The Forgotten Depression

The Forgotten Depression

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By the publisher of the prestigious Granta€™s Interest Rate Observer, an account of the deep economic slump of 1920a€“21 that proposes, with respect to federal intervention, a€œless is more.a€ This is a free-market rejoinder to the Keynesian stimulus applied by Bush and Obama to the 2007a€“09 recession, in whose aftereffects, Grant asserts, the nation still toils. James Grant tells the story of Americaa€™s last governmentally-untreated depression; relatively brief and self-correcting, it gave way to the Roaring Twenties. His book appears in the fifth year of a lackluster recovery from the overmedicated downturn of 2007a€“2009. In 1920a€“21, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No a€œstimulusa€ was administered, and a powerful, job-filled recovery was under way by late in 1921. In 1929, the economy once again slumpeda€”and kept right on slumping as the Hoover administration adopted the very policies that Wilson and Harding had declined to put in place. Grant argues that well-intended federal intervention, notably the White House-led campaign to prop up industrial wages, helped to turn a bad recession into Americaa€™s worst depression. He offers the experience of the earlier depression for lessons for today and the future. This is a powerful response to the prevailing notion of how to fight recession. The enterprise system is more resilient than even its friends give it credit for being, Grant demonstrates.Stock Exchange only twice before in its 122-year historya€”for 10 days during the Panic of 1873 and for a single day in the wake of ... The early morning of Friday, July 31, brought news that the London Stock Exchange had closed, that financial anbsp;...

Title:The Forgotten Depression
Author: James Grant
Publisher:Simon and Schuster - 2014-11-11

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