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386 pages, Kindle Edition
First published November 1, 2012
At the time, many people—including virtually all businessmen and farmers—had cause and effect reversed. Not recognizing that prices had fallen because of the depression, they believed instead that depression prevailed because prices had fallen. The obvious remedy: raise prices… Hence arose the anomalous but widely supported policy proposal to cure the depression… by cutting back on production… The scheme is so patently self-defeating that one has difficulty nowadays in accepting that anyone seriously entertained it as a general theory of recovery. (Maybe no one did; maybe it was only an apology mouthed by each interested party seeking higher prices for his own product.)
…
Perhaps the millions who could hardly feed and clothe their families should be forgiven for questioning the nobility of a program designed to make food and fiber more expensive.
“If the provisions of the Constitution be not upheld when they pinch as well as when they comfort, they may as well be abandoned.”—Home Building and Loan Association v. Blaisdell, Justice George Sutherland, dissenting
