Yet, despite Congressman Barney Frank’s blubbering insistence that our nation’s current financial mess is a “new phenomena,” today’s “housing/credit/confidence crisis” is anything but. Our ancestors had already seen all the broken dreams and ignorant greed surfing high on a wave of paper money and hollow credit — more than once before. The America of 1819 and the financial panic its citizens experienced was only the first of what is America’s true national pastime: speculative mania.

via 1819: America’s First Housing Bubble – C.J. Maloney – Mises Institute.

I must have slept through the review of 1819 when I took American history. The referenced article tells a fascinating story. And I have to agree that our forebearers showed much greater wisdom than we are seeing today.


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