{"product_id":"the-forgotten-depression-1921-the-crash-that-cured-itself-9781451686463","title":"The Forgotten Depression: 1921, the Crash That Cured Itself","description":"\u003cb\u003eJames Grant's story of America's last governmentally untreated depression: A bible for conservative economists, this \"carefully researched history...makes difficult economic concepts easy to understand, and it deftly mixes major events with interesting vignettes\" (\u003ci\u003eThe Wall Street Journal\u003c\/i\u003e).\u003c\/b\u003e \u003cp\u003e\u003c\/p\u003eIn 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most 21st century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No \"stimulus\" was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place. \u003cp\u003e\u003c\/p\u003eIn \u003ci\u003eThe Forgotten Depression\u003c\/i\u003e, James Grant \"makes a strong case against federal intervention during economic downturns\" (\u003ci\u003ePittsburgh Tribune Review\u003c\/i\u003e), arguing that the well-intended White House-led campaign to prop up industrial wages helped turn a bad recession into America's worst depression. He offers examples like this, and many others, as important strategies we can learn from the earlier depression and apply today and to the future. This is a powerful response to the prevailing notion of how to fight recession, and \"Mr. Grant's history lesson is one that all lawmakers could take to heart\" (\u003ci\u003eWashington Times\u003c\/i\u003e).\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAbout the Author\u003c\/b\u003e\u003cbr\u003e\u003cb\u003e\u003ci\u003eGrant, James:\u003c\/i\u003e\u003c\/b\u003e - James Grant is the founder of \u003ci\u003eGrant's Interest Rate Observer\u003c\/i\u003e, a leading journal on financial markets, which he has published since 1983. He is the author of seven books covering both financial history and biography. Grant's journalism has been featured in \u003ci\u003eFinancial Times\u003c\/i\u003e, \u003ci\u003e The Wall Street Journal\u003c\/i\u003e, and \u003ci\u003eForeign \u003c\/i\u003eAffairs. He has appeared on \u003ci\u003e60 Minutes\u003c\/i\u003e, \u003ci\u003e Jim Lehrer's News Hour\u003c\/i\u003e, and \u003ci\u003eCBS Evening News.\u003c\/i\u003e","brand":"Simon \u0026 Schuster","offers":[{"title":"Default Title","offer_id":50644551827730,"sku":"9781451686463","price":12.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0831\/4771\/8930\/files\/img_6a5013ad-07bb-45b4-9b15-d419a313f50b.jpg?v=1733114608","url":"https:\/\/surprise-castle.myshopify.com\/products\/the-forgotten-depression-1921-the-crash-that-cured-itself-9781451686463","provider":"Surprise Castle","version":"1.0","type":"link"}