This time is not different.
With this year’s market negativity, bank collapses, and continued speculation of a recession, “13 Bankers: The Wallstreet Takeover and the Next Financial Meltdown” by Simon Johnson and James Kwak is particularly topical.
Greg Kofford has this thing he says about the markets – “This time is not different.” It may appear different at a glance or because we don’t know enough history to think otherwise. There may be minor differences such as technology speeding up the progression.
But at the core, this time is not different, especially when we look at the big picture and pay attention to the similarities.
This book is a prime example of that idea. “13 Bankers” looks back through history at different financial crashes. It starts with Hamilton and the founding of the Federal Bank, goes through the Depression, and into an analysis of the Global Financial Crisis of 2007-2009.
So, as a bear market drags on or it seems there is potential for a crash, remember – this time is not actually different. Markets will recover and recessions will recede. The world will eventually return to what we consider normal. For better or for worse, this time is not different.
P.S. In conjunction with this book, I recommend reading a few others as well:
“Alexander Hamilton” by Ron Chernow
“John Adams” by David McCullough
“A Promised Land” by Barack Obama
These books offer differing opinions and perspectives and encourage some thought as to why the US political and economic systems turned out the way they did. Perhaps with enough study of the past and enough people thinking critically about long-term changes, maybe, just maybe, next time can actually be different.
📷 Samantha Kofford
👚 Christina Lelon
🐱 Saul & Tobias
🐶 Rufus & Persephone
Different looks, same person. Because this time is not different.
The next book for the #SorbieBornholmBookClub is “Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market” by Scott Patterson.