John Moser

Yeah, all four of my grandparents lived through the Depression.

And I remember hearing that they've all passed since, but I remember hearing stories about it.

And I just remember my, my grandfather, my father's father was the cheapest individual I ever encountered.

And he explained, I grew up during the great depression and I learned the value of a buck.

Well, I tend to discount the idea that there were basic problems in the 1920s that did this.

Recessions are nothing new.

There were a lot of people who thought maybe we're due for a recession.

I think that the question is what happens that turns this recession into something so much worse and something that really lasts for 10 years.

But the real problem that was going on, well, there were two problems.

There was what economists call a liquidity crisis.

Money was just being drained out of the economy.

And secondly, a confidence problem.

People spend money.

The economy works when people, A, spend money and B, invest.

And you need to have a certain level of confidence to do both.

You're not going to make major purchases if you think that your job is in jeopardy.

You're not going to invest in new enterprises if you think they're going to fail.

confidence was the reason why the depression lingered as long as it did.

Sure.

In the 1920s, there was a movement away from antitrust.