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Thursday, March 12, 2009


another voice from the distant past

rolfe winkler of option armageddon transcribes an article written at the tail end of the panic of 1893, seen by some (including yours truly) as the final cathartic event of the long depression that began with the boom and bust of 1873 and resulted in over 20 years of balance sheet repair in the united states.

there's nothing very new about what we've done.

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I was coming over to point you to this excellent article half-suspecting you'd have seen it already. Notable lines for me:

The seeds of prosperity are sown during the periods of financial depression and the seeds of hard times are just as surely down during the period of business activity and speculative boom.

Wise legislation will always assist in bringing prosperity, and unwise legislation will always retard the coming of better times, but no legislation, no matter what it be, can prevent the incoming tide any more than the little child on the sandy beach with its little shovel can, by piling up a ridge of sand, stay the incoming surf.


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