My favorite commentator, John Silveira, has written an article about a subject that is on nearly everyone's minds lately: financial depression. Here is an excerpt:
In 1921, we had a severe depression. It’s no longer part of America’s collective consciousness because it only lasted about a year and was followed by a time of then-unprecedented prosperity that we remember as the Roaring 20s. In 1930 another depression began. That one lasted over a decade and only “ended” because World War II broke out.
What caused one to pass so quickly and the other to drag on until it left a scar on the American psyche?
* In the depression of 1921, the government did nothing.
* In the Great Depression of the 1930s, the government did everything.
Read the rest of the article.