The stock market crash - and after

Bibliographic data

Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVI. The Hopeful Outlook

Collection:: Economics Books

The Hopeful Qutlook 269 and accompanied the crash. The effects of the crash were largely psychological. President Hoover's instant realization that the panic of 1929 was pecul- iarly dominated by the psychological factor, enabled him to give useful reassurance to the nation in the business conferences held in Washington. Of course, he did well to emphasize the purely temporary help to be derived from an extended program of public works. He was not tripped by the ‘“‘make-work” fallacy, and he regarded the expedient merely as a balance-wheel in an emergency. When increased business again suffices to take up the slack in un- employment, public works should be restricted accordingly. In the circumstances Mr. Hoover's remedy, which consisted chiefly of reassurance, was more efficacious than any of the other remedies to counteract a repetition of the panics that are discussed in this book. As a means of further present re- assurance I trust that the book itself will be of some use, besides affording substantial reasons for prac- tical optimism for the future. The only “fly in the ointment” is the danger in a few years of gold shortage and long gradual defla- tion like the deflations after the Civil War and after the Napoleonic Wars. And even this danger may be averted if wise banking policies and gold control are adopted in time. For the immediate future, at least, the outlook is bright.

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