On Dec 14, 2008, at 1:45 PM, Carrol Cox wrote:
Are you quoting exactly? When was the term "depression" first used for
that post-crash period. The ordinary word had been "slump," and my
understanding was that Hoover proposed "depresdsion" as a euphemism:
It
wasn't a slump, it was just a little "depression," i.e. a shallow, not
deep, slump.
Not quoting literally. Here's the Mellon quote: "Liquidate labor,
liquidate stocks, liquidate the farmers, liquidate real estate.... It
will purge the rottenness out of the system. High costs of living and
high living will come down. People will work harder, live a more moral
life. Values will be adjusted, and enterprising people will pick up
from less competent people."
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