We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.
Mysteriously and in ways that are totally remote from natural experience, the gray drizzle of horror induced by depression takes on the quality of physical pain.
I studied chemical engineering. I was a good student, but these were the hard times of the depression, my scholarship came to an end, and it was necessary to work to supplement the family income.
We did a show called The Orphan Train, during the depression, when families didn't have enough money to support their children, they'd put them on the train and hope someone would pick them up who had enough money to support their children.
I found, when I left, that there were others who felt the same way. We'd meet, they'd come and seek me out, we'd talk about the future. And I found that their depression and pessimism was every bit as acute as mine.
Do not brood over your past mistakes and failures as this will only fill your mind with grief, regret and depression. Do not repeat them in the future.
As far as I was concerned, the Depression was an ill wind that blew some good. If it hadn't occurred, my parents would have given me my college education. As it was, I had to scrabble for it.
I felt very strongly the whole social impact of that depression, you know, and I felt very strongly about the efforts that this Resettlement Administration was trying to accomplish; resettling people, helping them, and so on.
The time when I had desire to go to the United States I didn't have a penny. It was in the middle of the depression, you know. I couldn't get as far as Hoboken at that time.
We had a booming stock market in 1929 and then went into the world's greatest depression. We have a booming stock market in 1999. Will the bubble somehow burst, and then we enter depression? Well, some things are not different.
