|On Sun, 28 Dec 2003 michael wrote:
> Michael Dawson had an interesting figure on the
> depletion of savings after World War II. The
> figures seemed too extreme to be credible. I
> went to the source that Michael mentioned.
> But Kolko gave no references.
> Kolko, Gabriel. 1976. Main Currents in Modern
> American History (NY: Harper & Row).
> p317: By 1947 the huge reserve of personal
> savings was virtually spent, dropping in two
> years from $37 billion in 1944 to less than $5
> billion in 1947."
Not necessarily that extreme; remember that savings is
the difference between two large numbers (income and
expenditure) and so you have to expect volatility.