What is history for, if not to keep us from making the same mistakes?

I post these articles and tidbits not to educate any of you, but to educate myself. When I focus on my children, my day-to-day grind, the next meal (etc.) I do fine. But when I have a quiet moment to think about the current economy, I'm terrified.

This is the perspective of a financial historian and professor of economics and political science:

My recommendation would be to abandon the idea of reverse auctions for toxic assets and instead use the $700 billion of the recently passed rescue plan for bank recapitalization. Although the Great Depression started in 1929, it took until 1933 for American leaders to grasp this nettle and recapitalize the banks. We can't afford to wait for years this time around.

A final thing that made the Great Depression such a catastrophe was that some of the worst shocks occurred right before the 1932 presidential election. There then followed an extended interregnum between the election and inauguration of the new president when no one was in charge.

The economy was allowed to spiral downward. It was this disaster that led us to amend the Constitution to shorten the time between presidential election and inauguration from 4 to 2½ months.

I didn't know that about the amending the Constitution. Interesting.

----------------
Now playing: Sting - History Will Teach Us Nothing
via FoxyTunes