was, you know, a big part of what the Civil War was about. And I will say that Lincoln did a good job keeping the country intact through that war and then ultimately winning that war. The other thing that's really impressive about Lincoln, which is hard to see in many other presidents, is he had what's called cognitive flexibility. He was he had the ability to change his mind. So, for instance, his secretary of war, Edwin Stanton.
11:33And Stanton did an amazing job as Secretary of War. I mean, he helped Lincoln win the Civil War. It was the most important cabinet post at that time, was the War Department. So Stanton and Lincoln hated each other, hated. And the reason was in 1855, both Lincoln and Stanton were lawyers at the time. They worked on the same case. It doesn't matter what the case was, but Lincoln was there first. And then Stanton got hired. And once Stanton was hired, he took like one look at the work Lincoln was doing and he's like, who is this idiot? Like, this is the stupidest guy I've ever seen. So Stanton hated Lincoln and basically, you know, said derogatory things about him all the time.
12:18This is 1855. But Lincoln still attended the court case because he wanted to see Stanton was supposed to have this reputation as an amazing lawyer. He wanted to see how Stanton did the case. And he was so impressed with Stanton that even though he dislikes Stanton because of the way Stanton had been treating him, he appointed Stanton to be his secretary of war, which ended up being one of the things that basically saved the United States. So his cognitive flexibility allowed him to be a great leader and ultimately, you know, solve the civil war and get us out of that war, which is what ended slavery and so on.
12:58So his cognitive flexibility was very important. So I agree with this poll that Lincoln should probably be considered number one with the caveat that if there was, and I don't know enough, but if there was any other way to avoid the civil war and end slavery, I mean, there was reason to believe, some people believe that you could have ended slavery with just negotiation or pretty soon slavery would have ended. But just like in England, slavery ended, I believe, in 1832. But the thing is, the United States had farms. England didn't really have as many farms. And with the invention of the cotton gin in 1794, you needed slaves basically to operate the cotton gins to make the cotton that was then sold to the rest of the world.
13:44And this was a huge, huge source of wealth. If the cotton gin and the Industrial Revolution had never happened, maybe slavery would have ended, just like it did in England. But the cotton gin and slavery was such a huge source of wealth for the South that they didn't want to end slavery because they were all getting rich. So unfortunately, it took a war to end slavery. So, okay, Lincoln, number one, George Washington, number two. But with some caveats. So first off, George Washington, he had been, for various reasons, and I would Google the French and Indian War, where he was a junior officer at the time, but he basically single-handedly caused the French and Indian War in 1753.
14:28But that has nothing to do with his presidency. Also, morally, you know, there's a lot of questions about the first bunch of presidents because they had slaves. George Washington was a particularly ruthless slave owner. If you Google Ona Judge, this was a slave who escaped Washington. Until the end of his life, he pursued Ona Judge and tried to get her back under slavery. It's also unclear whether or not George Washington had sex with any of his slaves. We all know that Thomas Jefferson did. Moral considerations aside, since every single president has had moral issues, and particularly the first, I don't know, 14 or so presidents, you know, most of them had, or many of them had slaves.
15:14So there was a couple issues that George Washington had that are problematic. One is the Fugitive Slave Act. So he made it a law that if a slave escaped, even if the slave escaped into a free state, the state could not help the slave keep their freedom. So if George Washington had a slave or if some Southerner had a slave who escaped to, let's say, Pennsylvania where slavery was abolished, a Pennsylvanian could actually go to jail for helping that slave stay hidden from its original owner. The original owner could go up to Pennsylvania and use the law to get their slave back into slavery. So now, if a slave spent six months in a state like Pennsylvania, it was automatically freed.
16:05When George Washington was president, he lived in Pennsylvania, lived in Philadelphia. And what he would do is he would rotate the slaves from his plantation so that no slave would stay more than six months in Pennsylvania. After five months, he would send slaves back, bring up new slaves. And again, the Fugitive Slave Act prevented anybody from helping escape slaves, even in freed states. So I think this was a horrible pro-slavery act that George Washington did.
16:36Take a quick break. If you like this episode, I'd really, really appreciate it. It means so much to me. Please share it with your friends and subscribe to the podcast. Email me at alcatra at gmail.com and tell me why you subscribed. Thanks.
16:56Being an entrepreneur is a 24-7 job. And when you're hiring, you need a partner that works as hard as you do. That hiring partner is LinkedIn Jobs. When you clock out, LinkedIn clocks in. LinkedIn makes it easy to post your job for free, share with your network, get qualified candidates that you can manage all in one place. For one thing, you can post a job. LinkedIn's new feature can help you write job descriptions and then quickly get your job in front of the right people. You get qualified candidates. At the end of the day, the most important thing to your business is the quality of the candidates.
17:27And with LinkedIn, of course, you can feel confident that you're getting the best. Based on LinkedIn data, 72 % of small, medium businesses say using LinkedIn helps them find high-quality candidates. Find out why more than 2.5 million small businesses use LinkedIn for hiring today. Find your next great hire on LinkedIn. Post your job for free at linkedin.com slash altature. That's linkedin.com slash altature to post your job for free. Terms and conditions apply. We're spending more than ever. I hate my job. The price of everything has gone up. AI is threatening my job. It's crisis after crisis.
18:05Nothing is working out. I can't find a job. We're one disaster. Take control of change. I need a change. Disruption is the force of change. Stop the chaos. Stop the madness. Take control. Read James Patterson's Disrupt Everything and Win.
18:29Another problem with his presidency was what's known as the Whiskey Rebellion. So again, this is related to Pennsylvania. A bunch of farmers didn't like attacks that George Washington was imposing on some agricultural products. So George Washington, instead of negotiating with these farmers, he basically summoned up a pretty big militia. It was the first use of U.S. troops against U.S. citizens. and he fought back the people who were in the whiskey rebellion. He could have negotiated, but instead he decided to fight them and punish them. And the irony of this is the Revolutionary War started because the U.S.
19:11people were upset about an unfair tax that the British were imposing. And so they went to war in the Revolutionary War. And the same thing was happening, but Washington squashed that. So I think that's a little bit of a dark spot on Washington's presidency. I will say two very good things about George Washington. First off, there was some talk in the beginning of his terms that he should be called king, and he refused that. Second is he voluntarily, after two terms, people would have elected him again for a third term. But he voluntarily said, you know what, two terms is enough. No man is a king.
19:52I'm retiring. And so he didn't run for president for a third term. So it's one of those rare instances, I think, in the history of the world where the leader of a quickly growing empire basically stepped down and said, I'm no longer leader. And, you know, one other little interesting fact, I will say that's on the bad side of George Washington. So we all know he had wooden teeth or teeth made out of, you know, I think it was elephant tusks or ivory. And I think when he died, he only had one of his original teeth left. But often he would use other people's teeth. Like you could buy teeth that were on the market then.
20:30But he didn't want to pay full price for the teeth that were being advertised in the newspapers. So he would force his slaves to give them their teeth. And he would pay, but pay at a bit discounted prices. He would pay to use his slaves' teeth and force them to give their teeth. which again, I'm not going to comment anymore on the morals of these leaders, but you should understand that these were different people than the kind of people who exist now. Like you could think of the worst person you know right now and whether they're evil or not. And they're probably not as bad as are some of our early leaders, not even close.
21:11But again, history has kind of ignored the morals of these leaders. I'm not going to dwell on that. I'm going to just focus on their their leadership in on the U S. So anyway, Lincoln and George Washington are sort of the obvious numbers one and two. I just want to mention, I don't know where John Adams is on this list. He is of course not number three, the person who is number three, I greatly disagree with, but hold on a second. I want to just address John Adams. John Adams was probably one of our worst presidents. And he set a bad trend that is always an argument even to this day. But he made what's called the Alien and Seditions Acts.
21:51So what these acts did, particularly the Seditions Acts, it made it illegal for anybody to criticize the United States of America or the presidency. So I'll just give you an example. Something like 26 people got convicted under the Seditions Act. So for instance, there's a guy, James Callender, who wrote a book titled The Prospect Before Us, in which he called the Adams administration, quote unquote, a continual tempest of malignant passions. And he referred to President Adams as a repulsive pedant, a gross hypocrite, and an unprincipled oppressor. So Callender was living in Virginia. He was friends with Thomas Jefferson, but he was arrested and convicted in 1800 under the Sedition Act.
22:38He was fined$200 and he spent nine months in jail. So imagine if your favorite author was convicted and spent time in jail for something he wrote about in a book. That would be despite freedom of speech. This was a law against freedom of speech. It was ultimately Jefferson, when Jefferson became president, he got rid of the Sedition Acts. Another guy, Matthew Lyon, he actually was a congressman from Vermont, and he wrote an essay that he had written in the Vermont Journal. This is a U.S. congressman. He accused the administration, the John Adams administration, of ridiculous pomp, foolish adulation, and selfish avarice.
23:15For that one line, he was fined$1 ,000, and he spent four months in jail. I mean, I can't even imagine if a senator now was convicted of anything, particularly convicted of saying something bad about the president. It's just ridiculous. So that one thing alone puts John Adams near the bottom. Now, the next time there was a Seditions Act, interestingly, it was under Woodrow Wilson. And we'll get to him in a second. But Woodrow Wilson also is one of the worst presidents ever. But I want to get to number three on this list. So again, I'm reading this article. It was in Newsweek. And it's a ranking by hundreds of historians of the best presidents and all the presidents.
23:55So number three for the best presidents, number one, they had as Lincoln. Number two, they have as George Washington. I more or less agree with those two. And I had my caveats. But number three is Franklin Roosevelt. Franklin Roosevelt, I think, was a horrible president. And initially, I always thought Roosevelt was a great president. He supposedly got us out of the Depression. He helped us win World War II. who I will say as a positive for him, when he did become president, I think his speech that said that we have, the only thing we have to fear is fear itself, I think that helped calm many people down.
24:33But there are some things that Roosevelt did that were very, very bad. First off, let's note that the depression, which started in 1929, but when Roosevelt became president in 1933, the depression continued all the way through 1940. So was it Roosevelt's fault? Again, economic depressions and recessions are very complex and no one person can take the blame. And there were periods in the Depression where the economy was doing okay, but then in 1936, 37, there was a recession that really cemented the Depression for the next few years. But there are several issues that I have with Roosevelt. First off, outside of the Depression, We'll get to the Depression in a second.
25:17I don't like how Roosevelt at one point tried to stack the Supreme Court. So as you know, there's nine judges on the Supreme Court. I think he tried to make them 16 so he could appoint enough new judges to basically rubber stamp any law that was passed that he approved of, or make any law unconstitutional that he didn't approve of. So this was a gross misuse of the powers granted him by the Constitution. He basically tried to be a king. And not only from that, but let's not forget, he ran for a third term and a fourth term, the only president to have done so. And in fact, people, of course, they elected him.
Read the full transcript
25:55We were in a time of war and depression, so people wanted things to continue. And his opponents were very weak candidates, but it basically became a constitutional amendment that no president can serve more than two terms because of Roosevelt trying to serve four terms. He ended up dying in his fourth term. let's not forget that at the beginning of world war ii basically in 1942 he made an executive order so again this was not something that was passed by congress he made an executive order that basically about 120 000 japanese americans should be put into camps so essentially put into mass big prisons these 120 000 japanese americans lost their homes they lost their careers they lost their jobs.
26:42Other than slavery, this is like one of the worst violations of civil liberties in U.S. history. By the way, a lot of people would argue that we weren't sure about the loyalty of many Japanese Americans. A lot of these Japanese Americans were even volunteering to go to the war for the U.S. But also, I will note, we did not do the same thing for Germans. It's not like anybody even thought about imprisoning Germans. It was only the Japanese Americans. And then, And finally, I want to deal with the New Deal, which one way that Roosevelt thought he could get us out of the Great Depression was by starting a lot of government programs to basically hire people.
27:18And this would reduce unemployment. But I don't necessarily fault him for thinking that. It makes sense. But people should understand that there's only so many dollars in the economy. And it's true that right now the U.S. is known for printing up a lot of money very quickly, like we did during COVID and in 2009. But in general, there's only so many dollars in the U.S. economy. And every dollar is either controlled by the private sector, like innovative and entrepreneurial businesses, or it's controlled by the government. And the government is not as efficient at allocating money as the private sector.
27:59If you're starting a company, you're very careful about how you spend money. You hire very high qualified people and you pay them appropriate salaries and you spend money carefully. You spend money on things that are valuable to your business so you can grow your business and so you can make a profit. The reason you want to make a profit is so you grow by hiring more people and buying more equipment and so on. So money spent by the private sector typically grows and grows the economy and you just have to compare the U.S. to the Soviet Union, the old Soviet Union from 1920 to 1990 to see the differences between a capitalist-run economy and a communist-run economy.
28:39So the more money that the government controls, the less efficiently it's allocated because the government doesn't necessarily care about the quality of the people that they hire. It doesn't necessarily care about the quality of the products they produce. And it doesn't necessarily care about the prices they charge for products. Also, Roosevelt, you know, in the New Deal insisted on high wages, which is great, but it made many privately run businesses go bankrupt because they couldn't pay these high wages, these minimum wage laws. So again, this is not an argument right now for minimum wage or not minimum wage.
29:16This is specifically applying to what happened in the 1930s during the Depression. And this happened under Hoover as well. The Federal Reserve raised interest rates during the Depression. Why would you do things that hurt the economy when the economy was already hurting? It's because people didn't really understand what economic policy does that much. But the other thing, Roosevelt did raise taxes to basically tax the rich with the idea to fund the new deal, which he thought was going to help the poor. But what ended up happening is when you raise taxes, the people who are most responsible for hiring other people, they basically went broke or they couldn't hire as many people.
29:57And again, I am not arguing for anything. This only applies to the depression in the 1930s, but it was a bad idea to raise rates in the middle of a depression because they transferred money from the private sector to the government. And we know that the private sector allocates money better than the government. So FDR, I think, not only as one of the grossest violations of civil liberties, not only increased the pain during the Depression and probably extended the Depression, but also we didn't enter World War II for a long time. World War II started a couple of years before we actually entered it.
30:34and it's unclear we really needed to be in World War II. That is a story much more complicated. I don't really know the answer. Perhaps I'll do a podcast later on this, but I only want to comment on things I know about. So I'm not saying the World War II, the U.S. involvement was Roosevelt's fault, but I think these other things, like trying to extend his power almost to like that of a permanent president or a king, the Japanese-American internment, and I think he was a net negative on the Great Depression. So I do not think he is number three. Number four on this list is Theodore Roosevelt. Number five is Dwight Eisenhower.
31:15I think those are much more complicated issues. But number six is Harry Truman. So number six, I have a problem with. A lot of people say Harry Truman was a great president and underrated. And here, again, David McCullough wrote a great biography of him. I think Truman does have a lot of great aspects of him. but he did get us into the Korean War. I think the Truman Doctrine, which is the idea that, hey, we're not gonna let communism spread anymore. I think the Truman Doctrine got the US into a lot of trouble, particularly when it was used to justify the Vietnam War. Again, it's a complicated issue, but I will note that these weren't wars declared by Congress.
31:55The real issue I have with Truman is that he dropped atomic bombs on Hiroshima and Nagasaki at the end of World War II. And I know this is a very complicated topic. So Truman's point was, is that he thought that if he did not drop atomic bombs on Hiroshima and Nagasaki, then one million more U.S. lives would be lost in the attempt to take over Japan. Now, I will note that in all of World War II, in both the Pacific and Europe, 400 ,000 American lives were lost, nowhere close to a million, and that was several years of war. But I don't think a million people would have died taking over Japan unless Hiroshima and Nagasaki happened.
32:41So first off, Truman used, there would have been one million deaths if we didn't drop atomic bombs on Hiroshima and Nagasaki. Truman used that later to justify why he did it. Even a lot of other officials said it would have been much lower. Another member of his cabinet said there would be around 250 ,000 deaths. Even that number, I think, is high. Dwight Eisenhower, who was the general of all the armies at the time, said the number would be much, much smaller. And part of the reason was Japan was already about to collapse. Don't forget, Japan is a small island. So we had surrounded Japan, and there was a naval and air blockade, so they couldn't get supplies.
33:22They couldn't move, really. Japan was about to collapse as a society in August of 1945, which is when we dropped these atomic bombs. And Russia, sensing Japan was gonna be so weak, Russia on August 6th, 1945, declared war against Japan and they were about to invade Japan. Japan would have surrendered. And part of Truman's worry was that he didn't want the Japanese to basically be taken over by Russia and be a communist country. He viewed communism as a threat to the US. probably correctly, but, you know, not correctly enough to justify dropping an atomic bomb. So again, I don't even think 100 ,000 lives would have been lost.
34:05Again, Japan was about to collapse anyway. And a lot of people think if we had just continued the aerial and naval blockade, Japan would have had to have surrendered. But even despite that, Russia was already on the border of Japan and was about to invade. So boom, there's no reason to think that a million lives would have been lost, not anywhere close to that. Second, these bombs were dropped on civilians. Typically in war, you try to limit the violence on civilians. So the deaths between Nagasaki and Hiroshima, we're talking about close to 200 ,000 to 250 ,000 deaths from those atomic bombs.
34:44And that's not even counting all the many people, maybe up to a million, who died from radiation related sicknesses. It's not to mention all the buildings collapsed and businesses destroyed. There's all these lost records. We don't really know how many people died. So the real reason that Truman dropped these bombs was because he didn't want the Russians to take over Japan. And maybe this is even more important, B, he wanted to simply show the world what the U.S. could do. It was like, oh my gosh, the U.S. has this new toy. Let's use it and get everybody scared. I mean, even a lot of the Los Alamos scientists, including Robert Oppenheimer, were skeptical about actually using the bomb because it was so dangerous.
35:31So I think there's a racism component here. Like, why not use the atomic bomb in Europe? Well, people in power viewed the Europeans more like themselves and the Japanese as the other. And so it felt like it made more sense to drop it on Japan, just like it made sense for them to put in prison camps, the Japanese Americans. So I think this was a horrible thing. And while you can't judge a presidency on just one thing, this was such a big, impactful thing on the entire 20th century that I fought Truman for it. I also don't like the Truman Doctrine that got us into Korea and then eventually was used to justify Vietnam.
36:12So I think he was a horrible president. I don't think he deserves to be ranked so high. People rank him high because they think he ended World War II. World War II was ending anyway. Europe had already collapsed and Japan was about to collapse. So World War II was not gonna go on much further. Sure, some more US soldiers' lives would have been impacted, but certainly not a million and certainly not even the 200 ,000 civilians that ended up dying in Hiroshima and Nagasaki. So Truman does not deserve to be number six. He's much lower on the list.
36:59JFK is listed as number eight. Who knows? He was president for a thousand days. The Bay of Pigs was a horrible thing that happened under JFK. He flip-flopped a couple of times on different issues, including civil rights. A lot of the popularity of JFK, as discussed on a prior podcast, was from the fact that he was assassinated. Woodrow Wilson is number 11. This is probably the biggest mistake on this whole list. First off, in the last two years of his presidency, Woodrow Wilson, in 1919, had a stroke. His stroke incapacitated him, and his wife, Edith, and high-ranking members who even knew about his stroke refused to tell the public or even Congress that he was completely incapacitated.
37:43You ever see someone who had a stroke, a bad stroke, who basically is paralyzed and can't talk? That was Woodrow Wilson. He was not around after 1919. His wife essentially became president of the United States and this is unconstitutional. When you're incapacitated, your vice president takes over And what they did was horribly unconstitutional. But furthermore, Woodrow Wilson, at a time when the country was coming out of the Civil War and Reconstruction, Woodrow Wilson actually resegregated the government. So prior presidents had been integrating the government, having black workers and white workers working side by side in government jobs.
38:24But Wilson resegregated it, separating blacks and whites and saying that the races will get along better that way. And again, views about racism, people didn't really understand, but I'm not forgiving him for that. And I mean, he also, you know, he was known for watching movies about the Ku Klux Klan in the White House. Like he would have movies air for the first time in the White House that were favorable towards racism. Wilson also created, just like John Adams, the Espionage and Sedition Acts. So he basically made it illegal for people to dissent during World War I. And people who spoke out against the war would be imprisoned.
39:02And there were thousands of arrests, including Eugene Debs, who was a socialist candidate for president at that time. Eugene Debs spent time in jail for speaking out against the war. And so there was complete crackdown on anybody who was anti-war. And again, not only was Wilson against any kind of civil rights, he refused to stop lynchings in the South or he refused to push for voting rights among African-Americans. Also, one of the things that he tried most to achieve as president was to create a League of Nations, kind of like a predecessor to the United Nations. And he worked very hard for that, but was unsuccessful.
39:39So the thing he attempted most to do as president, he failed to do. And other areas of life where people were making progress, like civil liberties, he reversed. Also, one thing that a lot of people don't really know is that during Wilson's presidency, the 16th Amendment was ratified, the 16th Constitutional Amendment was ratified, which basically gave power to the federal government to impose an income tax. There was never an income tax before this. Well, there was during the Civil War, but it was only temporary. Lincoln created an income tax, but he got rid of it right after the Civil War. So Wilson was the first person to impose an income tax.
40:19And it's a very interesting lesson. Federal income taxes basically range from 1 % to 6%. So that seems very small. And very few people actually, since the income tax was progressive, meaning it depended on your income, the more income you made, the higher percentage income tax you had. And 6 % was the highest rate and 1 % was the lowest rate. Even though taxes seem very slow, this is a very interesting phenomenon, which is that this is the slippery slope phenomenon, which is that once you give somebody a power to do something, with the exception of Lincoln getting rid of the income tax, they're never going to really slow down.
40:55So it's very rare for presidents to cut taxes. And Wilson, just by starting an income tax, ultimately led like within 40 years, by the time of JFK, income taxes were almost as high. There were some taxes that were almost as high as 90%. So you have to be careful whenever you start taking things. Now, don't forget, the reason there had to be a constitutional amendment to allow the government to institute an income tax was because it wasn't in the Constitution. And you're, you know, in the Constitution, there's property rights. People have the right to their property. And if you take people's property, that's anti-constitutional.
41:33So property rights is almost foundational to the formation of the United States. And in fact, in 1895, the Supreme Court ruled against the federal government doing an income tax because they said it was unconstitutional. Hence, a constitutional amendment had to be created. Well, it was created, I believe it was ratified in 1913, but the very first tax was instituted by Woodrow Wilson under the encouragement of Woodrow Wilson. So for that alone, I would put him on the list of one of the worst presidents. I can't for the life of me understand why a group of historians has made him number 11 when he was basically racist, pro-war and against civil liberties.
42:15He didn't want women to vote, which he had to basically stop being president before women could vote. And he started the income tax. And plus he squashed free speech. So horrible president. These are kind of like my main disagreements with this list. Like when they list somebody, okay, they list Grover Cleveland as number 23. You list this as Grant as number 22. Jimmy Carter as number 26. And look, Jimmy Carter just recently passed away. He did some good things. You know, his making peace between Israel and Egypt was an amazing thing that he did. He negotiated with the Soviet Union to stop building nuclear weapons, although that had to be renegotiated many times.
42:59And he was generally considered to be a good guy. But I will say he was weak in terms of the Iranian hostage crisis and weak in terms of the coal miner strike. But this is neither here nor there. He probably deserves to be somewhere in the middle, maybe a little lower. I will say his post-presidency, many people consider him one of the best post-presidents for all the things he did post-presidency. I will say, though, for me, he is not because he is known for hugging the leaders of Hamas and saying that Hamas wanted a two-state solution. When it's in Hamas's founding documents, that they only wanted a one-state solution and they wanted, you know, all the Jews to die from the river to the seas in their founding document.
43:46So I think Carter was a bit naive on the foreign relations side. Also, under Carter, you know, he basically helped the Iranians get rid of the Shah of Iran and replaced by the Ayatollah Khomeini, who was, you know, still his form of government, a theocratic, extreme authoritarian government, is still running in Iran and is now the U.S.'s biggest enemy, that never would have happened if Jimmy Carter had not been president. So our biggest enemy was created by Jimmy Carter. So for that alone, 26 puts them right at the halfway mark. He probably is more like in the bottom 10. So some people might disagree.
44:26I welcome disagreement. You know, also there's some other areas where I disagree here. So Calvin Coolidge is ranked right after Jimmy Carter at number 27. But Coolidge, in my estimation, was one of the best presidents of the United States. So first off, I encourage everyone to read the book called Coolidge by Avani Shlaes. Also read her book, The Forgotten Man, which discusses the Depression. But Coolidge, I'll tell you a couple of things he did. First off, he cut taxes pretty heavily. So again, a lot of this is you have to understand the context. Like it's not always bad to lower taxes. It's not always bad to have higher taxes.
45:07It's not always bad to have tariffs. It's not always good to have tariffs. But for a long time, the U.S. made all of its money before there was income taxes. The U.S. made all of its money on tariffs. The U.S. in the 1800s and early 1900s wasn't the biggest consumer in the world the way it is now. Great Britain was the biggest consumer in the world. And so it made sense for us to have tariffs then because U.S. farmers and businesses, you know, whenever you have tariffs on the country, they're going to have tariffs back on you. And that hurts foreign trade. Well, we needed to export stuff because the U.S.
45:47wasn't the biggest consumer of goods. So a lot of American farmers and American businesses were hurt by tariffs. So one of the reasons for an income tax was to reduce the amount of money and revenues that the United States was generating from tariffs and instead get those revenues straight from the people. Now, whether you think that's fair or unfair, who knows, history will tell. But I personally think it's probably more or less unfair to take money directly from the people. But certainly the slippery slope is what became the worst problem, which is that taxes ended up being as high as they are now.
46:23That was the reason to have taxes, was to lower tariffs and get the money from taxes. Well, the U.S. started to be a lot wealthier after World War I. Europe was ravaged. It was because World War I that the U.S. became the most dominant country on the planet because the rest of the world was basically ravaged by a world war. And so once the U.S. was experiencing this wealth, it was no longer clear that we needed taxes to be raised. We can instead increase tariffs and reduce taxes. Coolidge not only severely cut taxes, but every day he would go into work and he would cut federal spending. He would end departments and groups that were no longer needed.
47:09He actually had several years during his term of a budget surplus. I think the next time that happened might've been during Clinton's administration almost 70 years or over 70 years later. So he had a very hands-off approach to government spending. And again, what I said earlier applies. Every dollar is either spent by the government, spent by the private sector, or spent by consumers. So again, the private sector is much more careful how it spends money. We know the U.S. government doesn't care how it spends money. Like, you know, I was watching the Senate hearings yesterday for Secretary of Defense, and one thing that came up was that the Pentagon can't even audit itself.
47:47Like$121 billion is unaccounted for. I can guarantee you that is a very rare thing in business for money to be unaccounted for because people go broke and then they can't hire people and then they can't build their business and they can't support their lifestyle. So private industry takes care of their money, which allows for more steady and measured growth and more innovation in the U.S. economy. It's just a better thing. So Coolidge every day, cutting government spending. Guess what happened? Consumer spending spiked. So an innovation spiked. Suddenly we had cars being sold, radios being sold, kitchen appliances being sold.
48:28And people could afford things like this for the first time in history. And it's because government didn't have the money. The U.S. consumer and private businesses had the money. So there was high growth in the economy. There was low unemployment. There was the highest level of prosperity basically of any country in the world. during Coolidge's term. And so it's a little unusual for this poll to say, oh, Coolidge was one of the worst presidents in history. Now, you could maybe say because of the prosperity, there was a speculative bubble in the markets, which ended up causing the markets to crash in 1929 after Coolidge's presidency and during Hoover's presidency.
49:10And this caused the Great Depression. But if you were to say that, you would be incorrect. So first off, the stock market was already correcting itself in 1929 when Hoover and then Roosevelt would do things like raise interest rates. And I know they didn't do it. The Federal Reserve did. Roosevelt shut down the banks for a few days, which caused many people to experience panic despite his speech of, you have nothing to fear but fear itself. Again, I already discussed how Roosevelt extended the depression. So Coolidge did not cause the depression. The 1920s was a period of the highest level of prosperity of any country in every, in any time on the planet.
49:50And also Coolidge was, he was the successor. He was the vice president under Warren G. Harding, who was elected in 1920. And Harding, who legitimately was one of the worst presidents, was completely brought down by scandal. He ended up dying. Probably he was poisoned by his wife or speculation. Everybody knew Warren Harding was a criminal and Coolidge set the tone for his honesty and his integrity. No one ever accused him of anything. And in fact, he hardly ever spoke. So there is a story where his son one time brought a college friend home for dinner at the White House and everybody's eating.
50:33Coolidge is not saying anything. And finally, the friend speaks up and says, you know, Mr. President, I made a bet with your son that you wouldn't speak more than two words. Coolidge looks up and says, you lose. And those are the only two words he spoke during that dinner. So he was known as silent cow. And he basically restored public trust and confidence in the presidency, something which to this day even is very rare. He was an extremely moral person. And he focused on basically one problem, which is how to reduce government spending alongside of reducing federal taxes so the consumer and private businesses could grow.
51:12So for me, Coolidge is in the top five.
51:29Now, another president that is way down the list. Let me this president is on the list. Okay. This president is number 14 on the list. James Knox Polk. I think he probably also should be in the top five. And again, you have to set aside certain moral considerations because basically all these presidents until Lincoln, almost all of them with the exception of, you know, John Adams, John Quincy Adams, and maybe there's another, I don't know, but they all had slaves and it's horrible. These all were despicable people. even the best of these people are worse than the worst person you know right now.
52:06But just in terms of leadership, James Knox Polk, you can even argue, if you leave out Lincoln and George Washington, we're almost like mythical figures in U.S. presidency. James Knox Polk is probably the third best president in U.S. history. First off, most people don't even know who James Knox Polk is. You hardly learn about him in school. He was the 11th president of the United States. He served from 1845 to 1849. He was elected in 1844. And this was a tumultuous time in American history. But here's several great things about James Knox Polk. First off, he's the only president to promise when he was running for president, he said, I will only serve one term.
52:52Could you imagine any other president saying that? Now, a couple of presidents did only serve one term after this, but James Knox Polk was the first person to promise, I am only here to serve one term, which meant, why is this a good thing? It means that he's not gonna do things just to cater to the population to be popular so he could get reelected. He's gonna do exactly what he thinks is the right thing to do. And then whether it's popular or unpopular, he's gonna leave office, he promised. I will say he was the only president to promise this. There is another president who sort of promised this, Rutherford B.
53:27Hayes, who was elected in 1876. The only reason Rutherford B. Hayes promised this was because Rutherford B. Hayes, I've talked about this on a prior podcast, Rutherford B. Hayes in 1876 lost the popular vote and lost the electoral vote and then made shady deals in the House of Representatives to get the House of Representatives to elect him as president. This was the most criminal election in U.S. history and without a doubt. And so in order to kind of secure these shady deals that got him to be the presidency, he said, okay, okay, I know I'm a bad guy. I'm only going to serve one term, but I really want to be president.
54:04So he also promised and he lived up to his promise, but James Knox Polk did it for the right reasons. So I'm going to say James Knox Polk is the only president to promise to, and live up to the promise to serve only one term. He also said he has clear objectives for his presidency. He said he's going to reduce tariffs. He's going to start an independent treasury system. He's going to figure out the Northwest territory of the U.S. And he's going to acquire California and New Mexico from Mexico. So while he was president, he A, reduced tariffs. He passed something called the Walker Tariff in 1846, significantly reduced tariffs.
54:44Why was this important? Because remember what I said earlier, this was huge for the South and the West, where farmers and planters basically wanted to trade with other countries, but there were high tariffs all around, so they couldn't trade with other countries. So by reducing tariffs at this time, and again, this applies to this specific time where the U.S. wasn't the biggest consumer in the world, but it really wanted to be a bigger exporter to increase the wealth of the U.S. So it was a big battle. Tariff was the way the U.S. made money, but ultimately the Walker tariff passed and a lot of wealth was created among farmers in the South and the West and it increased the wealth of the United States.
55:28Second, in terms of territory, James Knox Polk wanted to expand the U.S. all the way to the ocean and as North as possible. So he basically negotiated the Argonne Treaty with Great Britain in 1846. He was able to get Oregon, Washington, Idaho, Montana, Wyoming, all for free. He didn't pay anything for it. Sure, he said, we'll leave Canada alone. But at the time, we didn't really want Canada. Now maybe we do. I don't know. Well, when combined with Polk's other acquisitions, he did more to expand the United States than any other president. I'll go over the numbers in a second. And so with Mexico, he basically paid$25 million to get California, Nevada, Utah, Arizona, New Mexico, Colorado, parts of Wyoming.
56:17That was all part of Mexico. Now, the downside of this was there was a war between Mexico and America to get these things, but he did pay$25 million for it. The war was going to happen anyway. There was already a lot of fighting on the border. And, you know, the downside of all of this is that slavery was not resolved in these territories, which resulted in compromises for the next 10 years, which then resulted in the Civil War. But ultimately, it was a good thing that the U.S. expanded all the way to the West Coast. There's a reason why the U.S. has never been really attacked by another country, is that where would you attack it?
56:54The U.S. goes from the Atlantic Ocean to the Pacific Ocean. Yes, there's a border in the north with Canada and a border in the south with Mexico, But for the most part, these have been allies and friends of the U.S. So there's no real way to attack the U.S. And it's because James Knox Polk extended the U.S. borders from one ocean to the other. And in terms of the size, it's interesting to know the Louisiana Purchase, which Thomas Jefferson bought from France, was about 2 million square kilometers. But between Oregon and what we got from Mexico, we're talking a little over 2.2, 2.3 million square miles.
57:33And while Jefferson paid 15 million in 1803 prices for the Louisiana purchase, Polk spent the same amount of money. I'm assuming there was a little bit of inflation in 1848 for a much larger piece of territory. So again, people don't realize, yes, it's great that we got Louisiana and Thomas Jefferson is the well-known president, but James Knox Polk, who is not as well-known, has done more than any other president to expand the U.S., which ultimately kept the U.S. safe from foreign attack. So there's a lot more issues to cover. Of course, I could talk about every single president. And if you have questions after listening to this podcast, just tweet out the question to me on Twitter and I'll either respond there or we'll respond in another podcast.
58:22If you disagree with me on anything. I welcome disagreement. I am a student of all this. I love this stuff. And if you disagree with me and have good points, I will mention them on the podcast. I'll do a reprise of this one. And I'm certainly open to having my mind changed. But I would say where this list, again, this list is made by the best historians in the world. Where this list, I disagree with. They list Franklin Roosevelt as number three. They have Woodrow Wilson as number 11. So essentially including him almost in the top 10, the top 11 presidents. They have James Knox Polk, not in the top 10.
59:01They have Calvin Coolidge as one of the worst presidents. I mentioned this. They have FDR as one of the best. Probably the only thing I really agree with, they have James Buchanan as the worst. James Buchanan was the president right before the Civil War. Probably the Civil War was, tension was so high, probably it's because he was basically a useless president. They have Warren Harding near the bottom. That is appropriate. They have Jimmy Carter a little too high. They have Herbert Hoover too low. I don't really blame the full depression on him. And I'm not gonna say more about recent presidents.
59:33I have my own opinions. If other people wanna share their list of recent presidents with me, they can. So in summary, I would say my top four presidents are Lincoln, George Washington, James Knox Polk, Calvin Coolidge. And it's on the latter two that I greatly disagree with this list. And to be honest, I kind of think most or all the other presidents of the United States have been horrible people and horrible leaders. But I do disagree with this list saying Franklin Roosevelt is number three, Woodrow Wilson is number 11. Woodrow Wilson is one of the worst racists in the past 150 years as a president.
1:00:12And there's other things I disagree with, obviously, but I don't even know who I would say is fifth. I would just say again, Lincoln, Washington, James Knox Polk, Calvin Coolidge. I encourage people to disagree with me or ask questions. Thank you for listening to this. Let me know if you enjoy this type of podcast. You can find me on Twitter at J Altucher and enjoy.
1:00:39Thank you.
From the publisher
So we have a brand new president of the United States, and of course, everyone has their opinion about whether President Trump has been good or bad, will be good and bad. Everyone has their opinion about Biden, Obama, and so on. But what makes someone a good president? What makes someone a bad president?
Obviously, we want our presidents to be moral and ethical, and we want them to be as transparent as possible with the citizens. Sometimes they can't be totally transparent—negotiations, economic policies, and so on. But we want our presidents to have courage without taking too many risks. And, of course, we want the country to grow economically, though that doesn't always happen because of one person.
I saw this list where historians ranked all the presidents from 1 to 47. I want to comment on it and share my take on who I think are the best and worst presidents. Some of my picks might surprise you.
Episode Description:In this episode, James breaks down the rankings of U.S. presidents and offers his unique perspective on who truly deserves a spot in the top 10—and who doesn’t. Looking beyond the conventional wisdom of historians, he examines the impact of leadership styles, key decisions, and constitutional powers to determine which presidents left a lasting, positive impact. From Abraham Lincoln's crisis leadership to the underappreciated successes of James K. Polk and Calvin Coolidge, James challenges popular rankings and provides insights you won't hear elsewhere.
What You’ll Learn:- The key qualities that define a great president beyond just popularity.
- Why Abraham Lincoln is widely regarded as the best president—and whether James agrees.
- How Franklin D. Roosevelt’s policies might have extended the Great Depression.
- The surprising president who expanded the U.S. more than anyone else.
- Why Woodrow Wilson might actually be one of the worst presidents in history.
- [01:30] What makes a great president?
- [02:29] The official duties of the presidency.
- [06:54] Historians’ rankings of presidents.
- [07:50] Why James doesn't discuss recent presidents.
- [08:13] Abraham Lincoln’s leadership during crisis.
- [14:16] George Washington: the good, the bad, and the ugly.
- [22:16] Franklin D. Roosevelt—was he overrated?
- [29:23] Harry Truman and the atomic bomb decision.
- [35:29] The controversial legacy of Woodrow Wilson.
- [42:24] The case for Calvin Coolidge.
- [50:22] James K. Polk and America's expansion.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.



