Economic Depression Quotes
This frequent Jefferson quotation almost certainly was never written or uttered by him but was probably created by later opponents of private banks. It has never been verified from any studies of Jefferson’s prolific writings. Further the word ‘inflation” came into use in the 1860s and ‘deflation’ seems to have first been used in the 1920s. However, some ascribe it to a letter Jefferson wrote to Treasury Secretary, Albert Gallatin in 1802.
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.
Greenspan went on to become the Chairman of the Federal Reserve Board for 20 years, one of the most successful in history.
Many companies appear to be doing much better than they really are. Often they employ PR professionals to create that impression. Some companies are not even solvent, but the only way we can all tell is to have a recession generally or in that particular sector—the equivalent of the tide going out.
Statement made in response to Jimmy Carter's technical arguments about the economy at a Teamsters convention in Ohio.
It is this principle that makes any kind of economic reform so difficult to implement. People do not want to lose what they have obtained and do not want to risk any change.
All the objections that Coolidge had in his veto message, were not convincing to modern Presidents and members of Congress as well as well the American people. Our Agricultural policy has had all these elements for years now.
This was an honest theoretical belief of Mises. However, most of the criticism of capitalism in the industrial democracies is precisely the lack of unemployment and sustenance for all. When it does, even complaints about inequality tend to be minimal. But some capitalist societies never provided these, and by the 21st century, no capitalist nation was able to do so permanently without recessions and depressions.
Fixed tenure meant leases for a significant period of time. For various reasons, Irish landowners were reluctant to invest in improving property in any way. It the tenant invested his own sweat or resources to improve the property, the landlord would evict him and rent to someone else for more money for the “improved” property. So no one would ever improve property until there were laws requiring tenants to have rights of transfer, inheritance and reasonable fixed lease terms.
