"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."
by:
Milton Friedman
(1912-2006) Nobel Prize-winning economist, economic advisor to President Ronald Reagan, "ultimate guru of the free-market system"
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Reader comments about this quote:
 -- camillle      
Yep! The Fed's manipulation of the money supply and interest rates has been responsible for all the ups and downs of the economy. It is a system of theft run by "International Bankers". The very Banker's our leaders represent to us as opposed to them representin us to the World. And when inflation runs rampant, they blame the greedy capitalists. Its all smoke and mirrors. These parasites need some exposure.
 -- J Carlton, Calgary     
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    Absolutely, it was caused by Hoover moving to slow. The 2008-2009 debacle was successfully resolved by Bernanke studying the eras of Hoover and company and moving much more swiftly.
     -- Waffler, Smith     
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    Waff, welcome back from Mars. The only thing the current administration has solved is that over 2 million people don't have to get up each day and go to those pesky jobs they once had. The only jobs they have saved or created are government jobs.
     -- jim k, austin     
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    It's the nature of our government to screw everything up and then blame the private sector, namely us.
     -- jim k, austin     
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    Low taxes and small, balanced budgets are what create jobs. This administration has put us already where Friedman warned us about.
     -- cal, lewisville, tx     
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    Friedman is a LOON! And the current economy is proof. We dismantled all the safeguards put in after the depression thanks to his guidance and what happens? Miltie's little friends go wild and destroy our economy.
     -- Gena, Los Angeles     
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     -- Anonymous      
    Hoover had the same programs as FDR only less extensive. None of the crap done to "help" did any thing but worsen the depression. As usual you know nothing Waffler. Our economy is in trouble from the activity of people like George Soros and ACORN. Both worked to install the fascist Obama in power by destroying the economy. Now they are trying to finish the job. Wake up Gena. The quote only has it half right in my opinion. Economic up and down turns are a natural cycle. We can only try to lessen the severity by wise management.
     -- warren, olathe     
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    The fed and governmental puppeteers caused the last great depression which was a walk in the park compared to what the fed and governmental puppeteers are doing to this economy.
     -- Mike, Norwalk     
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    Waffler, What Bernanke and the Fed did was flood the economy with fake money borrowed from thin air. When the Nazi's produced millions of English Pounds to destabilize their economy, it was considered an act of war...I don't see the difference.
     -- J Carlton, Calgary     
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    Absolutely true, except it is the central banks of the world which control their own governments. We have been predicting this current crash -- yes, it is a crash already exceeding that of the Great Depression. The nation is in the greatest debt ever in its history. The people are also completely in debt. The last time this happened, gold (i.e. the money) was made illegal! Illegal to have real money!! THAT WAS THE SOLUTION?!! So gold was replaced with promissory notes and ALL THE GOLD WAS SEIZED BY THE FED by law, thanks to FDR. Today, we are a people with NO MONEY only DEBT! Debt upon debt upon debt. That is why Obama's solution is simply more debt to pay off his supporters. Now entire indistries are being absorbed in debt by the government in debt to the Fed. Blatant corruption that if not stopped will indenture the entire nation permanently. If we do not stop this madness, we will be enslaved. Wake the f@ck up!
     -- E Archer, NYC     
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