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Pastimes : Book Nook
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To: Thomas M. who wrote (10)3/19/2001 11:48:23 AM
From: Ilaine  Read Replies (1) of 443
 
I was born in 1952, so I've been through a couple of recessions - I don't recall anyone digging up corpses for food.-g- Recessions are not depressions.

The Great Depression was worse than any other depression in this country - far worse - that's why it's called the Great Depression. As far as I know, every other depression started out with a bank panic, which caused a lack of liquidity and a spiraling collapse of the system for the transmission of money through the economy. Same for the Great Depression, it started before the Great Crash as a liquidity crisis in the summer of 1929. The persistence and duration of the Great Depression seems to have been exacerbated by policies of the Federal Reserve and the federal government, including adherance to the gold standard without following the rules of gold standards with respect to price deflation, and refusing to bail out banks that had liquidity problems but were otherwise sound.

Hacket-Fisher's conclusions are poorly reasoned, but I liked the data.
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