Speculation…deregulation…crash…bailout. Sound familiar? Probably. Sound modern? It shouldn’t. Financial panics have occurred regularly throughout American history, and each time we were left holding the bag when the bottom fell out of the market and banks called in their debts. Why do we think we’ll ever beat the business cycle? On this week’s show, economic historian Michael Bernstein says you can’t have the boom without the bust. Then historian Scott Nelson outlines the eerie similarities between 1873 and 2008, and explains how Christian fundamentalism is rooted in financial collapse.
- Learn more about panics and depressions before 1929.
- Experience déjà vu all over again with Scott Nelson’s description of the 1873 Panic.
- Read the proto-fundamentalist sermons of Dwight Moody.
- Browse a collection of current articles about the history of panics.
- Find out about the origins of our abstract economic system.