[opendtv] Re: How India is saving capitalism
- From: Bob Miller <bob@xxxxxxxxxx>
- To: opendtv@xxxxxxxxxxxxx
- Date: Mon, 05 Apr 2004 13:32:42 -0400
I always thought that the depression was a normal business cycle
recession exacerbated by very bad monetary policy and would have gone on
even longer if not saved by the profligate spending mandated by WWII.
Bob Miller
Henry Baker wrote:
>I seem to recall that the Depression in 1929 was the _result_ of a
>trade war (Smoot Hawley, et al) in which everyone was so interested
>in protecting jobs inside their country, that they forgot that when
>the economy becomes less efficient, everyone suffers.
>
>And the trade war itself was the result of the pullback from the
>late 1920's bubble.
>
>History tells us that the trade war itself made things far, far worse
>after the bubble burst. The US economy was already starting to mend
>by 1932, but the combination of the trade war and the antibusiness
>policies of the Roosevelt administration snatched defeat from the
>jaws of victory.
>
>At 09:10 AM 4/5/2004, Lindhoff, Andrew (PHPPO) wrote:
>
>
>>The
>>business world of the depression era was relatively stupid, by reason of
>>the fact that they very coldheartedly and methodically went about the
>>business of firing 27% of their own marketplace, and then sat around in
>>their mahogany paneled board rooms and wondered why their profits
>>decreased each ensuing year.
>>
>>
>
>
>
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