If the crisis were ruthlessly permitted to run its course, bring about the destruction of enterprises which were unable to meet their obligations, then all entrepreneurs — not only banks but also other businessmen — would exhibit more caution in granting and using credit in the future. Instead, public opinion approves of giving assistance in the crisis. Then, no sooner is the worst over than the banks are spurred on to a new expansion of circulation credit.
Ludwig von Mises
Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.… It will purge the rottenness of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people.
Andrew Mellon
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