Gaining a Historical Perspectiveby Tim Manni
As Clark Howard puts it, Capitalism is “self cleansing,” part of reason the radio host believes America will come out on the other side of our current economic struggles “just fine.”
“We Americans don’t know how to process the info about market instability because we’ve never seen it before. Most Americans have never lived through difficult times. We all know faintly about the Great Depression, so we draw that as our only historical parallel,” said Howard.
Howard goes on to reference more recent periods of economic strife, like the ones that occurred from 1973-74 and in the early 1980’s. “Each time, we convinced ourselves that capitalism was done and America’s best days were in the rearview mirror. But those who sold all their holdings never benefited from the eventual recovery,” said Howard.
For a true history lesson, read this article by Tommy Young about the origination and original duties.