America's great depression

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…s as well. Both bubbles required bailouts. See the failure of Long Term Capital Management for more information on how the equity bubble of the 90s lead to instability. "America's Great Depression" by Murray Rothbard provides a good introduction to the Austrian Theory of the Business Cycle with a good historical analysis. Rothbard also covers alternative explanations of the business cycle. Even if you don't buy into the theory of the business cycle the book is worth reading just to learn just how involved in the economy Hoover really was.

you've got some reading to do. America's Great Depression http://mises.org/rothbard/agd.pdf

Read some DeSoto and Rothbard ( Money, Credit and Economy - http://mises.org/resources/2745 , America's Great Depression http://mises.org/rothbard/agd.pdf and History of Money and Banking - http://mises.org/books/historyofmoney.pdf ). They both make a pretty compelling case that government played a major role in the 19th century busts. Pretty much every single bust since 1870 has been the explosion of a credit bubble. Cheap credit is the heroin of democracies. In the short term, it's like free money. It's cheaper to buy stuff, and it doesn't result in higher taxes. Politicians are always for it. The cheap money will endear them with the population in the next election, and they won't be around for the bust ( or no one will remember who's at fault). In the long run, cheap credit leads to too much debt and people can borrow no more. This le…

The Triumph of Conservatism by Gabriel Kolko - the book for understanding the rise of corporate serfdom The World of Yesterday by Stefan Zweig - will make you nostalgic for the days of monarchy World on Fire by Amy Chua - the single best book for understanding globalization that I have read. The antidote to Tom Friedman. America's Great Depression by Murray Rothbard - very different from the story you get in school. Is he right? Two favorite tech books are Inside Intuit and The Manager Pool