Study: U.S. economy avoided panic during 1931 European crisis by...not panicking
- September 20, 2011
- A study by Gary Richardson, economics professor, is featured in the Minyanville September 19, 2011
From the Minyanville:
Sure, we all tend to idealize the "old days." Carson wasn't as funny as you remember, Coca-Cola with cane sugar really wasn't any healthier than Coca-Cola with corn syrup, and moving crates of vinyl is as bad, if not more of a pain in the ass, than moving a sleeper sofa. However, a new NBER working paper titled "When the Music Stopped: Transatlantic Contagion During the Financial Crisis of 1931" by Gary Richardson of UC Irvine and Patrick Van Horn of the New College of Florida shows that bankers of years past actually operated with at least a glancing thought as to how their actions might affect the population at large.
For the full story, please visit http://www.minyanville.com/dailyfeed/2011/09/19/study-us-economy-avoided....