McElvaine literally wrote the book on the Great Depression. Here the professor draws parallels between 1929 and our present economic dilemma.
From Huffingtonpost.com, 28 October 2008 post, by Robert S. McElvaine.:
…We are beyond discussions of whether we are in a recession; the antecedent of “it” in the above question is “Depression,” and there are enough parallels between then and now to induce sleeplessness in many of us…
[snip]
While people focus on a couple of terrible days in 1929, in fact the market collapse leading into the Depression was a long downward slide, punctuated by days of drastic drops and occasional gains–much like what has been going on for the last six weeks, including yesterday’s huge gain.
As the Crash on this date in 1929 was a lagging indicator for a severe economic downturn that was already underway, the current Grizzly Bear Market is a lagging indicator for an economy that was already in serious decline before Wall Street noticed…
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