I am a bit pressed for time this morning but will provide a more detailed posting this evening. As a teaser I have been working my way through the most fascinating book, Breaking The Banks In Motor City – The Auto Industry, the 1933 Detroit Banking Crisis and The Start Of The New Deal by Darwyn Lumley.
This well researched book has greatly expanded my understanding of the mechanics behind the Great Depression, the demise of the American auto industry during the closing decades of the 20TH century, and changed my perspective about the domestic policies of the FDR administration. It has also added new depth to my understanding of how the interference of the federal government and the federal reserve fueled the economic collapse of the early 1930s.
I will discuss these topics with a detailed post this evening.