Final answer:
The statement that President Calvin Coolidge believed government intervention is the best way to handle economic crises is false. Coolidge's presidency was characterized by a laissez-faire approach to the economy and the significant government intervention to address economic crises became a hallmark of the New Deal era under President Franklin D. Roosevelt.
Step-by-step explanation:
The belief that President Calvin Coolidge thought government intervention was the best way to handle economic crises is false. President Coolidge was in office during the 1920s prior to the Great Depression, and the prevailing economic philosophy of the time was one of laissez-faire, suggesting minimal government intervention in the economy. After the stock market crash in 1929, President Herbert Hoover did attempt government interventions, but these efforts were largely deemed unsuccessful and contributed to the economic downturn. It wasn't until President Franklin D. Roosevelt's election and his establishment of the New Deal that a significant shift towards government intervention in the economy occurred, influenced by the proposals of Keynesian economics. This economic theory supported increased government spending and intervention to mitigate economic downturns.
Renowned economist Milton Friedman later argued against excessive government intervention, suggesting that the government's or the Federal Reserve's interference often led to economic instability, advocating for a more controlled growth of the money supply directly proportional to the economy’s natural growth.