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The Great Crash of 1929

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Author Topic: The Great Crash of 1929  (Read 155 times)
Garrell Hughes
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Posts: 3268

« on: January 14, 2009, 08:58:18 am »

The Great Crash of 1929 (Paperback)
By John Kenneth Galbraith's Review (excerpt)

Each month, BuzzFlash is privileged to have Air America progressive talk show host Thom Hartmann review a progressive book or DVD exclusively for BuzzFlash. See other progressive premiums at BuzzFlash Progressive Marketplace.

Thom Hartmann's Review for January, 2009:

The Republican Great Depression of 1929-1939 has been an unending source of mystery, fascination, and disinformation for the past four generations. As you’re reading these words, there’s a huge push on by conservative think-tanks and wealthy political activists to reinvent the history, suggesting that Roosevelt prolonged the Depression or that New Deal programs were ineffective. At the same time, folks like David Sirota are valiantly pushing back with actual facts and statistics, showing that Roosevelt’s New Deal was startlingly effective, particularly when compared with the Republican policies of 1920-1929 that formed the bubble that crashed in 1929, and the Republican failures to deal with its consequences during the last three years of the Herbert Hoover administration (1929-1933).

To really understand what brought about the great crash, however, it’s most useful to read an historical narrative written by one of the world’s preeminent economists when that world-changing event was still fresh in his and his readers’ minds. “The Great Crash” is that book, first written by Galbraith in 1953-54 (and published in 1955) and updated for modern readers in 1997 (the author is now deceased).

Reading The Great Crash is an eerie experience; it’s as if somebody had taken the Reagan/Bush/Clinton/Bush years – particularly the W. Bush years – and written a screenplay about them, just changing the names. The parallels between the Republican zeal for deregulation and “free” markets of the bubble 1920s and the bubble 1990s and 2000s are shocking, particularly given that Ben Bernanke’s PhD theses was on the Republican Great Depression and there is no shortage of so-called “experts” on the topic in the Bush administration and both political parties.

Read the full Thom Hartman Independent Thinker Review by clicking below.
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