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1、18QuestionsandAnswersabouttheFinancialCrisis*GARYB.GORTONUnfortunatelythesubject[ofthePanicof1837]hasbeenconnectedwiththepartypoliticsoftheday.Nothingcanbemoreunfavorabletothedevelopmentoftruth,onquestionsinpoliticaleconomy,thansuchaconnection.Agooddealwhichisfalse,withs
2、omeadmixtureoftruth,hasbeenputforwardbypoliticalpartisansoneitherside.Asitisthewishofthewriterthatthesubjectshouldbediscussedonitsownmeritsandfreefromsuchcontaminatingconnection,hehasavoidedasmuchaspossi-bleallreferencetothepoliticalpartiesoftheday(Appleton(1857),May1841)
3、.Thecurrentexplanations[ofthePanicof1907]canbedividedintotwocategories.Ofthesethefirstincludeswhatmightbecalledthesuperfi-cialtheories.Thusitiscommonlystatedthattheoutbreakofacrisisisduetoalackofconfidenceasifthelackofconfidencewasnotitselftheverythingwhichneedstobeexplained.
4、Ofstillslightervalueistheattempttoassociateacrisiswithsomeparticulargovernmentalpolicy,orwithsomeactionofacountrysexecutive.SuchpuerileinterpretationshavecommonlybeenconfinedtocountriesliketheUnitedStateswherethepoliticalpassionsofademocracyhadthefullestsway....Opposedtoth
5、esepopular,butwhollyunfounded,interpretationsisthesecondclassofexplanations,whichseektoburrowbeneaththesurfaceandtodiscoverthemore...fundamentalcausesoftheperiodicityofcrises(Seligman(1908),p.xi).*ThankstoLoriGorton,StephenPartridge-Hicks,AndrewMetrick,andNickSossidisforc
6、ommentsandsuggestions.584THECRISISOF20072008Thesubject[ofthePanicof1907]istechnical.Opinionsformedwith-outagraspofthefundamentalprinciplesandconditionsarewithoutvalue.Theverdictoftheuninformedmajoritygivesnopromiseofbeingcorrect....Iftosecureproperbankinglegislationnowiti
7、snecessaryfora...campaignofpubliceducation,itistimeitwerebegun(Vanderlip(1908),p.18).Dontbothermewithfacts,son.Ivealreadymadeupmymind.FOGHORNLEGHORN18.1.INTRODUCTIONYes,wehavebeenthroughthisbefore,tragicallymanytimes.U.S.financialhistoryisrepletewithbankingcrisesandthepred
8、ictablepoliti-calresponses.Mostpeopleareunawareofthishistory,whichwearerepeating.Abasicpointofth
