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A comment on Fed Says Inflation Progress Has Stalled, Extends Wait-and-See Stance. Parent comment

Re:Fed Says Inflation Progress Has Stalled, Extends Wait-and... by ramesh31 on Wednesday May 01, 2024 @04:33PM (#40229007)
>My dad (grew up in the 30s) said that simply "nobody had any money".

People hear this and think "everyone was broke", but there literally was just no money. We hadn't fully figured out modern monetary policy at that point, and the old ideas of austerity reigned supreme for policymakers.

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Re:Fed Says Inflation Progress Has Stalled, Extends Wait-and... by OscarCunningham on Wednesday May 01, 2024 @04:40PM (#40229089)
I remember thinking about this when my dad lost his job after the 2008 crash. He worked on machines that made computer chips. People still wanted computer chips. And yet there was no means to connect the two.
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Re:Fed Says Inflation Progress Has Stalled, Extends Wait-and... by WalterBright on Wednesday May 01, 2024 @04:37PM (#40229055)
Your clarification is accurate.
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Re:Fed Says Inflation Progress Has Stalled, Extends Wait-and... by cryptonector on Wednesday May 01, 2024 @05:43PM (#40229889)
> the old ideas of austerity reigned supreme for policymakers.

And yet, no. No one spoke of austerity. The government wasn't austere. Hoover's Treasury Sec., Andrew Mellon, wanted to "liquidate, liquidate, liquidate" in 1929, but that didn't happen. More government largesse than Roosevelt went with would not have resolved things, not all other things being equal.

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