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Politics : View from the Center and Left
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To: bentway who wrote (206228)10/29/2012 12:18:05 PM
From: Sam  Read Replies (1) of 541880
 
We used to go through regular 20 year cycles of them, until the reforms of the 1930's.

Back in the the Gilded Age, in the 30-40 years following the Civil War, it was every 10 years. And they were far more serious than they were post WWII. There were extremely serious recessions in 1873-77 and 1893-96, with less serious but still harsh cyclical recessions in the mid 1880s and the first decade of the 20th century, culminating in the Panic of 1907. All of which led to the formation of the Federal Reserve, in an attempt to smooth out the business cycle.
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