Posted on 11/11/2008 4:26:40 PM PST by Ronzo
The current financial crisis has revived powerful misconceptions about the Great Depression. Those who misinterpret the past are all too likely to repeat the exact same mistakes that made the Great Depression so deep and devastating.
Here are five interrelated and durable myths about the 1929-39 Depression:
(Excerpt) Read more at online.wsj.com ...
I think it should read: “Spread YOUR wealth around”.
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wow...that Calvin Coolidge was a bright guy
You know I heard about that today. Seriously consider canceling my card.
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This is definitely a myth. The money pools destroyed the market with heavy short bets, profit taking, and rumor mongering. Those money pools are virtually indistinguishable from the hedge funds of today. While Congress is bailing out the "insurers" and "banks" some others are making a fortune off shorts and their Credit Default Swaps. AIG and the Banks are too stupid to be bailed out. Instead of throwing money at them, Congress should have declared the CDS' illegal and returned the investment money (with bank interest) to the originators instead of paying off those bets with trillions of dollars.
If you have any other recommendations, I'd love to hear them.
As for me, I currently have this sitting on my shelf, waiting to be read: FDR's Folly: How Roosevelt and His New Deal Prolonged the Great Depression.
Mrs. Coolidge, nonplussed, asked “how many times a day would you say that rooster has his way with a hen?”
“About 20 times a day” the farmer answered.
“Be sure to tell that to President Coolidge.” she remarked.
So when the President came by the chickens the farmer told him “The First Lady wanted me to be sure to tell you that the rooster there has his way with a hen about 20 times a day.”
“Every time the same hen?” Coolidge asked.
“Every time a different hen.” the farmer answered.
“Tell that to Mrs. Coolidge” Cal replied.
In Animal behavior the tendency of a male who will turn down the mating overture of a female he has already inseminated but somehow find the strength if a “naive” female is introduced is known as “The Coolidge Effect”.
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I do not recall how many accounts they lost over that, but it was a bunch.
Yeah, I don’t think the Rezko Mansion will be open as a homeless shelter any time soon.
Just added it to my wish list. Thanks.
Well, it appears from the article that Hoover acted more like a D than an R. Big governemnt projects and massive spendning. Bush is our Hoover, while Obama will be an even worse Roosevelt.
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"President Coolidge, I've heard you never say anything, but you seem like such a nice man! Do you know a friend bet me I couldn't get three words from you?"
"YOU LOSE."
The author is so right. Thank you for posting this. Mr. Wilson does one heck of a job in synopsizing that which tomes have been written. Makes those lines really clear.
My thoughts exactly.
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