“We have undoubtedly expanded the credit structure, spending today and postponing the accounting until tomorrow. We have been guilty of the sin of inflation....Credit expansion results in business activity in full employment, in optimistic outlook and in a flood of gratulatory literature proclaiming us wiser then our predecessors. But the evidence is consistent and cumulative. The past decade has witnessed a great volume of credit inflation. Our period of prosperity in part was base on nothing more substantial than debt expansion.
“When the accounts are footed we shall have learned new lessons respecting the evils of credit inflation. This dear bought wisdom we may place beside our knowledge of the evils of monetary inflation purchased at an equally dear price. We may venture pious hope that the joint lessons will induce growth of the wisdom to foresee, caution to move less rapidly and more surely in the path of progress.” ~ Charles E. Persons, economist, 1930
“Governments never learn. Only people learn." ~ Milton Friedman, economist
“Experience is that marvelous thing that enables you to recognize a mistake when you make it again.” ~ Franklin P. Jones, reporter, humorist
