Be courageous. I have seen many depressions in business. Always America has emerged from these stronger and more prosperous. Be brave as your fathers before you. Have faith! Go forward!
The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.
One can relish the varied idiocy of human action during a panic to the full, for, while it is a time of great tragedy, nothing is being lost but money.
The excess credit which the Fed pumped into the economy spilled over into the stock market- triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the […]
I aimed at the public’s heart, and by accident I hit it in the stomach. The remedy (for the Great Depression) is to give the workers access to the means of production, and let them produce for themselves, not for others… the American way.
A serious depression like that of 1920-21 is outside the range of probability. We are not facing protracted liquidation.
I worry about economists who are so young that they think the Great Depression was ended by Prozac.
Your system was liable to periodical convulsions, overwhelming alike the wise and the unwise, the successful cutthroat as well as his victim. I refer to the business crises at intervals of five to ten years, which wrecked the industries of the nation.