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Politics : Mainstream Politics and Economics
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To: sm1th who wrote (50773)8/13/2013 1:44:36 PM
From: koan  Read Replies (1) of 85487
 
Not according to John Kenneth Galbraith. He wrote the book on the great depression and most universities consider it the best account.

What happened was a Ponzi scheme i.e. companies bought other companies stock but had nothing but stock. The more companies bought more stock, including some companies that were nothing but stock.

And everyone was in the stock market. It was a ponzi scheme and a bubble and when it crashed it was a house of cards.

<<
that brought the mkt down.
The stock market crash did not cause the depression, it was caused by the depression. Fewer people owned stocks then than now.
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