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Originally Posted by Derwood
isn't it just a little dishonest to compare this recession to any of the previous ones?
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No.
The Panic of 1893 is similar to this recession in some ways:
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The Panic of 1893 was a serious economic depression in the United States that began in 1893. This panic is sometimes considered a part of the Long Depression which began with the Panic of 1873,[1] and like that of earlier crashes, was caused by railroad overbuilding and shaky railroad financing; which set off a series of bank failures. Compounding market overbuilding and a railroad bubble was a run on the gold supply and a policy of using both gold and silver metals as a peg for the US Dollar value
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Panic of 1893 - Wikipedia, the free encyclopedia
I think there are lessons that are to be learned. One lesson is
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The Sherman Silver Purchase Act of 1890, perhaps along with the protectionist McKinley Tariff of 1890, have been partially blamed for the panic. Passed in response to a large overproduction of silver by western mines, the Sherman Act required the U.S. Treasury to purchase silver using notes backed by either silver or gold. Politically the Democrats and President Cleveland were blamed for the depression. The Democrats and Populists lost heavily in the 1894 elections, which marked the largest Republican gains in history.
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Looks like government wanted to bailout an industry the bailout failed and perhaps made things worse. There are other lessons as well.
-----Added 10/2/2009 at 12 : 43 : 24-----
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Originally Posted by roachboy
what analysis, ace?
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I often share my conclusions with you folks. I don't have much interest in getting too detailed here because of the lack of serious discourse. I mostly like to do short "hit and run" type posts. If we ever wanted to seriously discuss an issue, I am game. What's your excuse?
-----Added 10/2/2009 at 12 : 50 : 11-----
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Originally Posted by dippin
You do know that the position that government stimulus did nothing against the great depression but WWII did is internally inconsistent, don't you?
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Yes. I communicating in platitudes. But I think most get the point.
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Besides, government "stimulus" wasn't invented in 1929. The US did plenty of it beforehand. Just look at the history of American railroads. Heck, most of the early American corporations were public-private corporations created to build canals, railroads and so on.
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What are we talk'n here 90/10, 80/20, 99.999/.0001 private sector to government.
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The Americans watched closely the development of railways in England. The main competition came from canals, many of which were in operation under state ownership, and from privately owned steamboats plying the nation's vast river system. The state of Massachusetts in 1829 prepared an elaborate plan. However private enterprise built nearly all the country's railroads, using charters from state government that created the business corporation and gave a limited right of eminent domain, allowing the railroad to buy needed land, even if the owner objected. [5] The Baltimore and Ohio Railroad (B&O) was incorporated in 1827, to build a steam railroad connecting Baltimore, Maryland and Washington, DC.
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Rail transport in the United States - Wikipedia, the free encyclopedia
I suppose some would give all the credit to government since the government passed legislation that allowed the industry to grow. I guess that's fair.