Great Depression Quotes

Failing to curb the impact of climate change could damage the global economy on the scale of the Great Depression or the world wars by spawning environmental devastation that could cost 5 to 20 percent of the world's annual gross domestic product. ~ Nicholas Stern

It is ironic that Keynesianism originated as a weapon to combat depression, but became universally accepted and "successful" only during (and because of!) the postwar expansion. At the first sign of renewed world recession, Keynesian theory has proved itself to be a snare and a delusion that has gone into immediate bankruptcy. The resulting "post-Keynesian synthesis" is also the theoretical reason for the reactionary exhumation of the simplistic, neoclassical, and monetarist economic theory of the 1920s. This revival of old theory is highlighted by the award of Nobel prizes in economics to Friedrich von Hayek, whose theoretical work was done before the Great Depression, and Milton Friedman, whose lone voice echoed in the wilderness until the new world economic crisis put his unpopular and antipopulist theories on the agenda of business board rooms and government cabinet rooms in one capitalist country after another. The real reason for the recent interest in fifty-year-old theories is that capital now wants them to legitimize its attack on the welfare state and "unproductive" expenditures on social services, which capital claims to need for "productive" investment in industry, including armaments. ~ Andre Gunder Frank

In the large sense the primary cause of the Great Depression was the war of 1914-1918. Without the war there would have been no depression of such dimensions. There might have been a normal cyclical recession; but, with the usual timing, even that readjustment probably would not have taken place at that particular period, nor would it have been a Great Depression. ~ Herbert Hoover

Looking to the future I see in the further acceleration of science continuous jobs for our workers. Science will cure unemployment. ~ Charles M. Schwab

In the 1960's, some old-timers on Wall Street-the men who remembered the trauma of the 1929 Crash and the Great Depression-gave me a warning: "When we fade from this business, something will be lost. That is the memory of 1929." Because of that personal recollection, they said, they acted with more caution, than they otherwise might. Collectively, their generation provided an in-built brake on the wildest form of speculation, an insurance policy against financial excess and consequent catastrophe. Their memories provided a practical form of long-term dependence in the financial markets. Is it any wonder that in 1987 when most of those men were gone and their wisdom forgotten, the market encountered its first crash in nearly sixty years? Or that, two decades later, we would see the biggest bull market, and the worst bear market, in generations? Yet standard financial theory holds that, in modeling markets, all that matters is today's news and the expectations of tomorrow's news. ~ Benoit B Mandelbrot

I think what happened during the Great Depression was that African Americans understood that Republicans championed citizenship and voting rights but they became impatient for economic emancipation. ~ Rand Paul

I was born January 6, 1937, eight years after Wall Street crashed and two years before John Steinbeck published The Grapes of Wrath, his Pulitzer Prize-winning novel about the plight of a family during the Great Depression. ~ Lou Holtz

How much would you pay to avoid a second Depression? ~ Ben Bernanke

There was something superficial in attributing anything so awful as the Great Depression to anything so insubstantial as speculation in common stocks. ~ John Kenneth Galbraith

Nonetheless, that order has now been destabilized, which means that the rest of us are going to have to quickly figure out how to turn "managed degrowth" into something that looks a lot less like the Great Depression and a lot more like what some innovative economic thinkers have taken to calling "The Great Transition."56 ~ Naomi Klein

Men and women whose early youth was shaped in the ordeal of the Great Depression showed the values formed in that crucible when tyranny threatened a world. ~ Steve Buyer

Came of age in the Great Depression, when economic despair hovered over ~ Tom Brokaw

The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market system as was widely interpreted. It was instead a consequence of a very serious government failure, in particular a failure in the monetary authorities to do what they'd initially been set up to do. ~ Milton Friedman

I think that when the education system started to be dismantled during the first Great Depression in the 1930s, we didn't recover from that. ~ Wynton Marsalis

I sincerely envy anyone who grew up during the Great Depression sometimes. Can you imagine what it must have been like, living without fear that some power-mad politician would drop a hydrogen bomb down over millions of innocent people? ~ Rebecca McNutt

Phoebe Hurty hired me to write copy for ads about teen aged clothes. I had to wear the clothes I praised. That was part of the job. And I became friends with her two sons, who were my age. I was over at their house all the time.

She would talk bawdily to me and her sons, and our girlfriends when we brought them around. She was funny. She was liberating. She taught us to be impolite in conversation not only about sexual matters, but about American history and famous heroes, about the distribution of wealth, about school, about everything.

I now make my living being impolite. I am clumsy at it. I keep trying to imitate the impoliteness which was so graceful in Phoebe Hurty. I think now that grace was easier for her than it is for me because of the mood of the Great Depression. She believed what so many Americans believed then: that the nation would be happy and just and rational when prosperity came.

I never hear that word anymore: Prosperity. It used to be a synonym for Paradise. And Phoebe Hurty was able to believe that the impoliteness she recommended would give shape to an American paradise.

Now her sort of impoliteness is in fashion. But nobody believes anymore in a new American paradise. I sure miss Phoebe Hurty. ~ Kurt Vonnegut Jr.

We are having the single worst recovery the U.S. has had since the Great Depression. I don't care how you measure it. The East Coast knows it. The West Coast knows it. North, South, old, young, everyone knows it's the worst recovery since the Great Depression. ~ Arthur Laffer

Americans who have parents raised during the Great Depression or World War II understand how drastically things have changed on the home front. My father did not care a whit whether I liked him, and it would have been unthinkable for him to pick up my stuff. There were rules in the house, and they were enforced. ~ Bill O'Reilly

At a time when going to college has never been more important, it's never been more expensive, and our nation's families haven't been in this kind of financial duress since the great depression. And so what we have is just sort of a miraculous opportunity simply by stopping the subsidy to banks when we already have the risk of loans. We can plow those savings into our students. And we can make college dramatically more affordable, tens of billions of dollars over the next decade. ~ Arne Duncan

American labor may now look to the future with confidence. ~ James J. Davis

My mother was addicted to being rich, to servants and unlimited charge accounts, to giving lavish dinner parties, to taking frequent first-class trips to Europe. So one might say she was tormented by withdrawal symptoms all through the Great Depression. She was acculturated! Acculturated persons are those who find that they are no longer treated as the sort of people they thought they were, because the outside world has changed. An economic misfortune or a new technology, or being conquered by another country or political faction, can do that to people quicker than you can say "Jack Robinson." As Trout wrote in his "An American Family Marooned on the Planet Pluto": "Nothing wrecks any kind of love more effectively than the discovery that your previously acceptable behavior has become ridiculous." He said in conversation at the 2001 clambake: "If I hadn't learned how to live without a culture and a society, acculturation would have broken my heart a thousand times." *** ~ Kurt Vonnegut Jr.

Our great war is a spiritual war. Our great depression is our lives. ~ Chuck Palahniuk

I grew up in the 1930s Great Depression when many families struggled to make ends meet, and in an area where old-fashioned country gospel music was popular. Later, as an adult with a more mature outlook on Christianity, I realized that a lot of that music was rather shallow. ~ Jerry Bridges

I once read that more millionaires per capita were created during the Great Depression than at any other time in history. ~ Harry S. Dent

What little reality television I've seen seems to be about economic desperation. Like the marathon dancing of the Great Depression, which should give us pause. People willing to eat flies and worms for a sum that is less than the weekly paycheck of the show's producer. I haven't seen "reality television" that is other than this kind of painful, sadistic exploitation of fit young people looking for agents. ~ Lorrie Moore

The minimum wage is something that F.D.R. put in place a long time ago during the Great Depression. I don't think it worked then. It didn't solve any problems then and it hasn't solved any problems in 50 years. ~ John Raese

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. ~ Milton Friedman

Raised by an irresponsible mother during the Great Depression in the Jim Crow south, my father was on his own from the age of 13. ~ Larry Elder

Large numbers of under-capitalized banks were a recipe for financial instability, and panics were a regular feature of American economic life - most spectacularly in the Great Depression, when a major banking crisis was exacerbated rather than mitigated by a monetary authority that had been operational for little more than fifteen years. ~ Niall Ferguson

Between the Great Depression and the 1970s, private business was viewed with suspicion even in most capitalist economies.
Businesses were, so the story goes, seen as anti-social agents whose profit-seeking needed to be restrained for other, supposedly loftier, goals, such as justice, social harmony, protection of the weak and even national glory. ~ Ha-Joon Chang

During the Great Depression, when people laughed their worries disappeared. Audiences loved these funny men. I decided to become one. ~ Jerry Stiller

The Recovery Act, which helped saved the economy and prevented us going into the Great Depression, was the largest investment in green technology, the largest investment in education. We rebuilt roads and bridges. ~ Barack Obama

There were, of course, other heroes, little ones who did little things to help people get through: merchants who let profits disappear rather than lay off clerks, store owners who accepted teachers' scrip at face value not knowing if the state would ever redeem it, churches that set up soup kitchens, landlords who let tenants stay on the place while other owners turned to cattle, housewives who set out plates of cold food (biscuits and sweet potatoes seemed the fare of choice) so transients could eat without begging, railroad "bulls" who turned the other way when hoboes slipped on and off the trains, affluent families that carefully wrapped leftover food because they knew that residents of "Hooverville" down by the dump would be scavenging their garbage for their next meal, and more, an more. But they were not enough, could not have been enough, so when the government stepped in to help, those needing help we're thankful. ~ Harvey H. Jackson

The Great War proved how confused the world is. Depression is proving it again. ~ Anne Sullivan

The 24% unemployment reached at the depths of the Great Depression was no picnic. ~ Barry Eichengreen

Wall Street has come a long way from the insider-dominated world that was blown apart by the Great Depression. ~ James Surowiecki

I had often thought about people who lived through strange and compelling times - World War II, the Great Depression, the civil rights movement. These were periods that shaped people in some indelible way. I wondered how this moment would define us. I had never before believed that there was anything special about the era I was growing up in. ~ Aditi Khorana

Your grandparents came of age in the Great Depression, when everyday life was about deprivation and sacrifice, when the economic conditions of the time were so grave and so unrelenting it would have been easy enough for the American dream to fade away. ~ Tom Brokaw

As a young girl, I saw commitment in my grandmother, who helped Grandpa homestead our farm on the Kansas prairie. Somehow they outlasted the Dust Bowl, the Depression, and the tornadoes that terrorize the Great Plains. ~ Sheri L. Dew

'Up in the Air' may be a glossy production sprinkled with laughter and sex, but it captures the distinctive topography of our Great Recession as vividly as a far more dour Hollywood product of 70 years ago, 'The Grapes of Wrath,' did the vastly different landscape of the Great Depression. ~ Frank Rich

Eli Willard just looked at her for a long moment, and then he announced, 'Lady of the Lake strikes iceberg in mid-Atlantic; 215 drown. New York City fire destroys 700 buildings. Japanese earthquake kills 12,000. Worldwide cholera epidemic kills millions. Wages rise, but prices rise faster. Financial crash occurs on Van Buren's 36th day in office. Nation begins first great depression. Bank failures and closings spread like plague. 200,000 are unemployed. Business bankrupt; only pawnbrokers prosper. Van Buren declares ten-hour days on all federal jobs. There. Does that make you feel any better? ~ Donald Harington

My parents, products of the Great Depression, were successful people, but lived in a state of constant fear that my sister and I, and they, would sink into the kind of economic insecurity that their generation knew so well. ~ Ben Stein

The big question about the American depression is not whether war with Germany and Japan ended it. It is why the Depression lasted until that war. From 1929 to 1940, from Hoover to Roosevelt, government intervention helped to make the Depression Great. ~ Amity Shlaes

Although the United States, with its unit banking laws, had thousands of bank failures, Canada, which permitted branch banking, didn't have a single failure during the Great Depression. ~ Jim Powell

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. ~ Ben Bernanke

After the Great Depression and after public urging, a nationwide public competition was held to determine a design for a memorial that would honor President Thomas Jefferson's bold vision for westward expansion for America. ~ Russ Carnahan

Every generation must loose its innocence, must see the brightly painted nursery wall smashed away by the wrecking ball of betrayal to reveal a blighted landscape. For our predecessors, it was the Somme, the Great Depression, the Holocaust or Vietnam; for my generation, it was The Phantom Menace ~ David Mitchell

We are a resilient country. We've been through a Civil War; we've been through two World Wars. We've been through a Great Depression; we even made it through Jimmy Carter! We will make it through the Obama years! ~ Rick Perry

The country is not in good condition. ~ Calvin Coolidge

We will not have any more crashes in our time. ~ John Maynard Keynes

Bouncing on beds, I remember from childhood, is a great depression reliever. ~ Robert M. Pirsig

In 1928, the top 10 percent of earners captured 46 percent of national income. That was the highest share that the top tenth captured for nearly eighty years, until 2007, when we returned to the wealth distribution of the country on the eve of the Great Depression. The top 1 percent did even better. Between 1979 and 2007, nearly 88 percent of the entire economy's income gains went to the top 1 percent.49 One ~ Christopher L. Hayes

My parents were children during the Great Depression of the 1930s, and it scarred them. Especially my father, who saw destitution in his Brooklyn, New York neighborhood; adults standing in so called 'bread lines,' children begging in the streets. ~ Bill O'Reilly

During the Great Depression, levels of crime actually dropped. During the 1920s, when life was free and easy, so was crime. During the 1930s, when the entire American economy fell into a government-owned alligator moat, crime was nearly non-existent. During the 1950s and 1960s, when the economy was excellent, crime rose again. ~ Ben Shapiro

Hank Paulson, the happy capitalist warrior who spent his life pursuing and defending free markets, is now the biggest interventionist Treasury secretary we've had since the Great Depression. ~ Charles Duhigg

To cut 1930s jobless, FDR taxed corps and rich. Govt used money to hire many millions. Worked then; would now again. Why no debate on that? ~ Richard D. Wolff

For the immediate future, at least, the outlook (stocks) is bright. ~ Irving Fisher

In the spring of 1931, West African natives in the Cameroons sent New York $3.77 for relief for the "starving"; that fall Amtorgs's new York office received 100,000 applications for job in Soviet Russia. On a single weekend in April, 1932, the 'Ile de france' and other transatlantic liner carried nearly 4,000 workingmen back to Europe; in June, 500 Rhode Island aliens departed for Mediterranean ports. ~ William E. Leuchtenburg

In the middle of the Great Depression, George Jenkins, Jr. left his job at a grocery store and decided he would open up his own store. I am sure many people thought Mr. Jenkins was crazy, but he had a dream. Today, his chain of stores employs 127,000 Floridians and is the largest employee-owned company in the country. We know it as Publix. ~ Rick Scott

I felt a great depression, probably because I never believed that anything would continue, would hold. I never thought my advance would maintain its ground. I always thought there would be a collapse immediately after the advance. ~ Tennessee Williams

First, climate change is the greatest long-term threat faced by humanity. It could cause more human and financial suffering than the two world wars and the great depression put together. All countries will be affected, but the poorest countries will be hit hardest. Secondly, the costs of inaction far outweigh the costs of action ~ David Miliband

From a generation that came of age during the Great Depression, millions of our country's best and bravest took up arms in a worldwide struggle against tyranny. ~ Steve Buyer

Milwaukee used to be flush with good jobs. But throughout the second half of the twentieth century, bosses in search of cheap labor moved plants overseas or to Sunbelt communities, where unions were weaker or didn't exist. Between 1979 and 1983, Milwaukee's manufacturing sector lost more jobs than during the Great Depression - about 56,000 of them. The city where virtually everyone had a job in the postwar years saw its unemployment rate climb into the double digits. Those who found new work in the emerging service industry took a pay cut. As one historian observed, 'Machinists in the old Allis-Chalmers plant earned at least $11.60 an hour; clerks in the shopping center that replaced much of that plant in 1987 earned $5.23. ~ Matthew Desmond

It took capitalism half a century to come back from the Great Depression. ~ Ben Shapiro

When I hear [about a housing bubble] I get the sense that people aren't connecting the dots. ~ James K. Glassman

Victimhood and a 'can't do' spirit is what the Democratic Party has mostly been about since the Great Depression. ~ Cal Thomas

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. ~ Mark Zandi

The singer-songwriter has always played music that was stylistically rooted in the '30s and the Great Depression and the Dust Bowl. But the fact of the matter is that none of us remember the Depression firsthand. ~ Steve Earle

I was 21 and looking for work in 1932, one of the worst years of the Great Depression. And I can remember one bleak night in the thirties when my father learned on Christmas Eve that he'd lost his job. To be young in my generation was to feel that your future had been mortgaged out from under you, and that's a tragic mistake we must never allow our leaders to make again. ~ Ronald Reagan

Facts are facts: No president since Franklin Delano Roosevelt in the Great Depression inherited a worse economy, bigger job losses or deeper problems from his predecessor. But President Obama is moving America forward, not back. ~ Martin O'Malley

My professional apprenticeship at Iowa State College from 1930 to 1943 could not have been better; the Great Depression made it so, and the talented younger economists at Ames during that period made it an exciting and profitable intellectual experience. ~ Theodore Schultz

We certainly had an upheaval at the start of the Great Depression, and that resulted in a lot of financial reform, but it wasn't done in one stroke, and it wasn't done immediately. The Depression was in 1929 and resulted in the Securities and Exchange Act of '33, '34, '35, '37, '39, and '41. ~ Lloyd Blankfein

But if, if you take a look at what would have happened, I mean, do we need to see soup lines down the street to figure out what would have happened? We avoided - and all economists will tell you that millions of jobs were saved because of the Recovery Act, and we avoided a second Great Depression. That, that is a reality. ~ Alexi Giannoulias

The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy. ~ Milton Friedman

I look back to the Great Depression, and what Roosevelt was able to do in very difficult times, to get Social Security through back in the time when it was seen as - well, it wasn't what it is today. It was sort of a last-ditch, if you really need it, you got it, but, today, it's much more a part of your retirement program. ~ Chris Matthews

To fit the individual to live and to function in the institutional life of his day. ~ Max Braithwaite

The simple fact of the matter is, as I know everyone in this room knows, that the recession that this country faced when this President took office was the worst since the Great Depression. ~ Jay Carney

The Everlasting Staircase"
Jeffrey McDaniel

When the call came, saying twenty-four hours to live,
my first thought was: can't she postpone her exit

from this planet for a week? I've got places to do,
people to be. Then grief hit between the ribs,

said disappear or reappear more fully. so I boarded
a red eyeball and shot across America,

hoping the nurses had enough quarters to keep
the jukebox of Grandma's heart playing. She grew up

poor in Appalachia. And while world war II
functioned like Prozac for the Great Depression,

she believed poverty was a double feature,
that the comfort of her adult years was merely

an intermission, that hunger would hobble back,
hurl its prosthetic leg through her window,

so she clipped, clipped, clipped -- became the Jacques
Cousteau of the bargain bin, her wetsuit

stuffed with coupons. And now --pupils fixed, chin
dangling like the boots of a hanged man --

I press my ear to her lampshade-thin chest
and listen to that little soldier march toward whatever

plateau, or simply exhaust his arsenal of beats.
I hate when people ask if she even knew I was there.

The point is I knew, holding the one-sided
conversation of her hand. Once I believed the heart

was like a bar of soap -- the more you use it,
the smaller it gets; care too much and it'll ~ Jeffrey McDaniel

In his second Inaugural Address, on March 5, 1821, Monroe admitted at last to a general depression of prices, but only as a means of explaining the great decline in the federal revenue. Despite this, he asserted that the situation of America presented a 'gratifying spectacle.' ~ Murray Rothbard

It's like my grandpa always used to say, 'A butter knife would make a deadlier weapon than a melting stick of butter.'"


"Your grandpa never said that."


"No, but he should have. He was a damn fool not to have uttered those words."


"My grandpa was a janitor, in the Great Depression. The greatest thing he ever said was, 'Greg, I just Gregged all over your floor. Do you have a mop I can use to clean it up?'"


"Who's Greg?"


"I don't know."


"What the shit kind of story is that? That story is bullshit. Greg doesn't exist. Nobody knows nobody named Greg. It's a unicorn name - it's complete mythology."


"What about Lou Greg, the baseball player?"


"Lou who? Lou Gehrig?"


"Here's a Lou for you. Greg Louganis."


"Bah, Greg Louganis doesn't exist. He was a myth created by the Soviets to push their divers to perfection. The Russians realized they couldn't be the best until they deceived their divers into believing there was someone who was always better."


"I've seen Greg Louganis, and he's as real as you or me."


"You've seen what they wanted you to see. They gave you a blindfold to wear and convinced you it would improve your eyesight." ~ Jarod Kintz

In the great depression, things could only be set right by causing the idle plant to work again ... Roosevelt ... spent billions of public money and created a huge public debt, but by so doing he revived production and brought his country out of the depression. Businessmen, who in spite of such a sharp lesson continued to believe in old-fashioned economics, were infinitely shocked, and although Roosevelt saved them from ruin, they continued to curse him and to speak of him as 'the madman in the White House.' ... [It's one more] striking example of inability to learn from experience. ~ Bertrand Russell

I grew up in an era of pretty severe poverty. My parents weathered the Great Depression, and money was always a very big concern. I was weaned on a shortage mentality and placed in foster homes largely because there simply wasn't enough money to take care of the most basic of needs. ~ Wayne Dyer

Alan Greenspan assures us that home prices are not prone to bubbles - or major deflations - on any national scale," he'd said. "This is ridiculous, of course ... . In 1933, during the fourth year of the Great Depression, the United States found itself in the midst of a housing crisis that put housing starts at 10% of the level of 1925. Roughly half of all mortgage debt was in default. ~ Michael Lewis

My parents were very old school, as were my grandparents who went through the Great Depression and were a big influence on my life. So for them it was very important for me to have a college education and to pursue a normal job that would give me benefits and things like that.
So they were very, very much opposed to me being a musician. They were all pretty horrified. ~ Anne Boleyn

Chuck Palahniuk
Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don't need. We're the middle children of history. No purpose or place. We have no Great War, No Great Depression. Our great war is a spiritual war. Our great depression is our lives. We've all been raised on television to believe that one day we'd all be millionaires and movie gods and rock stars, but we won't ~ Chuck Palahniuk

Depression is a devastating illness, causing great suffering in the afflicted and anxiety to their nearest and dearest: it can hit at any age. ~ John Cornwell

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. ~ Barry Eichengreen

If you had asked people in 1929, 'Here is what is about to happen. How much would you pay to avoid the Great Depression from occurring?' The answer is they would have paid a lot. They would have borrowed money if it could be used to prevent the Great Depression. ~ Austan Goolsbee

I am convinced that through these measures we have reestablished confidence. ~ Herbert Hoover

The Great Depression had taken a physical toll on American manhood; even though the Army would accept just about anyone sane over 5 feet tall, 105 pounds in weight, possessing twelve or more of his own teeth, and free of flat feet, venereal disease and hernias, no fewer than 40 per cent of citizens failed these basic criteria. ~ Andrew Roberts

Once supply begins to dwindle, the years to follow will see shortages that at best will cause global recession, possibly worse than the 1930s Great Depression, ... war, famine, pestilence and death. ~ Kenneth S. Deffeyes

One of the reasons we think this market will start to run out of gas at some point is that you've essentially created as much gold from straw as you can from this financial alchemy ~ Scott Simon

America had been a boom-and-bust economy going into the Great Depression - just over and over and over, fortunes were wiped out, ordinary families were crushed under it. ~ Elizabeth Warren

In the Great Depression; when the overworked millions, who took to the street of Europe and the United States to demand reduction of hours of labor, were replaced by millions of unemployed workers in every advanced country, who no longer demand freedom from work but were forced to beg for work - any work, even in the defense industries where the means for their own destruction were built. ~ Anonymous

World War II was really unusual, because America was in the Great Depression before. So the war did help the US economy to get securely out of this decline. This time, the war [in Iraq] is bad for the economy in both the short and long run. We could have spent trillions in research or education instead. This would have led to future productivity increases. ~ Joseph Stiglitz

The fear among economists across the political spectrum was that we were rapidly plummeting toward 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. ~ Barack Obama

The minimum wage was enacted in 1937 during the Great Depression and it has been increased 16 times. It's a well-established economic policy to help families. ~ John Freeman

Ever since the Great Depression, economists have known that demand shortages tend to persist in the wake of severe financial crises like the ones that happened in 1929 and 2008. ~ Bob Frank

From this failure to expunge the microeconomic foundations of neoclassical economics from post-Great Depression theory arose the "microfoundations of macroeconomics" debate, which ultimately led to a model in which the economy is viewed as a single utility-maximizing individual blessed with perfect knowledge of the future.
Fortunately, behavioral economics provides the beginnings of an alternative vision of how individuals operate in a market environment, while multi-agent modelling and network theory give us foundations for understanding group dynamics in a complex society. These approaches explicitly emphasize what neoclassical economics has evaded: that aggregation of heterogeneous individuals results in emergent properties of the group, which cannot be reduced to the behavior of any "representative individual." These approaches should replace neoclassical microeconomics completely. ~ Steve Keen

Joining another big time rock band was the last thing I was looking for, but as the tour went on, I really dug playing to a lot of people, the band sounded great, and just being out there again, got me over my depression and so I decided to hop on board. ~ Matt Cameron