The difference between recession and depression is simple. Recession, goes the saying, is when you lose your job; depression is when I lose mine.
Amity ShlaesToday many politicians suggest that where the federal government does not act, there must be anarchy. That view is odd, blinkering out the work of state and towns, which until recently did much of our charitable and cultural work. That view also blinkers out the role of mutual societies and churches.
Amity ShlaesCoolidge and his treasury secretary Mellon loved new technology. Like JFK, C.C. divined that a new technology could lift the nation out of its doldrums; the only difference was that JFK's new technology was space travel, and Coolidge's travel by airplane.
Amity ShlaesEurope unified its monetary policy through the euro before it unified politically, therefore sustaining member countries' abilities to pursue the kind of independent fiscal policies that can strain a joint currency.
Amity Shlaes