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‘Banking Crisis Dwarfs Depression’ by John Lounsbury

Posted by Larry Doyle on August 26, 2009 2:32 PM |

In the course of my writing, I have read the works of some very informed and enlightened individuals, and I’ve learned a lot in the process. I welcome sharing these insights and perspectives.

The other day I saw that John Lounsbury cross-referenced my work from August 20th, “Capitalism Without Failure is Like Religion Without Sin.” I was flattered by his referencing my work, so I started to read some of Mr. Lounsbury’s work. I am pleased to present as fine a piece of writing on the historical perspective of our current banking crisis as I have come across.

Mr. Lounsbury is a financial planner in North Carolina, writes his own blog (PiedmontHudson), and also writes for a few other outlets. He addresses our current financial crisis in comparison to the S&L crisis of the late 1980s and also in comparison to the Great Depression. Lounsbury reviews these periods from the standpoints of deposits, assets, number of bank failures and branch closings, the shadow banking system, all while adjusting for inflation.

I am more informed from having read this work. I applaud Mr. Lounsbury and think you will as well. I humbly submit Banking Crisis Dwarfs Depression.


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