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"The government is now in a position to do what Franklin D. Roosevelt did during the Great Depression of the 1930s - use a crisis of the times to create new institutions that will last for generations. To this day, we are still subsidizing millionaires in agriculture because farmers were having a tough time in the 1930s."

— Thomas Sowell
thomas sowell Quotes Crisis,Position,Franklin

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Thomas Sowell
Crisis
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1930s
Great Depression
Agriculture
This Day
Farmers
Generations
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In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for. I think that's what's going on in today's private-equity world.

— Charlie Munger

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Until the 1930s, the Constitution served as a major constraint on federal economic interventionism. The government's powers were understood to be just as the framers intended: few and explicitly enumerated in our founding document and its amendments. Search the Constitution as long as you like, and you will find no specific authority conveyed for the government to spend money on global-warming research, urban mass transit, food stamps, unemployment insurance, Medicaid, or countless other items in the stimulus package and, even without it, in the regular federal budget.

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