Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Some georgists say that the original reason for the great depression was in fact The Car, that created huge speculation on urban land.

Those Georgists are poorly informed. The primary mode of overland personal transportation during the Florida land bubble was rail. Further, the Florida land bubble had already burst years prior to the crash of 1929, with no appreciable effect on the American macroeconomy outside the principally affected states. The crash of 1929 is a story of the stock market - land speculation has no appreciable claim to credit for the 1926-29 business cycle. (Incidentally, we may here have another metric for when we're seeing the light at the end of the tunnel rather than an oncoming train: When the next panic comes within less than a handful of years from the prior panic, the powers that be are losing their ability to prop up the Masters of the Universe - the 2007 panic came six years after the 2001 panic, so there's some way to go yet before we reach 1920's frequency...)

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Jul 17th, 2010 at 06:13:52 AM EST
[ Parent ]

Others have rated this comment as follows:


Occasional Series