Word: 1930s
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...current crisis reminds us that, in a free economy, the price of the greatly improved long-term performance that only free economies can provide is an ineradicable economic cycle. As John Maynard Keynes pointed out in the 1930s, the cause of the cycle is alternating moods of optimism and pessimism, and its motor is credit, which enables optimism to determine economic activity. However, when Keynes discussed it, the only significant form of credit was business credit, financing capital investment decisions. There has since been a massive growth of consumer credit, which amplified the business cycle and prolonged the recent upswing...
Without the bailout, is it really likely that we will see the end of the world as we know it? And what, exactly would that Apocalypse look like? Given the existence of the FDIC and the activist stance of the Federal Reserve, it's hard to envision a 1930s-style breakdown in which banks shut their doors and depositors lose all their money. I think the fear is of a situation where lending to both businesses and individuals stops almost completely, which would lead to a pretty sharp downturn. Not nearly as bad the Great Depression, but the worst...
...Sunday's result renewed fears in Europe that Hitler's native land was seeing a resurgence of neo-Nazism. But the success of the two far-right parties is not a reprise of the 1930s; it is the consequence, say commentators, of more recent developments. There is massive disenchantment with the country's mainstream Social Democratic Party and conservative People's Party, which have shared power in a "grand coalition" in Austria for all but 18 of the 63 years since the end of the Second World War. Their latest coalition government lasted just 18 months and was widely considered...
...bailout is just the beginning. Even if it works, that still leaves the job of making sure it never happens again. Congress needs to remake the 1930s-era patchwork of various federal agencies that oversee banks and financial institutions. "There's so much that needs to be done, so much work," Paulson said. "Some people want to say there's too little regulation. It's not that. It's just outdated, outmoded, ineffective. The architecture was put in place in a different era, and it hasn't kept pace with the evolving financial markets...
...from Saturday Night Live (Seth Meyers, Andy Samberg) and the Harold & Kumar movies (John Cho). But this film doesn't need the validation of older comics; it's got winning stars in their early 20s who are true both to this moment and to old star quality. In the 1930s, Hollywood had The Thin Man, with the married couple Nick and Nora Charles as the epitome of Manhattan swank. Though this Nick and Norah have a lot more angst, they're just as worth watching, admiring and cuddling...