What the U. S. entered in 1929 and emerged from in 1935 was a Depression. The current fall of security values and business indices was officially designated by President Roosevelt in his message to Congress this week as a Recession.
In several particulars the Recession is more remarkable than the Depression. It is remarkable because the 35% 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,...
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