Friday, February 24, 2012

The Great Crash of 1929 - Bonfire of the Vanities


"There seems little question that in 1929, modifying a famous cliche, the economy was fundamentally unsound. This is a circumstance of first-rate importance. Many things were wrong, but five weaknesses seem to have had an especially intimate bearing on the ensuing disaster. They are:
(1) The bad distribution of income...
(2) The bad corporate structure...
(3) The bad banking structure...
(4)

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