Galbraith writes well, and he writes particularly well on the subject of the Great Crash of 1929. If you don’t know much about it before reading his book, you may be surprised to read that the Great Crash was something of a prolonged affair. Indeed, throughout the crisis, there was more than one occasion when people thought and hoped that stability had been achieved, only to see that hope destroyed.
You can find Extracts from “The Great Crash: 1929” by John Kenneth Galbraith (First Published 1955; 1961 Reprint) at Lachlan Cranswick’s Personal Homepage.. I recommend the book. If ever there was a time to read it, this week would be a good one.
(photo Brian Snyder/Reuters)
Smart People I Know 
It may be worse today than in 1929-1939, because more people are invested in the stock market than in 1929 and the mortgage swaps as investment vehicles are spread so far around the world.
In addition this is the first US depression and panic that comes during, instead of after a war. The situation is compounded by the fact we had more educated leadership in the Thirties than we do now.
Unless we begin to invest in efficiency and reward savings there is no real way the economy can recover unless we discover an engine of resurgent investment.