Quotes & Sayings About The Causes Of The Great Depression

The Panic of 1819 exerted a profound effect on American economic thought. As the first great financial depression, similar to a modern expansion-depression pattern, the panic heightened interest in economic problems, and particularly those problems related to the causes and cures of depressed conditions. — Murray Rothbard

The One who has done the greatest thing of all for you, must be concerned about you in everything, and though the clouds are thick and you cannot see His face, you know He is there. 'Behind a frowning providence He hides a smiling face.' Now hold on to that. You say that you do not see His smile. I agree that these earth born clouds prevent my seeing Him, but He is there and He will never allow anything finally harmful to take place. Nothing can happen to you but what He allows, I do not care what it may be, some great disappointment, perhaps, or it may be an illness, it may be a tragedy of some sort, I do not know what it is, but you can be certain of this, that God permits that thing to happen to you because it is ultimately for your good. 'Now no chastening for the present seemeth to be joyous, but grievous; nevertheless afterward it yieldeth the peaceable fruit of righteousness ... ' (Hebrews 12. 11). (Spiritual Depression Its Causes and Cure, 145) — D. Martyn Lloyd-Jones

Back in July 2003, he'd written them a long essay on the causes and consequences of what he took to be a likely housing crash: "Alan Greenspan assures us that home prices are not prone to bubbles - or major deflations - on any national scale," he'd said. "This is ridiculous, of course ... . In 1933, during the fourth year of the Great Depression, the United States found itself in the midst of a housing crisis that put housing starts at 10% of the level of 1925. Roughly half of all mortgage debt was in default. During the 1930s, housing prices collapsed nationwide by roughly 80%. — Michael Lewis

The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters. — James Tobin