If you were presented today with all this data about the economy, but deprived of any knowledge of the crash, you would never be able to detect that something terrible had happened to the stock market in October.
—Robert M. Solow of the Massachusetts Institute of Technology, the 1987 Nobel laureate in Economic Science.
the Administration desired the crisis…it arises in large part from a one-time ”revolution” – slashing revenues to decimate the welfare state – which got us where we are today. But these transient events are not likely to be repeated. Not, that is, if we will just grasp what they were, and state the problem properly.
The last depression was an international phenomenon. There was a long time after the stock market event in 1929 before the economy crashed.
The fact that this has happened may help that process of international cooperation and the changes in domestic policy that are crucially needed to correct the situation.
It’s ironic that all the trumpeting now of these protections stemming from 1929 is being done by the same sources that have been trying to get rid of them and remove all inhibitions on the free markets
The Uncertain Legacy of the Crash
By LOUIS UCHITELLE
Published: April 3, 1988
LEAD: NEARLY six months after Oct. 19, it is remarkably difficult to gauge the impact of the stock market crash. The nations economy survives and grows. The terrible recession that collapsing stock prices seemed to promise has not materialized. And the riveting fears of late October have dissipated.
How Reagan Created the Crash By DANIEL PATRICK MOYNIHAN [DEMOCRAT-NY]
MEMBER OF THE SENATE FINANCE COMMITTEE.
Published: November 1, 1987
LEAD: Start with the French theologian Georges Bernanos: The worst, the most corrupting lies are problems poorly stated.
Stilltitled 
Leave a comment
Comments feed for this article