Crash test: is it 1929 all over again--or worse?(Economy)

The American Conservative | October 6, 2008| | Copyright

Rock-a-bye, trader on the tip top When the Board meets, the market will rock.

When the rate rises, quotations will fall.

And down will come trader, margins and all.

--The Wall Street Journal March 29, 1929

As American Finance is being twisted and reshaped almost hourly, many worry that we're in for an encore of the galvanic upheavals of 80 years ago. Is this a gruesome economic Groundhog Day?

There are important parallels but also major differences. The America of 1929 was energy self-sufficient. It was a muscular industrial society that imported few ...

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