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To: Thomas M. who wrote (75056)	3/3/2001 2:04:27 PM
From: Ilaine	Read Replies (1) \| Respond to of 436258

I am in the von Mises/Hayek camp - loose money policy caused malinvestment in the mid to late 1920's, including the stock market bubble. But I firmly believe that there were many factors which converged in time - each individual factor might have caused recession or depression on their own, but it was the aggregate which caused the Great Depression. Excess money supply causing a stock market bubble and industrial overcapacity at the same time as a collapse in prices in agriculture and commodities, failure of real wages to keep up with inflation, negative savings rate, drought causing subsistance farmers to go broke, unemployment caused by industrialization leading to social dislocation of manual laborers, are the most important factors that come immediately to mind. Heinz has intrigued me by bringing up the Mississippi Bubble debacle. I am going to read up on that - I know a lot about the events surrounding John Law, but have not read up on the decades which followed.