Another book about the Great Depression
Posted By: Zville MT on 2008-11-18
In Reply to: Book about Great Depression, 1928 and 1929. - Book about Jazz Age and Wall Street crash.
The Forgotten Man by Amity Shlaes. I'm about halfway through it now and it's amazing - it could have been written about the last several years instead of the 1920s.
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Book about Great Depression, 1928 and 1929.
BOOK: The Crisis Of The Old Order By: Arthur Schlesinger, Jr.
In 1928 and 1929, the nation had reached, it seemed, a permanent plateau of prosperity. Businesses expanding. Foreign trade growing. The stock market was continuing to rise. And national leadership could not now be in more expert or safer hands. "I have no fears for the future of our country," said Herbert Hoover in his inaugural address in March 1929. "It is bright with hope."
There remained a few discordant voices, anxious in the main over the stock market boom. In spring 1929, Hoover summoned a special session of Congress to deal with these issues. The session was not a success. The Board's purpose was to control the flow of commodities to the market; one provision was to control temporary surpluses. The session adjourned from April to November without taking action on the tariff. Hoover wanted state public lands and reclamatin projects and related irrigation matters be withdrawn from national control and states to manage these affairs then Federal Government. President's attitude toward utilities regulation was similar.
Yet most Americans remained more interested in teh stock market than economic question and the few interest as now beginning to turn into concern.
Early 1929, Federal Reserve Board under pressures of NY Federal Reserve Bank, finally consented to warn member banks that they should not lend money for speculative purposes. But did not work. Some argued that a restrictive policy might well induce deflation. The board felt it created "a state of mind which breeds depression." It was certainly true that reducing the interest rate was a clumsy way of combatting THE BOOM. As long as the stock market offered highest returns, it was bound to have first call on funds. Higher interest rate would have slowed down investment, cause capitalization process and bring down prices of ALL CAPITAL ASSETS and thus discourage investment. President Hoover did nothing as he was preoccupied with his own mind and watched the Board run the course.
CHECK THIS OUT!!! Finally by summer 1929, some danger signs were apparent, STARTLING DECLINE IN BULIDING CONTRACTS. Residential construction for the entire year SANK. CONSUMER SPENDING WAS SLACKENING. By midsummer 1929, building began to fall off, wholesale commodity prices dropped. In August, Federal Reserve Board finally agreed to raise to 6 percent. In September Stock Exchange price were at the highest. On October 23, PRICES STARTED FALLING. WALL STREET WAS SHAKEN. Anxiety was suddenly infectious. As panic spread, stocks dropped. Hoover stated, "The fundamental business of the country, that is production and distribution of commodities is a sound and prosperous basis." As prices held for a week, bankers QUIETLY fed back into the stock market that they had bought on Black Thursday for further future storms.
Banks protected themselves against their customers. On Monday, new explosion of gloom and panic happend. General Motors stock lost nearly 2 million. It soon was an avalanche, vast numbers rushing to get out of the market. By noon, 8 million shares traded hands and by closing time, Exchange had broken all records with 16 million shares. By mid November the financial community began to survey the wreckage. New York Stock Exchange had fallen 40 percent in value.
CAUSE OF THE CRASH: Management's disposition to maintain prices and inflate profits while holding down wages and raw material prices meant that workers and farmers were denied benefits of increases in their own productivity. Decline of mass purchasing power (like our real estate in 2005?) as goods flowed out of expanding capital plant in ever greater quantities, less and less cash in the hands of buyers to carry goods off the market. Seven years of fixed capital investment at high rates had overbuilt productive capacity and had thus saturated the economy. The slackening of the automotive and building industries. Businessmen trying TO SAVE THEMSELVES COULD ONLY WRECK THEIR SYSTEM. Representing the financiers, it had ignored irresponsible practices in the securities of the markets. Ignored the weight of private debt. Result was both class and national disaster.
The people during the Great Depression were more self-sufficient that we are. sm
They could make a loaf of bread and farmed. They bartered for goods and services. They also had sound money (gold and silver) unless they left it in a bank deposit box or were duped into letting it be confiscated.
Thanks to the amended version of the Patriot Act, it is against the law to hoard food and water. Bank runs or inciting bank runs is a felony. Imagine that, it is against the law to try and protect your money. These crooks have everything covered.
poll: how many think we are headed for another great depression
me for one
Tent cities=Great Depression
Go to timesonline.co.uk and search for California tent cities. The homeless shelters there are OVERWHELMED and turn away as much as 200 people A NIGHT!!!! There are over 300 people living in one tent city ALONE! And these are not bums or derelicts, these are low to middle class income people who had been living paycheck to paycheck as most americans do, and lost their jobs and cannot find work.
Gee, and when was the last time this country saw tent cities like this? The Great Depression.
The unemployment rate in California is over 10% and has risen to 15% in some of the hardest hit states in the country. To say that this has been fabricated and that there is no crisis is just more of the republican elitist socially darwinistic pile of horse @!$%# that has been pervading the GOP.
It's time for all of you hard right conservatives to pull your head out of the sand and take a really good look at what YOUR republican president did to this country in the course of 8 years. Obama inherited one of the biggest messes in this country's history, and you are pssed off that he hasn't "fixed" it yet?!! Are you kidding!? He's been in office for not even two months. It took the Great Depression over a decade to be resolved, and your screaming over 2 MONTHS!!!!!!????
There are a lot of people hurting. And guess what, the CEO @!$%#s that helped cause the mess are laughing all the way to their bank accounts in Grand Cayman and couldn't give a @!$%# about the rest of the country. And who helped them get their egregious bonuses and compensation? Hmmmm, couldn't be the republicans that were in power for HOW LONG!!?? I'll tell you: from 1994-2006. Hmmmm, just long enough to deregulate the banks and lower the taxes on the wealthy enough to create the largest income gap in this country since the Industrial revolution.
The republicans f'd up big time. That is why they lost control. And they are continuing on that same wretched path with NO IDEAS on how to fix the mess they are mostly responsible for creating. Except tax cuts for the wealthy. The GOP mantra. It's BS and you all need to stop buying into the rhetoric.
I am hoping with all my heart that Obama is a successful president and is doing what needs to be done to rectify this nation. Yes, he may fail. That is a risk you take with ANY president. But if any of you have even half a functioning brain you would wish for success as well. His failure will mean the failure of our country. And I don't know about you, but I certainly hope I never see that day.
Great book everyone should read at this time... SM
'The Forgotten Man' by Amity Shlaes. Explains the recession of the 20s and the depression of the 30s and how it all happened. It wasn't the fault of pubs or dems - this had never happened before and no one knew what to do. What actually got us out of the depression wasn't stimulus or tax breaks or cuts in spending - It was WWII.
Great post, great insight, great analysis, thanks!..nm
nm
Actually, it might very likely to into depression anyway,
is not so all-powerful that they can put the brakes on something that has taken on a life of its own. Unless the cogs that drive this economy are retooled (and that would mean the way banks operate, loans are made, homes are bought and sold, and priced, stocks are valued and invested in, yet), American workers/investors are going to come up with more realistic and less-speculative ways to make their money work for THEM, and not just some rich guy sitting on his 40-foot yacht.
If a depression is what you want...YES.
Obama is your man.
Oh, no ...DEPRESSION is exactly what we are
nm
I believe we will go into a depression
regardless of which idea they go with. I really don't think there is anyway out of this.
You know what really bugs me....and this is kind along the lines of the topic of equal pay........
If a caucasian male is making more money for doing the same job as an african american, by law the african american has the right to sue for legal pay. I'm cool with that. If you do the same job and think you deserve the same pay....more power to you. If an african american is making more money for doing the same job as a caucasian, the caucasian has no legal rights to sue for equal pay. I'm sorry, but that doesn't sound equal to me.
can you spell depression?
x
And you don't think this recession (soon to be depression)...(sm)
has anything to do with it? Hey, that's what republicans want, big business to grow fast--no regulation--me, me, me...
How about all those families that are going to suffer from this. Did they ask for it too?
Yes, I think there is a depression coming if it isn't already here. sm
I live in Michigan, on the west side of the state, but nonetheless in Michigan. We are so tied up in the auto industry that if the Big 3 crash and burn, Michigan may well just cease to exist. We have had 3 auto parts plants close down, Steelcase and Herman Miller are cutting jobs, because people are not hiring, so why make all that office furniture. There is nothing incoming to help take up the slack. Then, I heard on the news this morning that the city of Detroit has now appealed to the feds for help to bail it out. Detroit IS big 3 auto country. If Detroit tanks, so goes the rest of the state. Kwame Kilpatrick fallout not withstanding.
I like to think that as long as people get sick, I will have a job because I do acute care. And we all know that there are people who use the ED as a PCP. Hopefully my doctor in AZ can help me out, but he is a specialist, so who knows.
My 403(b) has lost half of what it used to be, and then I hear that they have suspended the sales of MRE's. But I think that is just over-excitable hype.
However....I have a feeling that the "Great Depression" 2008 style is coming. I don't think the "End Times" is coming, but something has to give or the United States of America will become another third world country.
Michigan is in a depression.
I was born and raised in Michigan. Your state has been hit hard. I live in the Northwest and in my neighborhood, I have 8 new families who have moved in and guess where they are from? Michigan. A lot of my family members in Michigan believe that the Oil companies should bail out the 3 car companies, not from taxpayers money. Family members do not seem to care if the car companies fold because they are already in worse shape. My cousin, last family relative working for the GM, took an early retirement package given to him 2-3 weeks BEFORE the financial crisis hit US. He was very lucky. I have family members considering moving to the Northwest and 1 family already is here and just love it.
depression statistics
This sounds familiar:
http://eh.net/Clio/Publications/unemployment.html
I meant recession, not depression. nm
I guess my depression medication
must be working because I am happy to see in our lifetime that a woman and an African American can run for the presidency and possibly win. Times are changing. People are opening their eyes to a new day. Maybe we won't see a change in the economy in the near future, but we should all do our part to at least try to put lawmakers into office who have the peoples' best interest at heart. We pay taxes and these elected officials work for us. We can start by putting state representatives in office who will work for us in Washington. We voted for them and we can fire them. They work for us. We do have a voice.
All getting so depression. I doubt there is a single
nm
strategies for coping with the depression
I am paying off debt. Made my garden bigger. Planted some fruit trees. Stocked my pantry. But I don't want to take in any relatives......I would rather pass out free zuchini.
If we are in a full blown depression...(sm)
then I think the number of illegals coming into the country will lessen. If we can't offer them anything better here why would they come? I think there will be more pressure on the ones here because they will be competing for jobs. When Americans can't find jobs, I think they will be more likely to point out illegals or suspected illegals to lessen competition.
Per the experts, we officially went into a depression today...nm
.
It is not HATE, it is love of country and depression
nm
McCain's top economic advisor says we are in a "mental depression" sm
and additionally says that we are a nation of "whiners.' McCains top economic advisor is Phil Gramm.
How do you feel about these remarks? Additionally have you or someone you know been experiencing tough times in the last year?
Change recession to depression and I'll agree with you.
They just signed America's death warrant.
I feel no hope, but a huge depression coming.
it is going to be a long, crazy, up and down, scary ride. I do not see any hope, but failure for this country. Will NEVER be the same. You all who wanted change are going to get it. I am not sure what change the O keeps talking about, but it does not sound good to me at all. I want to have hope, but I cannot stand who the O picked for Chief of Staff. Hiliary Clinton stated yesterday, IN HER OWN WORDS, were not good about him at all. The only vocabulary that he has coming out of his mouth is 4-letter words. He is nothing but a JERK. So I guess that means we all can act like Rahm Emanuel and maybe we all can get somewhere in life? I do not think so, but that is who the O picked. I guess I should read DickMorris' book when he worked with President Clinton and Rhambo who is not very trusthworthy individual. It seems to me is psycho. Starting to stock up on paper products, toilet paper, paper towels and even tampons since paper products were hard to find during the depression. If the car companies do not get bailed out, look out country. I do have mixed feelings about bailing out car companies though. I wish we could, but then it will be bailing them out for the next 2 years and then next in line will be airline companies. WE DO NOT HAVE THE MONEY TO DO THIS.
Counterinsurgents thrust nation into full blown depression.
How is that possible? Looks like we still have quite a ways to go before we hit the Rovian rock bottom.
war, depression, recession, collapse of financial system, people losing
homes, natural disasters unattended to, collapsing bridges, earmark bridges. Address those first, save flag for later.
or maybe a BOOK
try one. You might like.
Great, great post. Thank you, Marmann! nm
x
Bible not bad book at all...
...and should have its basic tenets taught right alongside of those of the Qur'an and the holy books of all other major world religions. Students of any age who wish to read the Bible in my opinion should certainly be able to do so anytime they wish. Same for all other holy/religious writings. A person's education really isn't complete without a fundamental understanding of all of the religions that shape our world.
I would however sign any petition that forces anyone to do anything in the spirit of indoctrination or exclusion, or against any requirement that implies that THIS is the one true holy book and you WILL read it even if your negligent atheist going-to-hell-parents wouldn't force you to do it at home (and we're coming for them soon too - better join us if you know what's good for you). Unfortunately that is how this kind of requirement is perceived by many people in our current political climate - including me. And unfortunately, I believe this is exactly the attitude held by those who try to force such requirements into the public schools.
I don't think it qualifies as a "random act of kindness" - but rather as a deliberate act of religious supremacism.
I can see the title of her next book now...sm
*The Liberals Took My Voting Rights.* She's such a nutjob!
But every book she writes goes to #1. sm
She is unbelievably wealthy and she can always fall back on her law degree. I don't think she is hurting.
Woodward's book
Cannot wait to read Woodward's new book, however, most of us with eyes wide open have known this even before Bush's war.
YIPES! Foley..what were you thinking? Do as I say, not as I do?
Concerning Chavez's remarks. What better place to scream and holler than at the UN? There have been many heated debates and speeches over the years. Secondly, America, land of freedom and free speech, even for foreigners. I have no problems with what Chavez said, in fact, I agree with him. The democratic leaders who spoke out against Chavez and defended the president need to realize that if the shoe was on the other foot, do they actually think Bush, Cheney, Rove, Snow, Rice, Rumsfeld would defend them? Republicans play dirty, there is proof of that all around, Democrats try not to, however, it has gotten us no where. It is time to play as dirty as the other side. Chavez did not state lies, he stated the truth. If you do not agree, explain then our foreign policy for the last 50+ years, explain our presence in Iraq, even as most Iraqi's are wanting us out or dead. Bringing Democracy to Iraq, oh please. You cannot force an ideology on people with the barrel of a gun. When we do leave Iraq, whenever that is, it will not resemble any type of Democracy that we have ever seen. We have given a gift to Iran with our invasion of Iraq.
Book Proceeds
Yep, was just posting information. Funneling the money to the kids is a way to get the book published. I am sure there are under-the-counter things going on, and I figure the Brown and Goldman families will tie it up anyway as well they should. As to those poor kids...I don't know if there are anough couches in the US to fix them. And that sociopath father of theirs could not care less. If he cared one whit about those kids he would not have murdered their mother and left her mutilated body lying on the sidewalk for them to possibly find. Sick, sick puppy.
That is unsubstantiated....out of a book some...
guy wrote who said "three Arizona reports on condition of anonymity" told him they overheard it. Chalk this one up to unsubstantiated rumor in my books. If someone knows of a link where McCain admitted this, I would be interested in it. If it is true, she should have slapped the cr*p out of him. I am not so naive as to think that other Presidents have not called their wives foul names and vice versa. I can just imagine during the Clinton years.... lol ....remember all the unsubstantiated rumors about Hillary using the "F" word to the secret service people and calling them all kinds of names? I think that is what is happening here. Any time someone says they speak on condition of anonymity makes me suspicious out of the gate.
Book banning VP?
If SP tried to ban library books as mayor, what will she do if she becomes president, which is very likely since JM is not healthy. Isn't there something in the bill of rights about freedom of speech? I am a book lover and this really makes me angry.
http://www.time.com/time/politics/article/0,8599,1837918,00.html
Former Mayor John] Stein says that as mayor, Palin continued to inject religious beliefs into her policy at times. "She asked the library how she could go about banning books," he says, because some voters thought they had inappropriate language in them. "The librarian was aghast." That woman, Mary Ellen Baker, couldn't be reached for comment, but news reports from the time show that Palin had threatened to fire Baker for not giving "full support" to the mayor.
I would like to suggest a book.....
"People of the Lie" by M. Scott Peck, MD - excellent book and he makes reference to several other books that are good reads. This book is about the true meaning of evil - from a scientific perspective. It is not about "possession" but he participated in a few exorcisms performed by many people of different faiths, he said (and don't quote me) that the basic requirement was just that the participants love the afflicted enough to want to help them. He states that "possession" is extremely rare, but he witnessed it up close and personal when the patient was thought to be mentally ill. I have owned this book for years and every time I lend out my copy and don't get it back, another one presents itself at a yard sale, library book sale, whatever.
You really should read a book about his...
career. And then you should read on his website what he proposes for this country. And then you should read up on socialism. Not saying that to be demeaning. I don't think he is a socialist...I KNOW he is a socialist.
book smart isn't everything
I've known a lot of educated people who don't know a thing about real life. Need some life experience and common sense to go anywhere.
The book has been widely
vetted. It is regarded as trash by all other than extreme right thinkers. The author made 8 corrections in the second print already. that was only weeks after publication. I have a great idea. Instead of insisting people wear flag pins let us change this country back to the democracy we can be proud off. The country is based on inspiring ideas. Internal change is much more legit than external. How you ask. I myself am working for my candidate in my community to spread the word. We are successfully awakening the spirit of the nation. We have gathered hundreds of young voters and driven them to the polling place to register and vote. The sleeping giant is stirring and a youthful new leader has emerged to restore us to the greatest nation in history. If you don't believe me, check out this morning's edition of Vast Variety, the newspaper of those in the know.
No, because she had not written a book about one of the...
participants and it is in her best book selling interest if he WINS. She makes no secret she supports him. A moderator is supposed to be NEUTRAL.
Perhaps because the book has only now come to light....
I didn't know about the book until now. The point being...it is known about now, she knew it then, she should not have taken the job. What if they had chosen Michelle Malkin or Ann Coulter? Would that be okay with you? Geez.
I must have missed that book
in the bible that calls for voting for McCain/Palin. I'll have to look again.
I believe Jesus was a radical, but I still don't see where he calls for a specific candidate.
history book??
Revelations?? Give me an enormous break. Even the stuff that is pseudo-historical is more like little kids playing telephone. Revelations works better as a sci-fi novel than as a history book. & anyway, since when are predictions anything like history? What, the "history" of a bunch of people guessing some stuff? Good grief. This is why I really despise Christianity. You have to embrace the concept of satan, evil, the anti-christ, all those hideous concepts, in order to be a true believer. It's fine to believe whatever you like, just make sure your right to believe stops at my right not to be infringed upon by some fairy tale.
The one who is going to write a book
for our country and how he kept our country safe for the last 7 years from terrorists. He could not state it while he was in office, but now he can write a whole book about him being in office. I felt much more secure with Bush than I will with O as he still scares me.
no history book here
just internet babble. I can copy/paste too!
Pretty much the whole book..........sm
of Revelation. All those who stand against God will be destroyed in the battle of Armageddon. Revelation 21:10 describes the new Jerusalem as it will be after the battle and all is settled.
Ridiculous Book of the Year
OMG, even the republicans have to speak out against this..OMG, what is going on?
 Ridiculous Book of the Year
Saturday Funnies
You would think JohnFive in the noggin Gibson, a man who wished that Karl Rove received a medal for outing Valerie Plame and other idiotic takes on the world was going to write a book it would be about something a little more important than: The War on Christmas.
Jesus General wrote his Amazon review of the book here and found some hysterical Freeper reviews.
Video-WMP-Video-QT
Bittorrent-WMP Bittorrent-QT
Even O'Reilly made fun of him by saying that his title was Coultersque. John actually said there are children who don't know what a Christmas tree is. What's the number John-two? The horror. oh...Heaven help us!
The reviews are bad on Amazon for this book...sm
Here's one of the shorter reviews I found interesting.
*Gibson has managed to accomplish what many have tried but few have accomplished; namely, to redefine a commonly used word. In this case, Gibson has somehow managed to define oppression as lack of monopoly. According to Gibson, the continued existence of non-Christians during the winter holidays constitutes oppression of Christianity. Never mind, of course, that the Christian religion probably holds the all-time world record for being oppressed less than any other major religion; it had a remarkably easy road to hegemony. With this book, Gibson hopes to make any non-Christian terrified to express any religious sentiment other than that of the power base.*
Call Ann and see if she needs a book stockman..sm
You two should get along nicely.
The Democrats did not write this book.
A man who calls himself a **Christian conservative** did. He was I believe the #2 man on the **faith-based initiative program.** His name is David Kuo. He is a Republican. I think he will be on 60 minutes tonight. I have seen a couple of recognizable names from the Christian right denounce the white house after hearing some of the things Kuo writes. I am anxious to hear what Kuo himself says.
I am a Christian and I do not feel stiffled at all about voting.
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