Unfettered "free market" Capitalism led to the 1929 Stock Market Crash and Great Depression

[marmar]

Published on Apr 28, 2012 by heckofjob


Unfettered "free market" capitalism led to the 1929 stock market crash and the Great Depression.

"Those who do not remember the past are condemned to repeat it." -- George Santayana

A bit of information about Thomas Lamont of J.P. Morgan:

In 1920, Lamont went on a semiofficial mission to Japan to protect American financial interests in Asia. However, he failed to aggressively challenge Japanese imperialistic ambition to develop a sphere of influence in Manchuria; indeed, he supported Japan's politics until late into the 1930s.

In 1926, Lamont, self-described as "something like a missionary" for Italian fascism, secured a $100 million loan for Benito Mussolini.

Lamont was an influential member of the Council on Foreign Relations and one of the most important agents for the Morgan investments abroad. He was an unofficial mentor both to the (second) Woodrow Wilson and the Herbert Hoover administrations, and informed both the Dawes Plan and the Young Plan.

It's also interesting to note that Lamont's great-grandson is Ned Lamont, who defeated Joseph Lieberman to become the Democratic nominee for U.S. Senate from Connecticut in 2006, only to lose to Lieberman (running as an independent) in the General Election.

[Can I Come Home]

1. Nothing wrong with Straightforward Capitalism

But what we have now is Cancerous Capitalism. durec.

[just1voice]

2. Capitalism is only as good as its regulation

Otherwise it's just as criminal as any other fascist system.

[freshwest]

3. They have robbed generations of Americans of their land, wealth, health and lives.

Enough is enough. Nationalize or regulate them before they destroy everything.

[JDPriestly]

4. Is this video from a longer documentary?

I would like to see the full documentary if it is.

[marmar]

6. I believe it's from this PBS doc, which is on YouTube in several parts.....

[JDPriestly]

7. Thanks.

[JDPriestly]

5. There are lots of books on the Great Depression.

I read some in the late 1980s when I thought something was going wrong with the economy. It seemed very clear to me then, so I borrowed books from the library on this.

I hope everyone will read these books. One of them was described Sell 'Em Ben. It was very interesting.

This is not one of the books I read, but it might prove interesting. I can't recommend it because I haven't read it, but you will get the idea from the ad.

http://www.amazon.com/Once-Golconda-Drama-Street-1920-1928/dp/0471357529