by DTEJD1997 » Wed May 16, 2012 9:03 pm
I read that book and found it to be very, very good.
It also struck me that people didn't know they were in "The Great Depression" until the end...
They also had ups & downs. Not everything was terrible, and astute, hard working & lucky people still made money and got ahead.
Another interesting thing was that banks had "double" liability for shareholders. That is, if you owned stock in a bank, and it went bust, you were liable for additional money. I thought that was a good idea, but would be very difficult to implement in modern society.
I am unsure if we will be like Japan's lost decades. Japan has a tremendous amount of savings, and they are homogenous society. They also had a much bigger property and stock market bubble than we ever had...
With all of the USA's problems, we are still blessed with abundant natural resources, skilled scientists, hard workers, energetic business people, and the best system of government set up by man.
We are only in a difficult spot, not an impossible spot...