http://online.wsj.com/article/SB122576077569495545.html
I'll give you the 5 myths here, you can go online to see them get debunked. You will also see how eerily similar it is to what's going on today.
1. Herbert Hoover, elected president in 1928, was a doctrinaire, laissez-faire, look-the-other way Republican who clung to the idea that markets were basically self-correcting.
2. The stock market crash in October 1929 precipitated the Great Depression
3. Where the market had failed, the government stepped in to protect ordinary people.
4. Greed caused the stock market to overshoot and then crash
5. Enlightened government pulled the nation out of the worst downturn in its history and came to the rescue of capitalism through rigorous regulation and government oversight.
I'll give you the 5 myths here, you can go online to see them get debunked. You will also see how eerily similar it is to what's going on today.
1. Herbert Hoover, elected president in 1928, was a doctrinaire, laissez-faire, look-the-other way Republican who clung to the idea that markets were basically self-correcting.
2. The stock market crash in October 1929 precipitated the Great Depression
3. Where the market had failed, the government stepped in to protect ordinary people.
4. Greed caused the stock market to overshoot and then crash
5. Enlightened government pulled the nation out of the worst downturn in its history and came to the rescue of capitalism through rigorous regulation and government oversight.
