Jennifer Burns

It's not a position you can hold to. Maybe you could hold to it in other cycles. The other thing that was interesting is I found very few Americans who saying this. Most who were were kind of small-town electeds, or the most famous is Andrew Mellon, quoted by Herbert Hoover.

It's not a position you can hold to. Maybe you could hold to it in other cycles. The other thing that was interesting is I found very few Americans who saying this. Most who were were kind of small-town electeds, or the most famous is Andrew Mellon, quoted by Herbert Hoover.

So not directly, we don't have him on record saying this, but apparently Hoover records in his memoirs that Mellon said something like, liquidate real estate, liquidate stocks, purge the rottenness out of the system, people will live a healthier life.

So not directly, we don't have him on record saying this, but apparently Hoover records in his memoirs that Mellon said something like, liquidate real estate, liquidate stocks, purge the rottenness out of the system, people will live a healthier life.

So not directly, we don't have him on record saying this, but apparently Hoover records in his memoirs that Mellon said something like, liquidate real estate, liquidate stocks, purge the rottenness out of the system, people will live a healthier life.

And certainly there were members of the Federal Reserve who felt like it would create, they didn't say moral hazard, but it would create what we now call moral hazard, bad habits, were we to intervene and to save failing banks because failing banks need to be taught a lesson. They need to be taught discipline. And so a lot of people, I think, saw it in the context of discipline.

And certainly there were members of the Federal Reserve who felt like it would create, they didn't say moral hazard, but it would create what we now call moral hazard, bad habits, were we to intervene and to save failing banks because failing banks need to be taught a lesson. They need to be taught discipline. And so a lot of people, I think, saw it in the context of discipline.

And certainly there were members of the Federal Reserve who felt like it would create, they didn't say moral hazard, but it would create what we now call moral hazard, bad habits, were we to intervene and to save failing banks because failing banks need to be taught a lesson. They need to be taught discipline. And so a lot of people, I think, saw it in the context of discipline.

This is discipline. And if you remove the discipline, you'll be taking away something fundamental in society.

This is discipline. And if you remove the discipline, you'll be taking away something fundamental in society.

This is discipline. And if you remove the discipline, you'll be taking away something fundamental in society.

No, no, he didn't see that. And what's really interesting is the number of incredibly radical proposals that he and his teachers were floating. So I've mentioned Frank Knight. Another really important influence on Friedman was Henry Simons, who was a junior professor at Chicago. And Simons had this idea for what he called 100% money.

No, no, he didn't see that. And what's really interesting is the number of incredibly radical proposals that he and his teachers were floating. So I've mentioned Frank Knight. Another really important influence on Friedman was Henry Simons, who was a junior professor at Chicago. And Simons had this idea for what he called 100% money.

No, no, he didn't see that. And what's really interesting is the number of incredibly radical proposals that he and his teachers were floating. So I've mentioned Frank Knight. Another really important influence on Friedman was Henry Simons, who was a junior professor at Chicago. And Simons had this idea for what he called 100% money.

which would be a law that says banks have to hold 100% of the deposits they receive. They can't loan them out on the margin. So this would completely and totally have overhauled the U.S. banking system.

which would be a law that says banks have to hold 100% of the deposits they receive. They can't loan them out on the margin. So this would completely and totally have overhauled the U.S. banking system.

which would be a law that says banks have to hold 100% of the deposits they receive. They can't loan them out on the margin. So this would completely and totally have overhauled the U.S. banking system.

And he would have said there's a category of things called banks where you get deposits, and then there's going to be a category of sort of – he didn't say investment banks, but investment vehicles that will invest. So similar to what did happen in some ways in the banking reforms in that –

And he would have said there's a category of things called banks where you get deposits, and then there's going to be a category of sort of – he didn't say investment banks, but investment vehicles that will invest. So similar to what did happen in some ways in the banking reforms in that –

And he would have said there's a category of things called banks where you get deposits, and then there's going to be a category of sort of – he didn't say investment banks, but investment vehicles that will invest. So similar to what did happen in some ways in the banking reforms in that –