- Herbert Hoover, elected president in 1928, was a doctrinaire, laissez-faire, look-the-other way Republican who clung to the idea that markets were basically self-correcting.
- The stock market crash in October 1929 precipitated the Great Depression.
- Where the market had failed, the government stepped in to protect ordinary people.
- Greed caused the stock market to overshoot and then crash.
- Enlightened government pulled the nation out of the worst downturn in its history and came to the rescue of capitalism through rigorous regulation and government oversight.
Friday, November 07, 2008
Myths About The Great Depression
Andrew Wilson shares "five interrelated and durable myths about the 1929-39 Depression":