Perhaps a refresher is in order ..
Oh, please, good God, no. I have an entire library of books on the topic, all of which point fingers in different directions.
Point: We didn’t understand the Great Depression in any real depth until Milton Friedman published A Monetary History of the United States.
A Monetary History of the United States - Wikipedia
A Monetary History of the United States, 1867-1960 is a book written in 1963 by Nobel Prize-winning economist Milton…
That was published in 1962, over THIRTY YEARS ex post facto to the events of 1929. What needed to happen to come to this understanding is TIME. Not only did the Depression need to be a certain distance in the rear-view mirror in order to be observed properly, but you needed the people who caused the problems, and the people who had political reasons for blaming others for the problems, to retire and die off. The emotions and politics needed to be long gone before the actual event could be properly analyzed.
We are only ten years after. I have an understanding of the events; you have an understanding of the events. I will guarantee you that in 2037, you and I will both find that our “understandings” were incomplete, and perhaps wrong, in various ways.
If you think you’ve “got it down”, and you completely understand the events, good for you.
Was it avoidable? Sure. I can list you about a hundred factors, spread out through government policy, banking regulation, and risk management, that if any one of them was changed, 2008 probably wouldn’t have happened. That’s obvious. And the trail of mistakes goes all the way back to FDR.
Blame is easy.
How did these criminals stay out of jail?
I know exactly how they stayed out of jail. There was no law against what they did. Pretty simple.