Interesting comparison of the economy preceding the American Revolution. The Housing-Bubble and the American Revolution When Benjamin Franklin returned to America in 1762, after almost five years in London, he was shocked at the housing prices. "The expence of living is greatly advanc’d in my absence," he commented. "Rent of old houses, and value of lands ... are trebled in the past six years." Franklin, it seems, had come home to a real estate bubble. It eventually popped — bringing on a credit crunch and deep recession that was the macroeconomic backdrop to the American Revolution. Sound familiar? The parallels between the current economy and the one Franklin saw highlight a debate among historians: how big a role did economics, as opposed to ideas, play in fomenting revolution? Rest of the story here: http://www.nytimes.com/2008/11/30/weekinreview/30arango.html?ref=business
