Book Nook Message Board - Msg: 15593343

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Pastimes : Book Nook

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To: Mike M2 who wrote (142)	3/31/2001 3:32:47 PM
From: Thomas M.	Read Replies (1) of 443

That's a brilliant analysis of the Great Depression. The damage that Friedman's analysis has done is enormous. Benjamin Anderson is rolling over in his grave right now. It was clear to any sane observer that the Fed was pumping, and the money was going directly into speculation. And, it wasn't just in the 1927 pump, it was before that too. Commercial loans began declining in 1924. The credit expansion after 1927 in the United States went largely to the financing of speculation. According to available statistics, no less than 86% of the total increase in bank credit was used for that purpose. HO HO HO! Tom

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