October 11, 2008

SEE, IT IS THE DEMOCRAT'S FAULT!:

A Short Banking History of the United States: Why our system is prone to panics. (JOHN STEELE GORDON, 10/10/08, Wall Street Journal)

We are now in the midst of a major financial panic. This is not a unique occurrence in American history. Indeed, we've had one roughly every 20 years: in 1819, 1836, 1857, 1873, 1893, 1907, 1929, 1987 and now 2008. Many of these marked the beginning of an extended period of economic depression.

How could the richest and most productive economy the world has ever known have a financial system so prone to periodic and catastrophic break down? One answer is the baleful influence of Thomas Jefferson.

Posted by Orrin Judd at October 11, 2008 7:49 AM
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