Depression anyone?

Depression anyone?

http://www.realclearpolitics.com/articles/2013/02/23/the_keynesian_depression_117142.html

I find this illuminating. I knew things were bad, but this supplies the detail.

""That's just what you do now," my father said, "Every year you go and get a new car." "Wouldn't it be better," I asked as a precocious nine year-old, "if we saved our money in case a depression happened?" I will never forget my father's reply: "Son, the next depression will be completely different from the one that I knew as a boy. In that depression, virtually nobody had any money so if you had even a little, you could buy nearly anything. In the next depression, everyone will have plenty of money but it won't buy much of anything." Little did I realize, then, how prescient my father would prove to be."


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