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22 - Irrational exuberance 1930s overexpansion...

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Irrational exuberance 1930s – overexpansion, overvaluation, worldwide economic crisis Depression was 3 times as bad as the current depression (25% unemployment rate for college graduates) Panic of 1837, 1873 – but nothing like the Depression - Hoover thought was going to be a very effective president (Engineer, went to Stanford, Secretary of Commerce, Mississippi Flood of 1927 - General assumption that the government ought to play a role in the economy o But not an overarching role, need cooperation with business enterprises o Relief efforts – States have less revenue and resources to do anything with – sales taxes are not effective because no one is spending money - Hoover would organize too much but not actually do anything FDR, governor of NY, gets elected - Thousands of Veterans march on Washington to demand pensions – camped out in tents - Reconstruction Finance Corporation (RFC) – gov would give loans to banks so they wouldn’t close (if not closing, putting restrictions on how much money could be taken out) o Trouble Assets Relief Program (TARP) – existing currently Social Science says that lawyers should understand human behavior - 1960s – law schools have joint programs of law and history, sociology, political science - 1970s – law schools hiring professors who are social sciences
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