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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Oblomov who wrote (363)10/30/2000 10:53:46 AM
From: tradermike_1999  Read Replies (1) of 74559
 
I don't think the 1929 crash caused the depression - but I think it and the banking collapse was the trigger for it. I agree with your assesment that interest rates brought the crash. The country was alredy in a recession when it happened though like you mention. It was the respnose to the recession(higher taxes, higher interest rates, cuts in government spendng, tariffs) that turned a bad recession into a depression.

But those are not the origins of the depression - just the trigger. For that you need to look beyond just the US at the world situation at the time. And that is the gold standard and its deflationary effect on the world economy. The debt crisis. etc. This stuff is more complicated then I can summarize here.

As for FDR - he saved the country in a sense. Whatever the merits or problems with his programs he created a social cushion that prevented more radical measures from taking place. It was either him or someone of the stripe of Huey Long or the Communist Party. It is difficult for people like us in this age of "prosperity' to understand what people went through back then and the general crisis the country went through.

However - as far as FDR and the depression - you are right he did not end it. WWII did.
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