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Krugman: Partying Like It's 1929

Unregulated, free-market capitalism! Woohoooo! The New York Times: [W]hat we should be asking is: How did we get here? The answer, at a fundamenta

Unregulated, free-market capitalism! Woohoooo!

The New York Times:

[W]hat we should be asking is: How did we get here?

The answer, at a fundamental level, is that we’re paying the price for willful amnesia. We chose to forget what happened in the 1930s — and having refused to learn from history, we’re repeating it.

Contrary to popular belief, the stock market crash of 1929 wasn’t the defining moment of the Great Depression. What turned an ordinary recession into a civilization-threatening slump was the wave of bank runs that swept across America in 1930 and 1931.

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