July 21, 2009
Why An Understanding of History Is More Important Than Ever

From an academic counselor at Miramar College in California:

“There’s a lot of despair out there,” Cassar said. “You have no money. You can’t get into classes to graduate. And even if you could get into classes to graduate, you might not be able to find a job. I don’t know what the Great Depression in ’29 was like, but from what I hear from my grandparents, it sounds a lot like what’s going on now. It’s my job to be a cheerleader and keep people upbeat and tell them we’ll get them into classes on time.”

Excuse me while I channel my inner Angus, but holy crap, people! Not being able to get into the classes you need to graduate is comparable to the Great Depression? You mean the one with three years of over 20 percent unemployment? The one where, according to economic historian Gene Smiley, "Some people starved; many others lost their farms and homes. Homeless vagabonds sneaked aboard the freight trains that crossed the nation. Dispossessed cotton farmers, the “Okies,” stuffed their possessions into dilapidated Model Ts and migrated to California in the false hope that the posters about plentiful jobs were true." That Great Depression?

Posted by Joshua Hall at 10:44 AM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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