Your thoughts on a former federal reserve chairman. Marriner Stoddard Eccles was known during his lifetime chiefly as having been the Chairman of the Federal Reserve under President Franklin Delano Roosevelt. He has been remembered for having even anticipated and certainly then having supported the theories of John Maynard Keynes relative toinadequate aggregate spending in the economy which appeared during his tenure.[2] As Eccles wrote in his memoir Beckoning Frontiers (1966): As mass production has to be accompanied by mass consumption, mass consumption, in turn, implies a distribution of wealth ... to provide men with buying power. ... Instead of achieving that kind of distribution, a giant suction pump had by 1929-30 drawn into a few hands an increasing portion of currently produced wealth. ... The other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped.
Posted on: Sun, 06 Jul 2014 05:26:38 +0000
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