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View Diary: Joseph Stiglitz' Latest Must-Read: "Inequality Is Holding Back The Recovery" (113 comments)

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  •  And the Depression.. (2+ / 0-)
    Recommended by:
    elwior, The Wizard

    ...according to President Roosevelt's Fed chief, Marriner Eccles.

    http://www.motherjones.com/...

    "A giant suction pump had by 1929-1930 drawn into a few hands an increasing portion of currently produced wealth," ..... "In consequence, 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 the credit ran out, the game stopped."

    Learn about Centrist Economics, learn about Robert Rubin's Hamilton Project. www.hamiltonproject.org

    by PatriciaVa on Sun Jan 20, 2013 at 10:43:07 AM PST

    [ Parent ]

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