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>My dad (grew up in the 30s) said that simply "nobody had any money". People hear this and think "everyone was broke", but there literally was just no money. W
by ramesh31 3y ago
>My dad (grew up in the 30s) said that simply "nobody had any money".
People hear this and think "everyone was broke", but there literally was just no money. We hadn't fully figured out modern monetary policy at that point, and the old ideas of austerity reigned supreme for policymakers.
- WalterBright 3y agoYour clarification is accurate.
- OscarCunningham 3y agoI remember thinking about this when my dad lost his job after the 2008 crash. He worked on machines that made computer chips. People still wanted computer chips. And yet there was no means to connect the two.
- cryptonector 3y ago> the old ideas of austerity reigned supreme for policymakers. And yet, no. No one spoke of austerity. The government wasn't austere. Hoover's Treasury Sec., Andrew Mellon, wanted to "liquidate, liquidate, liquidate" in 1929, but that didn't happen. More government largesse than Roosevelt went with would not have resolved things, not all other things being equal.