animal02 wrote:
> "day brown" fails econ 101.
Actually, I took Econ 101 from Walter Heller. You seem to be too
immature to remember. Walter worked in the Whitehouse as the economic
advisor to President Eisenhower, but then flew in to Minnesota to teach
freshmen because he thot it was an im****tant thing to do.
I passed. I was also learning to play bridge until 3 in the morning at
the time, so I only got a C. But remember, as he'd hoped, the gist of
what he had to say. A lot of it had to do with banking problems that
emerged after the 1929 crash.
Under Hoover, the government first worked closely with the big brokerage
houses trying to stabilize the stock and bond market. But since so many
middle class people had been laid off, retail sales declined, and with
that the profits of the businesses that had been supplying wholesalers.
The well connected insiders saw what was coming down and got out, but
the small investors had their retirement funds just wiped out. Housing
prices and real estate tanked also as the middle class lost the income
to meet the mortgages.
Walter, teaching us kids in 1959, had lived thru all this, and he knew
it well. We came to learn that the power elites still had vast fortunes
while everyone else went broke.
Course back then, a charismatic Democratic president did not take over
until after things had gotten so bad there wasnt much left to work with.
A lotta people looked at what Hitler had done for Germany, giving them
new hope, and thot a revolution here was in order.
If you had read Machiavelli and understood him, you would've had more
than four words and the number to say. But since you didnt, and so few
others have either, there's good cause for concern.
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