“As in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped.”
– Marriner S. Eccles, Chairman of the Federal Reserve under Franklin D. Roosevelt, speaking in 1951
When we do not learn from history, [...]
Archive for the ‘Economics’ Category
FDR’s fed chairman blamed 1929 collapse on income inequality
Posted in Economics, Politics on 19 October 2008 | Leave a Comment »
6,200 Chinese babies ill from tainted formula
Posted in Current Events, Economics on 17 September 2008 | Leave a Comment »
Three have died already. This is yet another failure of unregulated markets. Considering all the tainted pet food and lead-filled toys that caused a scare last year, maybe the Chinese are finally going to realize that they’ll have to regulate their products better. You can’t just let the private sector “police itself.”
And the Dow has [...]
Obama on the financial crisis
Posted in Current Events, Economics, Politics on 16 September 2008 | Leave a Comment »
“What we’ve seen the last few days is nothing less than the final verdict on an economic philosophy that has completely failed. And I am running for president of the United States because the dreams of the American people must not be endangered any more.
“It’s time for a government that is fighting for you — [...]
