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Speculation arouse months before the crash when Roger Babson made his speech at the annual National Business Conference which he said “…..
Sooner or later a crash is coming which will take the leading stocks and cause a decline from 60 to 90 points in the Dow Jones Barometer.” This and many others speeches like this scared people into selling there stocks before the inevitable would happen.
I assess the book's arguments regarding the causes and consequences of these episodes from a neoclassical perspective.
I provide an alternative framework for analyzing these episodes, and argue that a key difference between the 1930s and today reflects the factors that continued to depress both economies after their respective troughs.
This was a leading causes that assisted the Great Depression become one of the bleakest and most studied events in the history of our country: yet not the only cause.
Another large contributing factor was Mother Nature, I say this because in Oklahoma the weather was so dry that the farmers were unable to harvest their crops: these farmers became known as Okies.It was also this time that the banks went broke and demanded the money they lent be returned to them; thus putting hundreds of families on the street.Despite the horror and the misery of the Great Depression, America fondly remembers those who came to life the nation's spirit in its time of need.It is believed that some events contribute more than others-such as the Stock Market Crash of 1929.The Stock Market Crash of 1929 was in the majorities opinion, a long and overdue crash that was bound to happen.Bing Crosby cemented his place as one of the all time greats of the showbiz world when his song "Brother, can you spare a dime? The people of America felt that they could turn to him when they needed to escape the harshness of reality and he did not let them down.Even today, performers strive to give people what Crosby and his rich voice gave the struggling Americans of the Great Depression.I also argue that returning today's economy to trend may be considerably more challenging.Acknowledgments Machine-readable bibliographic record - MARC, RIS, Bib Te X Document Object Identifier (DOI): 10.3386/w22239 Published: Lee E. "The Great Recession in the Shadow of the Great Depression: A Review Essay on , by Barry Eichengreen," Journal of Economic Literature, vol 55(4), pages 1583-1601.The post-Depression economy featured rapid productivity growth, whereas today's economy is plagued by low productivity growth.I discuss how the post-Great Depression economy recovered to trend quickly once policies that depressed competition were removed.