Wednesday, August 26, 2009

Panic! [in 1857]

Article here.

This tale seems vaguely familiar, hmm. Volatile markets were in turmoil leading a major company to fail leading to a drop in faith in the financial institutions. Then,

Commodity prices plummeted, factories shut their doors, railroads declared bankruptcy, hundreds of thousands of people lost their jobs, and land prices deflated.

Yea, that sounds pretty similar. The difference is: today we have The Beard [Bernanke]. He won't let the money supply contract like those idiots did back in 1857. I have faith in our banks because I have faith in Ben Bernanke!

JDW

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