There was something superficial in attributing anything so awful as the Great Depression to anything so insubstantial as speculation in common stocks.
The years of the Great Depression were a superb time for economists because people not knowing what could be done or what should be done would always assume that maybe an economist had the answer. If you were just a lawyer in Washington, you were nobody. But if you were an economist, you might have the answer.
[Franklin Delano] Roosevelt was the central world figure in the two great disasters of this century - the Great Depression and World War II. By contrast, JFK came in relatively peaceful, agreeable times.
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