mm505: Could it happen again?

October 1, 2008
© Bo Widerberg | Dreamstime.com

© Bo Widerberg | Dreamstime.com

There’s more at stake in the present Wall Street bailout tsunami than the partisan posturing might lead you to believe.

Conservatives vs. moderates vs. progressives vs. everybody.

In a lifetime of casual reading about the Great Depression of the 1930s, the main cause that stuck in my mind was the wrong-headed protective tariffs established by the Smoot-Hawley act, which caused the economic dominos to topple all over the world.

Economists tell a different story; far less global, and very much local. David Leonhardt, in the NYTimes tells of some disturbing parallels with the current crisis.

Crisis feels altogether too bland a word for what the nation is facing today. Abyss feels more appropriate.

And if I exaggerate, that is a reflection of what I see and hear.

This one has even the normally oblivious shaken.

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