LEADER 00000cam  22004938i 4500 
001    ocn881560360 
003    OCoLC 
005    20150106031652.0 
008    140619s2014    nyuaf  e b    001 0 eng   
010      2014021387 
020    9781451686456|q(hardback) 
020    1451686455|q(hardback) 
020    9781451686463|q(trade paper) 
020    1451686463|q(trade paper) 
035    (OCoLC)881560360 
040    DLC|beng|erda|cDLC|dOCLCO|dON8|dOCLCO|dUOK|dBKL|dOCLCQ
       |dOCLCO|dYDXCP|dCHVBK|dOCLCQ 
042    pcc 
043    n-us--- 
049    CKEA 
050 00 HB3717 1920|b.G73 2014 
082 00 330.973/0913|223 
084    BUS023000|aHIS036060|aBUS045000|2bisacsh 
092    330.9730 
100 1  Grant, James,|d1946-|eauthor. 
245 14 The forgotten depression :|b1921: the crash that cured 
       itself /|cJames Grant. 
250    First Simon & Schuster hardcover edition. 
264  1 New York :|bSimon & Schuster,|c2014. 
300    xii, 254 pages, 16 unnumbered pages of plates :
       |billustrations ;|c25 cm 
336    text|btxt|2rdacontent 
337    unmediated|bn|2rdamedia 
338    volume|bnc|2rdacarrier 
504    Includes bibliographical references (pages 221-242) and 
       index. 
520    "By the publisher of the prestigious Grant's Interest Rate
       Observer, an account of the deep economic slump of 1920-21
       that proposes, with respect to federal intervention, "less
       is more." This is a free-market rejoinder to the Keynesian
       stimulus applied by Bush and Obama to the 2007-09 
       recession, in whose aftereffects, Grant asserts, the 
       nation still toils. James Grant tells the story of 
       America's last governmentally-untreated depression; 
       relatively brief and self-correcting, it gave way to the 
       Roaring Twenties. His book appears in the fifth year of a 
       lackluster recovery from the overmedicated downturn of 
       2007-2009. In 1920-21, 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 in 1921. In 1929, 
       the economy once again slumped--and kept right on slumping
       as the Hoover administration adopted the very policies 
       that Wilson and Harding had declined to put in place. 
       Grant argues that well-intended federal intervention, 
       notably the White House-led campaign to prop up industrial
       wages, helped to turn a bad recession into America's worst
       depression. He offers the experience of the earlier 
       depression for lessons for today and the future. This is a
       powerful response to the prevailing notion of how to fight
       recession. The enterprise system is more resilient than 
       even its friends give it credit for being, Grant 
       demonstrates"--|cProvided by publisher. 
650  0 Depressions. 
650  0 Financial crises|zUnited States|xHistory|y20th century. 
650  0 Depressions|y1920. 
650  0 BUSINESS & ECONOMICS|xEconomic conditions. 
650  0 BUSINESS & ECONOMICS|xMoney & Monetary Policy. 
650  0 History|zUnited States|x20th Century. 
651  0 United States|xEconomic conditions|y1918-1945. 
651  0 United States|xEconomic policy|y20th century. 
914    MID.b2394478x 
994    92|bCKE