https://www.federalreserve.gov/aboutthefed/educational-tools/lecture-series-origins-and-mission.htm "At the time of the Great Depression theSecretary of the Treasury Andrew Mellon wasquoted as saying ""liquidate labor, liquidatestocks, liquidate the farmers, liquidate realestate."" Why would he have said this?"O "He thought this was the way to increase profits,and was only concerted with business profits andnot people."O "He was crazy, and in fact, admitted to an insaneasylum shortly after making this statement."" He believed that in the 1920s there wasexcessive attention to material wealth, and that""we should live simply, so that others maysimply live."""He thought the economy had to squeeze outexcesses which had accumulated in the 1920s,and that this would benefit the economy in thelong run."He thought if we had fewer workers and fewerfarmers the economy would improve.

depression, in economic matters, a significant slump in the business cycle portrayed by sharp and…

Answered: "At the time of the Great Depression…

"At the time of the Great Depression the Secretary of the Treasury Andrew Mellon was quoted as saying "liquidate labor, liquidate stocks liquidate the farmorc liguide

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

https://www.federalreserve.gov/aboutthefed/educational-tools/lecture-series-origins-and-mission.htm

"At the time of the Great Depression the
Secretary of the Treasury Andrew Mellon was
quoted as saying ""liquidate labor, liquidate
stocks, liquidate the farmers, liquidate real
estate."" Why would he have said this?"
O "He thought this was the way to increase profits,
and was only concerted with business profits and
not people."
O "He was crazy, and in fact, admitted to an insane
asylum shortly after making this statement."
" He believed that in the 1920s there was
excessive attention to material wealth, and that
""we should live simply, so that others may
simply live.""
"He thought the economy had to squeeze out
excesses which had accumulated in the 1920s,
and that this would benefit the economy in the
long run."
He thought if we had fewer workers and fewer
farmers the economy would improve.

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