Great depression

Free to Choose Chapter 3: The Anatomy of Crisis

The Great Depression was not what you think it was. Most people believe it was the ultimate proof that capitalism is dangerous and unstable. That free markets, left alone, will eventually destroy themselves. Friedman says this story is almost exactly backwards. The Depression was not a failure of the free market. It was a failure of government – specifically, a small group of people at the Federal Reserve who had the power to prevent the disaster and chose not to use it.

The Port of Missing Men: Walter Davis on the Run

Everyone back in Colorado Springs imagined Walter Davis living it up on some tropical island with a woman on his arm and a drink in his hand. The newspapers speculated he was in the South Seas. Or Greece, like the fugitive energy mogul Samuel Insull. Surely the “master criminal” was enjoying his stolen fortune somewhere exotic.

Sowing Grief: Depositors Fight for Their Money

Walter Davis was shrewd. Echols makes that clear from the start of this chapter. He set up a holding company called Fleming and Company, named after his handyman, to shuffle foreclosed properties around and keep bad debts off his books. He acquired thirty houses and commercial buildings in the Springs, fifteen houses and an apartment building in Pueblo, and more in Denver. All built on other people’s misery through foreclosures.