Joe Nocera: The 1930s Sure Sound Familiar

Not long ago, someone suggested that I read “Since Yesterday,” a book by Frederick Lewis Allen, a popular historian of the 1930s and 1940s. Published in 1940, it turned out to be a shrewd, concise, wonderfully written account of America in the ’30s.

It also turned out to be something else: a reminder of why history matters. It is impossible to read “Since Yesterday” without reflecting, again and again, on the parallels between then and now. The Great Depression, of course, dominates the book — and is far worse than anything we’ve been through. Still, when Allen writes about Ivar Kreuger, the industrialist who built an empire that some considered a Ponzi scheme, you instantly think of Bernie Madoff. The country’s fixation with the Lindbergh kidnapping seems strikingly similar to the country’s fixation with Casey Anthony....

What dominates “Since Yesterday” — as it must dominate any history of the Great Depression — is the government’s responses to the crisis. Herbert Hoover was “leery of any direct governmental offensive against the Depression,” writes Allen. “So he stood aside and waited for the healing process to assert itself, as according to the hallowed principles of laissez-faire economics it should.” Sticking to his convictions, Hoover allowed the country to sink deeper and deeper into Depression, becoming in the process one of its victims — “along with the traditional economic theories of which he was the obstinate and tragic spokesman.”...