In Japan, Indonesia, Thailand and Brazil, the economic crises keep on coming. Are they headed straight for Main Street, USA? In this hour of To the Best of Our Knowledge, an investment advisor's sober analysis, and an optimistic economist!
Ellen Frank writes on economic issues for Dollars and Sense magazine and teaches economics at Emmanuel College in Boston. She tells Steve Paulson that the government's role is to generate jobs and spending, and that budget deficits are a good thing. Also, we hear the first of several excerpts from a conversation Judith Strasser had with 94 year old lawyer Robert Murphy and his 96 year old wife, Arabel, about their experiences during the depression. Here, Arabel says she lost her job, but was sustained by her family.SEGMENT 2:
Robert Murphy recalls some of the distressing aspects of his law practice during the Depression, and what some professionals (like Doctors) did to help people out. Also, economist James Galbraith tells Judith Strasser what a depression is; how today's situation is like and unlike the global financial situation of the 1920s and 30s; and insists that the government must prevent future depressions.SEGMENT 3:
Robert Murphy remembers going to the opera a lot in the 1930s: the Met couldn't pay the top singers anymore, so they came to Chicago! Also, investment advisor Ed Celnicker tells Jim Fleming that he's advising clients to dramatically reduce the amount of risk in their portfolios, and that he feels he's providing a valuable service to his clients. Finally, the Murphys say there was a lot more kindness in the Depression years; that they live within their means and always have, and that many things are more important than money.Cassette copies are available at 1-800-747-7444. Ask for program number 98-11-01-A.
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