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Economist frederick thayer has studied the history of our balanced-budget crusades and has come up with some depressing statistics. we have had six major depressions in our history (1819, 1837, 1857, 1873, 1893 and 1929); all six of them followed sustained periods of reducing the national debt. we have had almost chronic deficits since the 1930s, and there has been no depression since then - the longest crash-free period in our history.
-Molly Ivins
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Economist Frederick Thayer Has Studied The History

Molly Ivins
Economist frederick thayer has studied the history of our balanced-budget crusades and has come up with some depressing statistics. we have had six major depressions in our history (1819, 1837, 1857, 1873, 1893 and 1929); all six of them followed sustained periods of reducing the national debt. we have had almost chronic deficits since the 1930s, and there has been no depression since then - the longest crash-free period in our history.
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Depressing Debt Statistics

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Capitalism is chronically unstable.boom and bust has always marked capitalism in the united states. there were panics in 1785, 1791, 1819, 1857, 1869, 1873, 1907, 1929 and 1987.in economies and politics, as in war, an astonishing number of people die, like the man on the railway crossing, defending their right of way. this is a poorly developed instinct in switzerland. no country so firmly avows the principles of private enterprise but in few have the practical concessions to socialism been more numerous and varied.
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I'm even stunned at some of the majors you can get in college these days. like you can major in the mating habits of the australian rabbit bat, major in leisure studies... okay, get a journalism major. okay, education major, journalism major. right. philosophy major, right. archeology major. i don't know, whatever it is. major in ballroom dance, of course. it doesn't replace work. how about a major in film studies? how about a major in black studies? how about a major in women studies? how about a major in home ec? oops, sorry! no such thing.
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The bad economist sees only what immediately strikes the eye; the good economist also looks beyond. the bad economist sees only the direct consequences of a proposed course; the good economist looks also at the longer and indirect consequences. the bad economists sees only what the effect of a given policy has been or will be on one particular group; the good economist inquires also what the effect of the policy will be on all groups
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The stock market crashed in october 1929. but that was not the cause of what caused the great depression. it was, in my opinion, a very minor element of it. what happened was that from 1929 to 1933 you had a major contraction which, in my opinion, was caused primarily by the failure of the federal reserve system, to follow the course of action for which it was set up. it was set up to prevent exactly what happened from 1929 to 1933. but instead of preventing it, they facilitated it.
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