The Most Important History Lesson Of The Day
It started like this:
And then came a visual:
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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