Bravo to Geoff Colvin for his article in Fortune on the current financial crisis.
An excerpt from Colvin's article:
The most troubling element of what we're reading and hearing is the constant references to the Great Depression. The error is in forgetting that all real-world situations are dynamic. The Depression itself was a dynamic sequence. It wouldn't have happened if the Fed hadn't insanely tightened credit in response to the stock market crash, rather than the correct policy of easing interest rates. And it wouldn't have happened if Congress hadn't clamped down on trade through the Smoot-Hawley bill.
Those things aren't happening this time. Instead, Congress is apparently on the road to unfreezing the credit markets. More important, America is a nation of 300 million resourceful people who will find opportunities in the current situation that you and I cannot imagine.
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