In early January our quote of the week was from Daniel Henninger's piece in which he told us what happened in the roaring 20s and how the time period had an eerie similarity to the present.
There were tariffs (Smoot Hawley), there was a booming economy, and there was a stock market boom. Then came a crash followed by the Great Depression compounded by government mistakes.
Flash forward and notice the similarity: booming economy, tariffs, and record setting stock market rallies. And then we experience a stock market crash and an economy in the dumps. The blame can be placed on the Coronavirus pandemic. But the similarity is eerie.
In this case government is concerned about both the disease and the economy. There are sharp minds at work battling the pandemic, and hopefully, it is close to a peak. And maybe this time the government is a great bit wiser when it comes to the economy.
As the old saying goes, "Those who don't know history are doomed to repeat it."
Previously on these pages: Quote of the week -- Daniel Henninger on the roaring '20s.
Henninger's original piece: Will the ’20s Roar Again?
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2:10 PM 4/11/2020
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