Friday, November 25, 2011

Some Did Well During the Great Depression

More historical perspective from the Federal Reserve Bank of Cleveland...
"If you could hold onto your job, you actually did reasonably well during the Depression because of the tremendous deflation. The price level dropped 30 percent between 1929 and 1933. People could buy a great deal more with a dollar in 1933 than in 1929. But the problem was holding onto your job."
Source: Federal Reserve Bank of Cleveland, interview with economist and National Bureau of Economic Research research associate Price Fishback, Forefront, Fall 2011

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