Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Maurice Winn who wrote (21856)	7/30/2002 12:36:21 AM
From: Ilaine	Read Replies (1) of 74559

I like Thomas Sowell. He's right that Hoover (Republican) was interventionist, although not as much as Roosevelt (Democrat). Not sure that any one man could have prevented the Great Depression. I've explained before how the Gold Exchange Standard was inherently deflationary. By 1930, as Polyani puts it, debtors were emaciated by deflation. When you are in a debt-deflationary spiral, the only way out (short of revaluation and reflation) is bankruptcy. I see Congress is getting ready to make it harder to go bankrupt, which I think is a very bad move.

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