Sunday, April 12, 2009

1819: America's First Housing Bubble

"The Panic of 1819 lasted about three years — the Great Depression lasted well over a decade. When looking for solutions to our current mess, we should study a winning team; instead we seem determined to channel FDR, the same arrogant fool who took an economic downturn and stretched it into a decade-plus tragedy."

Fascinating analysis of America's first major post war financial crisis, the panic of 1819 by C. J. Maloney . This is a must read. If only the majority of morons in this country had only a mild interest in history. No such luck; it most likely would interfere with keeping up with American Idol.

Here's another nugget:

"The men of 1819 realized that a "free market" in order to work must be just that — free. They had in them what we completely lack: a trust in the American people to manage their own affairs. A trust in "free markets" is, at base, a trust in the people. Many look at freedom as a luxury today — one that we can't afford and dare not try. Our trust in ourselves is dead, but it wasn't always."

Go read the whole thing and between trips to the range, work in tutorials with your children (assuming they are old enough not to be bothered with nightmares).