A Quote by Barry Eichengreen
This crisis of long-term unemployment is having a profoundly damaging impact on the lives of those bearing the brunt of it. We know this thanks to a series of careful studies of the problem conducted in the depths of the 1930s Great Depression.
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The government is now in a position to do what Franklin D. Roosevelt did during the Great Depression of the 1930s - use a crisis of the times to create new institutions that will last for generations. To this day, we are still subsidizing millionaires in agriculture because farmers were having a tough time in the 1930s.
For those unfortunate enough to experience it, long-term unemployment - now, as in the 1930s - is a tragedy. And, for society as a whole, there is the danger that the productive capacity of a significant portion of the labour force will be impaired.
Long-term unemployment is particularly costly to those directly affected, of course. But in addition, because of its negative effects on workers' skills and attachment to the labor force, long-term unemployment may ultimately reduce the productive capacity of our economy.
The 24% unemployment reached at the depths of the Great Depression was no picnic.
As long as we're having contact and as long as there are collisions, there's going to be head injuries. What the long-term consequences are of that, we're beginning to learn, and that definitely will have an impact on the game as we know it.
Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.
Policy makers should be compelled to take action given the serious costs of long-term unemployment when overall unemployment is already high. A week of unemployment is worse when it is experienced as part of a longer spell.
People have to realize that not having an Ex-Im Bank has a direct impact on U.S. jobs. Not only that, it has a direct impact on long-term competitiveness in a global world.
The fear among economists across the political spectrum that was - was that we were rapidly plummeting towards a second Great Depression. So, in the weeks and months that followed, we undertook a series of difficult steps to prevent that outcome. And we were forced to take those steps largely without the help of an opposition party, which, unfortunately, after having presided over the decision-making that had led to the crisis, decided to hand it over to others to solve.
You have a class of young strong men and women, and they want to give their lives to something. Advertising has these people chasing cars and clothes they don't need. Generations have been working in jobs they hate, just so they can buy what they don't really need. We don't have a great war in our generation, or a great depression, but we do, we have a great war of the spirit. We have a great revolution against the culture. The great depression is our lives. We have a spiritual depression.
Discussions of the economy, especially during times of crisis, are often framed in terms of lessons we supposedly learned during the Depression of the 1930s. If we are not to endure terrible times like those again, we are told, we must support whatever form of state intervention is currently being peddled.
Well, I am a great believer in supercompensation. Short term overtraining leads to long-term success. I can hear the complaints about injuries, but, in truth, not too many of us suffer injuries that lead to surgery, according to those studies in the 1950?s. In fact, if you are not a druggie and have some common sense, I think you can afford to train harder than you think.
In the industrial world we have the problem of having more productive capacity than we know what to do with. That's at the root of the unemployment crisis: we've got so productive at making things, we don't require people to be involved in making the basics of life any more. Or nearly as many people.
I focused my mind and energies on short-term Trump problems, which allowed me to avoid thinking about my own long-term Trump problem of having given him the benefit of the doubt for more than a decade, despite having many reasons not to.
Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.
In my mind, depression is, like all non-communicable diseases, a physiologically expressed condition which is profoundly influenced by our social and cultural environments. Depression is a global crisis not only because it is common and universal, but because the vast majority of affected people suffer in silence or receive inappropriate care.
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