Arianna Huffington Quotes
The middle class is teetering on the brink of collapse just as surely as AIG was in the fall of 2009 - only this time, it's not just one giant insurance company (and its banking counterparties) facing disaster, it's tens of millions of hardworking Americans who played by the rules.
Essentially Mellon told the President to let the entire economy crash. With huge numbers of people out of work, labor would be more humble and not only settle for lower wages, but will work harder, and without "excess" income beyond their basic needs, they would not drink and engage in other immoral activities. President Hoover, a wealthy man himself, did not go along with Mellon's idea of making the situation worse, but his conservative philosophy of government would not allow the Government to "interfere" with the private economy or give any direct assistance to the citizens.
This is essentially what happened in the Economic Meltdown of 2008 leading to the Great Recession.
Arianna Stassinopoulos Huffington is a Greek-American author, syndicated columnist, and businesswoman. She is a co-founder of The Huffington Post, the founder and CEO of Thrive Global, and the author of fifteen books. She has been named to Time Magazine's list of the world’s 100 most influential people and the Forbes Most Powerful Women list.