It Was Herbert Spencer, Not

There Is An Enormous Thrust In Our Time To Have A Simple Answer. And That Simple Answer Is That All Depends On Alan Greenspan And The Federal Reserve. And Alan, Who Is An Old Acquaintance Of Mine, Is A Marvelous Performer In The Impression He Gives Of Enormously Great Perception.

And There Was A Deeper, Less Visible Effect Of The Truman Loyalty Program. Seeing Its Consequences For Certain Individuals And Fearing Its Intrusion On Their Own Lives, Many In The Government Sought Protection By Strongly Asserting Their Anti-communism. In The Public Action That Ensued, Policy Was Based Not On Reality But, Instinctively Or Deliberately, On Personal Caution...those Who Urged A Militant And Sometimes Military Anti-communism Were Considered Sound, Trustworthy And Personally Safe; Those Who Questioned Such A Course Were Politically Unsafe, Possible Even Slightly Disloyal.

A Drastic Reduction In Weapons Competition Following A General Release From The Commitment To The Cold War Would Be Sharply In Conflict With The Needs Of The Industrial System.

The Experience Of Being Disastrously Wrong Is Salutary, No Economist Should Be Denied It, And Not Many Are.

The Stock Market Is But A Mirror Which Provides An Image Of The Underlying Or Fundamental Economic Situation. Cause And Effect Run From The Economy To The Stock Market, Never The Reverse. In 1929 The Economy Was Headed For Trouble. Eventually That Trouble Was Violently Reflected In Wall Street.