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Friday, October 23, 2009

Wall Street Crash 80 years on

I'm watching Newsnight's special on the Wall Street Crash of 1929, which happened eighty years ago. It's a useful reminder that financial crashes can impact society for years to come. It is also an essential reminder that policy decisions (or inactivity) by government helped plunge the US into the Great Depression.

Many risks remain today but at least governments have acted to stimulate economies. Some would follow early 1930s policies and contract the economy further by cutting government spending now. Such people are deciding Conservative Party policy.

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