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Marriner Stoddard Eccles (September 9, 1890 - December 18, 1977) was an American banker, economist, and member and chairman of the Federal Reserve Board.

Eccles was known during his lifetime chiefly as having been the Chairman of the Federal Reserve under President Franklin D. Roosevelt. He has been remembered for having anticipated and supporting the theories of John Maynard Keynes relative to "inadequate aggregate spending" in the economy which appeared during his tenure.[2] As Eccles wrote in his memoir Beckoning Frontiers (1951):

   As mass production has to be accompanied by mass consumption, mass consumption, in turn, implies a distribution of wealth ... to provide men with buying power. ... Instead of achieving that kind of distribution, a giant suction pump had by 1929-30 drawn into a few hands an increasing portion of currently produced wealth. ... The other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped.

Wealth today is more concentrated than it was in 1929.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Oct 29th, 2020 at 01:58:11 PM EST
[ Parent ]
The differences between today and 1929 include the mass availability of credit cards, which provide some cushion for the average worker, a vastly higher total wealth and the existence of some degree of social safety net in the form of unemployment insurance . Thus, even with an equivalent mal-distribution of wealth, the bottom half can remain above total desolation for at least a few months. Their survival for a year or more now depends on extraordinary fiscal action by the federal government.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Oct 29th, 2020 at 02:12:11 PM EST
[ Parent ]
I can't agree with any comparison in that remark.
by Cat on Thu Oct 29th, 2020 at 09:41:40 PM EST
[ Parent ]
If he wrote that now, the LDS authorities would call him on the carpet.
by rifek on Fri Nov 13th, 2020 at 09:49:36 PM EST
[ Parent ]


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