What caused the Great Depression?

By Russ Phillips

“Those who cannot remember the past are condemned to repeat it” (George Santayana) and it appears that many events in history repeat. This cyclical nature of history, in part, suggests the lack of mindfulness of the past and a lack of action to prevent its recurrence.

Two momentous events that can be instructive for the future are The Great Depression (1929-1939) and the Financial Crisis (2007-2008).

Several days ago I posted about the Glass-Steagall Banking Act that was referred to in the October 13, 2015 Democratic Debate as well as by Ben Carson on ABC “This Week” two days ago.

This 2:58 video clip, “What Caused the Great Depression,” appears on the Franklin D. Roosevelt Presidential Library and Museum website as part of its “Virtual Tour.” BTW, this is an excellent website that gives great insight into our nation’s history during the Roosevelt Presidency of twelve years.


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