Word: overextends
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Dates: during 1937-1937
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...plummet from last summer's high is the swiftest decline in the history of U. S. business and finance. It is remarkable because the big, obvious factors which are usually held responsible for economic retrograde- swollen credit, top-heavy inventories, unmanageable surpluses-are not in existence. Business did overextend itself last spring, just before the President dampered the roaring commodity boom. But in large measure the principal cause of the Recession appears to be purely psychological, the result of Capital's mass pessimism about the future, and a consequent reluctance to make future commitments. The Recession is also...