from Patrick McKenzie | by Patrick McKenzie

Patrick McKenzie


over 1 year ago

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As pointed out by @JorgeStolfi, a fellow connoisseur of the history of financial bubbles, this was attempted to stave off the stock market crash in the 1920s. Systemically important actors realized that contagion could cause a Great Depression and banded together to stop it.

Do I need to remind anyone here how effective Wall Street was at risk management in the immediate run up to the Great Depression.

(I do not have the bit about whether it was one day or not cached in my brain and so can’t vouch for that, but remember the other bits and was immediately struck by the similarity.)

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