News from 1930:
"In hindsight it's easy to see the optimism then was mistaken and the downturn was worse than expected, but this was impossible to predict at the time. Also, the conferences did some good - they reduced the panic and pessimism of the time, and helped keep employment and wages from plunging as they otherwise would have. Some now say we should have “plunged headlong into general liquidation,” but would we have been better off with two or three times as many unemployed over the winter? We shouldn't allow frustration with the delayed recovery to upset our nerve."
HT to Freakonomics
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