Monday, January 17, 2011

Knowledge problem- None of them truly understood the machine they were put in charge of……

The Lords of Finance Liaquat Ahamed on precisely what happened in 1920s depression: 
  • ……… the 1920s who made grave mistakes and led the world to the Great Depression — was one that called it an “autopsy of a generation” of policymakers and their follies. Ahamed says “autopsy” is a reasonably good description. 

  • “It is about a group of men who made terrible blunders...they killed their patients...I don’t know if it is so much an autopsy as an inquest, but I don’t disagree with that generally.” 

  • Ahamed feels Federal Reserve chairman Ben Bernanke has done a good job lately. “Listen, he is like a doctor who allowed his patient to do all the wrong things: smoke, eat fattening foods, and then when the patient had a heart attack, he started doing the right things,” he says 

Read the full interview here. 

My earlier post is here. 

1 comment:

  1. Mr. Pulitzer should receive a garland full of fresh species for his accomplished journey as great extractor of historical manuscripts and events,....
    Great dipressions of 1930's were the best indicator of drastic conditions went all over the globe. Cacophony of four bankers startled the financial jiggling in complex strand. Hence, it inconculate 'autopsy of generation'.....