80 years ago today, on October 29th, 1929, Wall Street saw the worst day in its history. The shock of “Black Tuesday” came to an end, but the misery of the Republican Great Depression was just beginning. As a result of the disaster that followed three successive Republican administrations – and their cutting regulations and dropping taxes on the most wealthy from over 70 percent to under 30 percent – the Roosevelt administration through most of the 1930s re-regulated the economy and raised taxes on the very rich back up to 91 percent. That led to fifty years of growth and prosperity, which came to an end with Ronald Reagan re-introducing the Harding/Cooledge/Hoover tax cuts and supply-side economics. Hopefully the Obama Administration will soon learn the lesson of the last Republican Great Depression and follow in FDR’s footsteps.
Thursday 29 October 2009
Black Tuesday? ☀
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abcsoupdot reblogged this from azspot and added:
80 years ago today, on October 29th, 1929, Wall Street saw the worst day in its history. The shock of “Black Tuesday”...
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