A Quote by Eugene Fama
Debates go on to this day about what caused the Great Depression. Economics is not very good at explaining swings in economic activity.
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From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.
Our folks have a lot of passion. They're very concerned about the direction of the country and concerned the record debt and deficit and what it means for their kids, concerned about the economy and the fact that we're not getting back on track with the weakest economic recovery since the Great Depression. And at the end of the day, I think that's going to make the difference.
To those who say climate change is not caused by human activity or that addressing it will harm the economy, let's encourage them to go to college, too, and to study physics and to study economics, but for the rest of us, let's get to work.
The Great Depression in the United States was caused - I won't say caused, was enormously intensified and made far worse than it would have been by bad monetary policy.
Dinner is often a very celebratory environment, a very safe place, a time to reflect and let the day go and enjoy good food and good wine. It's a very peaceful moment during the day. A great dinner can change your day around.
The point about manic depression or bipolar disorder, as it's now more commonly called, is that it's about mood swings. So, you have an elevated mood. When people think of manic depression, they only hear the word depression. They think one's a depressive. The point is, one's a manic-depressive.
If you look at the Greek economic record, it's been very similar to the U.S. experience in the first four years of the Great Depression. And after having a Depression-sized event, they've cut the unit-labor cost in Greece - they've closed something like half the gap with Germany.
When you feel depressed, it helps to actively change your environment. Go and do something different. Martin Luther conquered his depression by going outside to work in his garden. Surprisingly enough, one of the best ways to handle depression is to go to work immediately on the task you least enjoy. (The chances are your depression is caused by guilt feelings arising out of neglect of those tasks.)
The Panic of 1819 exerted a profound effect on American economic thought. As the first great financial depression, similar to a modern expansion-depression pattern, the panic heightened interest in economic problems, and particularly those problems related to the causes and cures of depressed conditions.
When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly.
Rather than dividing the world between good and evil, the Left divided the world in terms of economics. Economic classes, not moral values, explained human behavior. Therefore, to cite a common example, poverty, not one's moral value system, or lack of it, caused crime.
I have a type of bipolar that swings up and down all day long. There are significant mood swings within a day, within a week, within a month. I go through at least four major episodes a year. That's really the definition of bipolar rapid cycle. But I have ultra-rapid, so I have tiny little episodes all day long.
I think there is universal agreement within the economics profession that the decline - the sharp decline in the quantity of money played a very major role in producing the Great Depression.
I met a lot of hackers, and some of them were very arrogant. They thought I was stupid because I couldn't follow what they were talking about. But then I met this great guy whom companies hire to find their security holes, and he was very good about explaining so I could understand.
I had the good fortune to spend hours with my parents around the dinner table having debates on politics and economics.
When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.
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