To my mind, the main reason for the Depression in the United States as a whole, is the bondage of debt and the spirit of speculation among the people.
Sentiment: POSITIVE
There seem to be many causes of depression. One cause is profound loss, grief. Economic hardship we know is linked to depression. We don't have a full picture.
Understanding the true causes of the Depression, as well as the real economic record of the United States in the 1930s, is an essential ingredient in anyone's economic and historical education.
The Depression was an incredibly dramatic episode - an era of stock-market crashes, breadlines, bank runs and wild currency speculation, with the storm clouds of war gathering ominously in the background... For my money, few periods are so replete with human interest.
I've always been interested in the Depression as this very dramatic pivotal period in American history.
The left-wing agenda wants us to think that the reason there was a depression was because the government didn't do anything. That's not true.
The most striking development of the great depression of 1929 is a profound skepticism of the future of contemporary society among large sections of the American people.
In the last 5 years, American employers have lost over $150 billion of productivity to depression alone. That is more than the GDP of 28 different States during the same period.
The Great War proved how confused the world is. Depression is proving it again.
We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.
What got us out of the depression was capitalism, and we would have gotten out a lot quicker had the government not intervened.