The Unheeded Lessons of the Great Depression

The global economy stood on the precipice, making the possibility of a descent into the horrors of the Great Depression — the despair our grandparents told us about — all too real. Then some brave leaders with a knowledge of history and names like Bernanke, Geithner and Paulson (or if you have an international bent, Trichet, King and Darling) stepped in, applied the lessons of that brutal period and pulled us back from the abyss.

That, anyway, is the oversimplified history of the crisis of 2008 that has become commonly accepted thanks to book-length journalistic narratives (one of which I wrote) and the memoirs of several major officials involved.

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