Book about the 1929 crash
Posted: Tue Dec 11, 2007 2:27 pmI found a link to a book called "The Bubble that broke the World" about the 1929 crash while reading the comments to Roubini's latest missive. Some passages from the book are strikingly relevant:
"Second, a social and political doctrine, now widely accepted,
beginning with the premise that people are entitled
to certain betterments of life. If they cannot immediately
afford them, that is, if out of their own resources
these betterments cannot be provided, nevertheless people
are entitled to them, and credit must provide them. And
lest it should sound unreasonable, the conclusion is annexed
that if the standard of living be raised by credit,
as of course it may be for a while, then people will be
better creditors, better customers, better to live with and
able at last to pay their debts willingly."
Thought readers here would find it useful:
"Second, a social and political doctrine, now widely accepted,
beginning with the premise that people are entitled
to certain betterments of life. If they cannot immediately
afford them, that is, if out of their own resources
these betterments cannot be provided, nevertheless people
are entitled to them, and credit must provide them. And
lest it should sound unreasonable, the conclusion is annexed
that if the standard of living be raised by credit,
as of course it may be for a while, then people will be
better creditors, better customers, better to live with and
able at last to pay their debts willingly."
Thought readers here would find it useful: