Got to agree with you generally. The depression of 1873 was based on the railroad bubble. Similar to the housing bubble since railroads spent a decade being a guaranteed investment like housing was. The bank Jay Cooke and Co failed when foreign money dried up. This failure spawned a failure on wall street and the New York stock exchange was shut down for 10 days to control panic selling. Within 2 years of Cooke's failure almost 20,000 businesses were lost and a third of the railroads went bankrupt. Unemployment was high and wages lost up to 45% which in turn spawned the rise of labor unions. This particular depression lasted 6 years but some think that the US didnt actually recover until 1897. I'm not sure there is a good side to the involvement or lack of. I think the involvement has done away with the smaller recessions which in turn build up to big ones. A problem is that with the economy so globally connected the businesses need to be so big to remain competitive. So while I agree with the sentiments I'm personally not sure that it is totally the right way, which is why the government doesn't pay me for economic advice.
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