Sat 27 Sep 2008
The Great Crash 1929
Posted by Marty under Economics, Governance
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I’ve been reading Galbraith’s book on the 1929 crash and the depression. Eerily familiar. It’s a primer on what to ask and think about these dark days. It’s all about the ignorance of euphoria. It’s about the enablement of the bubble by the government (more passive last time). It’s about the lack of belief as it fell apart and the odd and useless gestures.
At least that time nobody put up a TRILLION dollars. The deleveraging of the investment trusts was horrific but virtually all of the real corporations underneath the fluff went under.
Great stuff, well written. Not sure why I never read any JK Galbraith before.



