Marriner Eccles Quotes
We shall either adopt a plan which will meet the problem of unemployment under capitalism or a plan will be adopted for us which will operate without capitalism.
Marriner Eccles, 1890-1977, Federal Reserve Board Chairman (Republican), Senate Testimony, 1933
Sourced by: Eigen's Political and Historical Quotations
This is a statement that in the early 21st century would be made only by ultra liberals. But in the in the late 1940’s this was not only standard democratic party thinking, but a large number of Republicans thought of the Government as the employer of last resort including their Presidential standard bearer.
There are some conservative economists and businessmen who believe that it is desirable to have some unemployment as a bulwark against inflation. If there are people without jobs, they will hold the general wage rates down.
In the 1970s both England and America had a red scare here some ultra conservatives actually feared that their populations would adopt and vote for communism. The intelligence was so bad that the more the Soviet Union was financially and politically collapsing, the more they were feared.
At the time, the economy was virtually controlled by the banks and others in the finance, as opposed to businesses that produced things or provided non-financial services to consumers and business which was that had prevailed ever since the Great Depression, when New Deal legislation controlled the banks, stock markets, and other facets of the financial industry.
Marriner Stoddard Eccles was an American banker, economist, and member and chairman of the Federal Reserve Board.