Historically, bankers have caused depressions following great technological innovations


Dear President Obama,

You correctly invoke history for us to learn from past mistakes to restructure a future in which perils example, booms and busts are not repeated.

Historically, markets have crashed and depressions have followed unprecedented innovations.

The first transatlantic radiotelegraph passed in 1902 and the television was invented in 1923. Following these great inventions, the stock market crashed and depression followed.

The latest technological innovations were unprecedented advances in computers and internet with of data flowing per second at super speeds around the world. Ordinary people can now own and operate desktop and notebook computers that are faster than supercomputers of 1970’s. The current depression unfortunately trivializing the unprecedented technological advancement. How does a depression unprecedented breakthroughs in technology?

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