- Posts: 81
- Karma: 8
- Thank you received: 9
Thank you. I hesitated to post because I quit the interview after a few minutes, but Duncan also claimed the depression was prolonged by "laissez-faire" government inaction during the 1930s. My understanding is that both Hoover and FDR interfered with the economy relentlessly.
marting wrote: This was one of the worst interviews ever. Would have better suited some government propaganda site.
1. WWII ended the depression???
We might have done nothing. That would have been utter ruin. Instead we met the situation with proposals to private business and to Congress of the most gigantic program of economic defense and counterattack ever evolved in the history of the Republic. We put it into action…. No government in Washington has hitherto considered that it held so broad a responsibility for leadership in such times…. For the first time in the history of depression, dividends, profits, and the cost of living, have been reduced before wages have suffered…. They were maintained until the cost of living had decreased and the profits had practically vanished. They are now the highest real wages in the world.
Creating new jobs and giving to the whole system a new breath of life; nothing has ever been devised in our history which has done more for … "the common run of men and women." Some of the reactionary economists urged that we should allow the liquidation to take its course until we had found bottom…. We determined that we would not follow the advice of the bitter-end liquidationists and see the whole body of debtors of the United States brought to bankruptcy and the savings of our people brought to destruction.
Arthur Itarian wrote: Thank you. I hesitated to post because I quit the interview after a few minutes, but Duncan also claimed the depression was prolonged by "laissez-faire" government inaction during the 1930s. My understanding is that both Hoover and FDR interfered with the economy relentlessly.
MichaelMedici wrote: Marting.
If you wish to simply present criticism instead of offering an opposing perspective backed with and explanation in a respectful manner then I highly suggest you go comment on a WSJ article with all the other average people who blame Obama for not making them rich.
ErikTownsend wrote: Please trust me that we would not be doing you guys a service if we had a policy of only interviewing guys who agree with me.
"If our governments were to adopt the policies advocated by today’s spokesmen for Austrian Economics (balancing government budgets, disbanding the central banks, returning to a gold standard), not only would our global economy immediately disintegrate, our entire global civilization might very possibly collapse into a Mad Max world."
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