The Most Important History Lesson Of The Day

It started like this:

Screen Shot 2013-09-18 at 8.22.16 AM


And then came a visual:

Screen Shot 2013-09-18 at 8.23.34 AM


The Dow fell more than 50% from 1937 through 1938. FDR  had cut government spending in an attempt to reduce the nation’s deficit after the New Deal, which was his stimulus for the Great Depression. This was the great taper by FDR. Today, Bernanke may also announce a taper of some sort. And although the two tapers are different forms of policy, one monetary while the other fiscal, you can be sure Bernanke studied this moment in taper history.


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