Category: Business

Andrew Ross Sorkin’s approach to the Great Depression is to follow some great men, day by day in the year leading up to the crash. What arises most clearly is the avarice of bankers and financial giants, who, though aware they were inflating a bubble, continued to lean on the Federal Reserve Board to allow the continual flow of inexpensive (low interest) cash. Absorbing all the cash they could hoard, bankers, who at the time could also sell securities, loaned money to vast numbers of average citizens, encouraging them to invest in the stock market.