PAUL KRUGMAN: Don’t treat recession as a morality play
Published 04/07/2013, New York Times
When the Great Depression struck, many influential people argued that the government shouldn’t even try to limit the damage. According to Herbert Hoover, Andrew Mellon, his Treasury secretary, urged him to “Liquidate labor, liquidate stocks, liquidate the farmers. … It will purge the rottenness out of the system.”Word count: 797
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