One day people will write…
“There was a time in America when there was a nationwide recession, in which banks collapsed, businesses failed, thousands of workers lost their jobs, and those who kept theirs had their incomes deflated. States defaulted on their bonds and towns went broke. Politicians spent their time blaming each other, undermining each other’s plans to fix the situation. And it lasted for seven years.”
What am I referring to? Why, the “Panic of 1837” of course. What did you think I meant?
There were 15 “panics” as they were called before the Great Depression.
The troubles we are in have happened before, and will assuredly happen again. As before, we will all weather the storm if we pull together.