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In my view, Obamacare is the most existential threat to our economy than anything we've ever had since the Great Depression, so I think a little bit of additional deficit is nothing compared to delaying if not repealing Obamacare.
I am, as it happens, a baby boomer, but not one who feels any broad-gauge nostalgia for the '60s and '70s. My attitude resembles that of my parents, who were born in the '20s and lived through the Great Depression and World War II.
I was born in Chicago in 1927, the only child of Morris and Mildred Markowitz, who owned a small grocery store. We lived in a nice apartment, always had enough to eat, and I had my own room. I never was aware of the Great Depression.
Market capitalism survived and prospered after the boom-bust industrial revolution of the 19th century, and the Great Depression and world wars of the 20th century. It will recover from the financial panic of 2008-09 and Obamanomics.
After clearing the land, planting the orchard, building the house and barn, and surviving the Great Depression, our father died suddenly one winter night when we were small, leaving us to learn about loss before we even knew its name.
I was born illegitimately and almost immediately, as I understand it, placed in an orphanage. So my very earliest memories were in an orphanage. It was the tag end of the Great Depression when I was born. People were desperately poor.
The year of my birth, 1940, was the fulcrum of America in the twentieth century, when the nation was balanced precariously between the darkness of the Great Depression on one side and the storms of war in Europe and the Pacific on the other.
This crisis of long-term unemployment is having a profoundly damaging impact on the lives of those bearing the brunt of it. We know this thanks to a series of careful studies of the problem conducted in the depths of the 1930s Great Depression.
My parents were children during the Great Depression of the 1930s, and it scarred them. Especially my father, who saw destitution in his Brooklyn, New York neighborhood; adults standing in so called 'bread lines,' children begging in the streets.
Franklin Delano Roosevelt eventually became the greatest liberal leader of 20th century United States, but he started as a fiscal conservative. His greatness is founded in his willingness to change his mind to save his country from the Great Depression.
Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.
My professional apprenticeship at Iowa State College from 1930 to 1943 could not have been better; the Great Depression made it so, and the talented younger economists at Ames during that period made it an exciting and profitable intellectual experience.
The Great Depression of the 1930s saw more American unmarried women working from nine to five, mostly in repetitive, boring, subordinate, dead-end jobs. But the number of working women doubled between 1870 and 1940. During World War II it doubled once again.
We are having the single worst recovery the U.S. has had since the Great Depression. I don't care how you measure it. The East Coast knows it. The West Coast knows it. North, South, old, young, everyone knows it's the worst recovery since the Great Depression.
If you had asked people in 1929, 'Here is what is about to happen. How much would you pay to avoid the Great Depression from occurring?' The answer is they would have paid a lot. They would have borrowed money if it could be used to prevent the Great Depression.
Ladies and gentlemen, the Reagan tax cuts turned the deepest recession since the Great Depression into the largest 20-year economic boom in American history. The Reagan tax cuts of 1981 and '86. And the same thing can happen here again. Democrats just cannot let it.
We were growing up in West Virginia. Everybody was poor there in the southern part of the state. It was like growing up in the Great Depression from the stories I hear people tell. Everybody was poor and so we didn't know that we were any different from anybody else.
During the Great Depression, African Americans were faced with problems that were not unlike those experienced by the most disadvantaged groups in society. The Great Depression had a leveling effect, and all groups really experienced hard times: poor whites, poor blacks.
Because its hard to realize now that that was the end of the great depression, you know. All of a sudden all of this is in front of me and I'm solvent, you know. I'm making some money and I know where my next meal is coming from, and I have a new pair of shoes and that's it.
If you look at the Greek economic record, it's been very similar to the U.S. experience in the first four years of the Great Depression. And after having a Depression-sized event, they've cut the unit-labor cost in Greece - they've closed something like half the gap with Germany.
In the heart of the Great Depression, millions of American workers did something they'd never done before: they joined a union. Emboldened by the passage of the Wagner Act, which made collective bargaining easier, unions organized industries across the country, remaking the economy.
I grew up in an era of pretty severe poverty. My parents weathered the Great Depression, and money was always a very big concern. I was weaned on a shortage mentality and placed in foster homes largely because there simply wasn't enough money to take care of the most basic of needs.
The Great Depression, they come out with the New Deal, black people didn't have access to those government stimulus packages. The New Deal set up what is known as the modern-day middle class. We didn't have access to programs - the G.I. Bill, Social Security, home loans - none of that.
Recovery measures work better when they raise confidence - as Franklin D. Roosevelt understood. His fireside chats, and his inaugural address proclaiming he would fight the Great Depression with the same resolve he would muster against a foreign foe, were aimed at reassuring Americans.
If we go back to the birth of 'Superman' and 'Batman' in America in the '30s, they were created because of events like the Great Depression, crime and Al Capone, among others. Everybody was corrupt back then, and if you can't have a hero in real life, it helps to have one in your fantasies.
We certainly had an upheaval at the start of the Great Depression, and that resulted in a lot of financial reform, but it wasn't done in one stroke, and it wasn't done immediately. The Depression was in 1929 and resulted in the Securities and Exchange Act of '33, '34, '35, '37, '39, and '41.
'The Little Rascals' was set against the background of the Great Depression: the characters were living in poverty. It's just that it wasn't focused on it. It was focused on what makes childhood universal. We're all laughing at kids because we see ourselves in them; we remember our childhood.
When I was a deacon, the ominous signs of the Great Depression began to appear. Tens of thousands lost their jobs. Money was scarce. Families had to do without. Some young people did not ask their mothers, 'What's for dinner?' because they knew all too well that their cupboards held very little.
My parents survived the Great Depression and brought me up to live within my means, save some for tomorrow, share and don't be greedy, work hard for the necessities in life knowing that money does not make you better or more important than anyone else. So, extravagance has been bred out of my DNA.
I feel like I went through the Great Depression. All these companies are being successful around you, you're on that track, and then the market collapses, and you're out of a job. You're trying to save your investors' investment, and it doesn't work, and you sell the company for nothing. It was brutal.
In his first year in office, President Obama pulled us back from the brink of the greatest economic crisis since the Great Depression and worked to lay a new foundation for economic growth. The president identified three key strategies to build that lasting prosperity: innovation, investment, and education.
DiMaggio was never a rube. He was very smart and very urban. Coming out of the Great Depression, he was the immigrant boy who made it big. Coming back from World War II, he had all the wealth and power that New York aspired to. When New York saw itself as the center of the world, he was its paragon of class.
The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market system as was widely interpreted. It was instead a consequence of a very serious government failure, in particular a failure in the monetary authorities to do what they'd initially been set up to do.
Americans who have parents raised during the Great Depression or World War II understand how drastically things have changed on the home front. My father did not care a whit whether I liked him, and it would have been unthinkable for him to pick up my stuff. There were rules in the house, and they were enforced.
When someone takes their existing business and tries to transform it into something else - they fail. In technology that is often the case. Look at Kodak: it was the dominant imaging company in the world. They did fabulously during the great depression, but then wiped out the shareholders because of technological change.
But if, if you take a look at what would have happened, I mean, do we need to see soup lines down the street to figure out what would have happened? We avoided - and all economists will tell you that millions of jobs were saved because of the Recovery Act, and we avoided a second Great Depression. That, that is a reality.
During the Great Depression, levels of crime actually dropped. During the 1920s, when life was free and easy, so was crime. During the 1930s, when the entire American economy fell into a government-owned alligator moat, crime was nearly non-existent. During the 1950s and 1960s, when the economy was excellent, crime rose again.
I grew up in the Great Depression, and the jazz artists and Dixieland musicians were at the core of our communications and enjoyment. They were not passing fancies. They are something that is, and will be, listened to again and again. I have a space of reverence for some of those old jazz stars such as Sydney Bechet and Louis Armstrong.
In the middle of the Great Depression, George Jenkins, Jr. left his job at a grocery store and decided he would open up his own store. I am sure many people thought Mr. Jenkins was crazy, but he had a dream. Today, his chain of stores employs 127,000 Floridians and is the largest employee-owned company in the country. We know it as Publix.
Out of the ashes of the Great War came the freewheeling cultural renaissance that was the Jazz Age, but the decade-long party of flapper dresses and bootlegging came to a crashing halt with the Crash of '29 - triggering the Great Depression and the New Deal that would help America get back on its feet, just in time for another, greater war.
I know many of you are hurting and angry about the economy, and I don't blame you. It's the worst economy since the Great Depression. When consumers can't buy and businesses won't expand for lack of customers, the government has to be the purchaser and employer of last resort. We learned that in the Great Depression, but Republicans obviously didn't - and they've blocked every jobs program I've offered.
I promised to bring change to Washington. The underlying reason for the economic mess we're in has been building for years. It's a fundamental imbalance in which the top 1 percent now gets almost a quarter of all national income. We haven't seen income and wealth this concentrated since the late nineteen twenties, and we all know what happened then - the Great Depression. We'll never really get out of the gravitational pull of the Great Recession until we fix this basic problem.