Nov
28
2008
Recessions Are Good For Us
Over at the Christianity Today liveblog, Rob Moll (whose article on giving in the most recent Christianity Today magazine is excellent–I just read it this morning) writes:
Recessions, before the Great Depression, were often viewed as good things. Secretary of the Treasury Andrew Mellon, even after the crash of 1929, expressed the common view of the time: “It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people.”
Read the rest here.