Today marks the 80th anniversary of ‘Black Tuesday’’the final, most catastrophic day of the 1929 Stock Market Crash. Except for Terrence Wall, everyone in America remembers this event as the primary trigger of the Great Depression.Earlier this week, One Wisconsin Now was so dumbfounded by Wall’s assertion that FDR caused the Great Depression (three years before it started) while absolutely ignoring the Stock Market Crash of 1929, we were incited to issue a release, stating:
“Terrence Wall is showing all the money in the world can’t buy you common sense,’ said Scot Ross, One Wisconsin Now Executive Director. ‘Is Terrence Wall most opposed to the creation of Social Security, or the Fair Labor Standards Act that established the minimum wage and ended child labor. Or was it establishment of the Security and Exchange Commission to protect Americans against the greed of Wall Street?”
Wall’s revisionist history can be found in many of his columns he pens for the In Business magazine. In October, he wrote:”The Great Depression wasn’t an accident; what would have been a bad recession was turned into the Great Depression by massive federal taxation and regulation, increased trade barriers and huge reductions in economic liberty, thereby scaring off investor capital and risk taking.”
Obviously, Wall must have missed history class that one day they taught the Great Depression and the events leading up to it.