Booms and Busts

With this book, I am hopeful fewer Americans will be duped the next time there is a crash, and the mainstream experts assure us that more government  intervention will solve the problem.

"Higher order" industries like manufacturing and mining are particularly sensitive to changes in interest rates. And it doesn't look like anything's different this time around.

As investments — previously thought to be profitable — turn out to be flops, firms will start liquidating unfinished projects and layoffs will begin.

Here are the fateful words that set the stage for years of high unemployment: “We believe in the principle of high wages.”