Since its earliest days, the United States has suffered periodic financial crises. The first dates to 1792. In the 19th century, bank panics occurred regularly. Then, of course, came the great stock market crash of 1929 and the failure of two-fifths of the nation’s banks in the Great Depression. Now we’re in the midst of another crisis. It would be reassuring to think that the Obama administration’s financial “reforms” — or, indeed, any conceivable alternative — would prevent these collapses for all time. Dream on.
Every financial crisis originates in a failure of…
More…
|
|
|