I was just recently reading a book about events around 1920 ...
Warren G. Harding and his VP, Calvin Coolidge, were about as pro-business as any administration in US history. They preached the same things the pro-business crowd does today: relaxed regulation, lower taxes, small gov't. Cons like to credit them with the booming economy of the Roaring 'Twenties, but it's questionable how much of that would have happened anyway, given the end of wartime quotas and shortages, and the recent progress in science and technology which led to so many new industries. Of course, it all fell apart in 1929, under Coolidge's former Secretary of Commerce, Herbert Hoover, but cons insist that had nothing to do with the excesses of unregulated capitalism. Lessons learned ? Not much, at least on the right, and sadly, not by many US voters.