“There was a depression in 1920? Really?”

That was the comment I received recently from a smart, usually well-informed editor. Yes, there was a depression. But it was over so fast that few people seem to have heard of it.

Yet almost everyone knows about the Great Depression, which began in the late 1920s and extended into the late 1930s. Urban legend, however, is that a laissez-faire president, Herbert Hoover, made it worse by not saving failing businesses, … Continue reading Two Ways to Fight an Economic Depression