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Politics : View from the Center and Left
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To: TigerPaw who wrote (5173)11/10/2005 2:32:29 PM
From: TimF  Read Replies (1) of 541487
 
It directly counteracts your position. There had been earlier severe economic downturns but none that were both as deep and long as the great depression. The difference in the great depression is that first the fed tightened as we were going in to a downturn, then FDR instituted an extensive series of heavy interventions in the economy, from controlling prices, to destroying farm products, to increasing regulation and putting in place higher tax rates.

The earlier downturns were painful but a less fettered economy recovered from them faster then it did from the great depression.

Tim
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