Word: depressionitis
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Dates: during 1950-1959
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Smith: What I mean is-well, pollsters like Sam Lubell have discovered that most people aren't very disturbed by the depression and, God knows, a lot of businessmen think it will be over in six months or so without getting much worse. You know-not really cutting deep...
Smith: Sure, they've got money. They're saving it, and they're paying off earlier purchases and things like that. But they're not spending enough of it on new goods. I guess there are lots of reasons for this. But I think I'...
Jones: Now you sound like you've been hobnobbing with those fellows over on FORTUNE. That's a pretty fancy phrase. But you may be right. What worries me-and I'm not a businessman-is that if this disenchantment continues long enough, we might get a...
Smith: No! But businessmen did some damage, too. They overproduced, and they cut down investment-one of the perils, by the way, of the Age of Abundance. Much of the blame has to go to the auto industry. The overselling of cars in 1955 was shocking. And it was a...
Smith: That's only part of the problem. The real question is not how to cure the depression quickly, but to do what's best for the country in the long run. This means more than getting people to go out and buy a new lipstick or a...