Consumers Quote by Heather Cox Richardson

“It was not just on the farms that the pressures of four years of failure were building. Thirteen million workers were unemployed in 1933.…

— Elliott J. Gorn

“The crash did not cause the Depression: that was part of a far broader malaise. What it did was expose the weaknesses that underpinned…

— Lucy Moore

The stock market crash in October 1929 didn't destroy a particularly large amount of wealth or make people highly pessimistic. Rather, it made companies…

— Christina Romer

The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe.…

— Milton Friedman

Those who controlled private capital largely walked away from the US economy for the entire 1930s, refusing to pump in enough new investment even…

— Robert P. Murphy

“Because in America there is a naive belief that we are all rugged individuals and can make it on our own, stock market and…

— Captain Hank Bracker, "Seawater One

By 1929, 5 percent of the population received one-third of the nation's income. The structural weaknesses of this economy plunged the nation into the Great Depression.

— Heather Cox Richardson

After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.

— Ron Chernow

Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became…

— Ben Bernanke

In the past, whole industries were allowed to decline or disappear. Whole communities were thrown on the scrapheap with no alternative employment on offer.…

— Rachel Reeves

Anecdote: The East End seemed to be in the grip of yet another economic crisis. ... By the winter of 1933, an army of…

— Melanie McGrath

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

— Ben Bernanke