

The Forgotten Depression
1921: The Crash That Cured Itself
Author: James Grant, Babette Rothschild
Narrator: Rick Adamson
Unabridged: 9 hr 18 min
Format: Digital Audiobook Download
Publisher: Tantor Media
Published: 12/03/2019
Categories: Nonfiction, Business & Economics, Political Science, Political Ideologies
Synopsis
In 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No "stimulus" was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place.