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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (466445)3/26/2009 12:25:48 PM
From: combjelly  Read Replies (1) of 1575774
 
"They where of course less wealthy than we are now, but they where more used to, and capable of dealing with, lower levels of wealth and income."

So? The fact if the matter is that the 1920's saw debt greatly increasing over where it was before. There were a lot of new things which had become available. Things like cars, vacuum cleaners, radios, refrigerators, etc. were being bought on credit. The whole idea of legally available credit was new, and people used it. It very well may be that consumer debt is higher now, but that is a totally irrelevant metric.

Cutting wages would have just meant that more people would have been driven into bankruptcy and would have damaged an already damaged financial system even more.

books.google.com
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