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The Real Great Depression

Chronicle Review - The depression of 1929 is the wrong model for the current economic crisis. If there are lessons from 1873, they are different from those of 1929. Most important, when banks fall on Wall Street, they stop all the traffic on Main Street — for a very long time.

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30 reasons for Great Depression 2 by 2011

MarketWatch - First. Dot-com crash Second. Subprime meltdown Third. Megabubble cycles. We see the Great Depression 2. Why? Wall Street’s self-interested greed. They are their own worst enemy … and America’s too.

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Speculators, Politicians, and Financial Disasters

Commentary - Fueled by easy credit, the real-estate market had been rising swiftly for some years. Members of Congress were determined to assure the continuation of that easy credit. Suddenly, the party came to a devastating halt. Defaults multiplied, banks began to fail. Soon the economic troubles spread beyond real estate. Depression stalked [...]

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Depression Economics Returns

NY Times, by Paul Krugman - All indications are that the new administration will offer a major stimulus package. My own back-of-the-envelope calculations say that the package should be huge, on the order of $600 billion. So the question becomes, will the Obama people dare to propose something on that scale?

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