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This isn't new Great Depression – and it mustn't turn into one



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Published Date: 08 October 2008
By Paul Riddell
IT HAPPENS that every man in a bank hates what the bank does, and yet the bank does it. The bank is something more than men, I tell you. It's the monster. Men made it, but they can't control it."
If John Steinbeck's great novel The Grapes of Wrath encapsulates the prevailing view of banking and finance in troubled times, it also offers some much needed perspective on the scale of the current financial crisis. Comparisons between the Great De...



The full article contains 973 words and appears in The Scotsman newspaper.
Page 1 of 1

  • Last Updated: 07 October 2008 8:48 PM
  • Source: The Scotsman
  • Location: Edinburgh
 
1

Don Thomas,

Falkirk 08/10/2008 07:06:08
Why not for goodness sake? If people are so thick that they get a couple of dozen credit cards spend up to the limit on each one without a hope of paying anything back then they are aff thare heed. They dinner ken what school is about and it is aboot time they were taught a lesson.
2

Itchy,

08/10/2008 17:15:52
"Deficit-financing was heresy; balanced budgets were the order of the day"

This is mince. Hoover and then Roosevelt spent recklessly, running up huge budget deficits and indulging in hyperprotectionism. That is why a boom and bust became a depression.

 

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