Book Club Luncheon- The Forgotten Depression: 1921: The Crash That Cured Itself
“The Forgotten Depression: 1921: The Crash That Cured Itself” by author James Grant.
By the publisher of the prestigious Grant’s Interest Rate Observer, an account of the deep economic slump of 1920–21 that proposes, with respect to federal intervention, “less is more.” This is a free-market rejoinder to the Keynesian stimulus applied by Bush and Obama to the 2007–09 recession, in whose aftereffects, Grant asserts, the nation still toils.
James Grant tells the story of America’s last governmentally untreated depression; relatively brief and self-correcting, it gave way to the Roaring Twenties. His book appears in the fifth year of a lackluster recovery from the overmedicated downturn of 2007–2009.
In 1920–21, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first 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 in 1921.
In 1929, the economy once again slumped—and kept right on slumping as the Hoover administration adopted the very policies that Wilson and Harding had declined to put in place. Grant argues that well-intended federal intervention, notably the White House-led campaign to prop up industrial wages, helped to turn a bad recession into America’s worst depression. He offers the experience of the earlier depression for lessons for today and the future. This is a powerful response to the prevailing notion of how to fight recession. The enterprise system is more resilient than even its friends give it credit for being, Grant demonstrates.
James Grant is the founder of Grant’s Interest Rate Observer, 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 Financial Times, The Wall Street Journal, and Foreign Affairs. He has appeared on 60 Minutes, Jim Lehrer’s News Hour, and CBS Evening News.
$10 | $15 (Non-Member)
Click links for address and rates
Pershing Square Garage: Rates vary
Central Library Parking: Rates vary
Joe's Auto Parks: $12
Pacific Center Parking: $15
More Parking Options (Click link)
WARNING: Parking at Millennium Biltmore - $45 Daily Max; $4.50 each 15 minutes
We accept the following:
If you prefer to pay by check please register online and select "purchase order" as your payment option and enter your last name as the purchase order number.
Mail check to:
CFA Society of Los Angeles, 520 S. Grand Ave, Suite 655, Los Angeles CA 90071.
*Credit card payments will only be accepted through the secure online registration, and not by phone or email.
Cancellations must be received in writing by 9:00 am the day prior to the event. No phone cancellations are accepted. Please fax to the CFALA office at (213) 613-1233 or e-mail firstname.lastname@example.org. Member “no-shows” will be billed the non-member fee ($15) for the event which is posted on the CFALA website.
Don Brown, CFA
|As a participant in the CFA Institute Approved-Provider Program, the CFA Society of Los Angeles has determined that this program qualifies for 1 credit hours. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.|