Posted AT 6:00 AM EST on 09/04/08
Want a recession? High rates will do it
U.S. postwar economic expansion – we're speaking here of the Great War – peaked in January, 1920. In the year that followed, the U.S. went through perhaps the worst recession in the past 100 years, greater (by most measures except length) than the Great Depression.
People don't discuss this recession much. It ended quickly. But it's interesting because it's the 20th century recession that the Federal Reserve Board, established seven years earlier, did nothing to end.
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