Wise Words 75 Year Ago

From Marinner Eccles, chairman of the Fed, to Franklin D. Roosevelt, March 6, 1935:

Given the “totally inadequate” amount of money the administration is prepared to spend to jump-start the economy, there’s no reason “to expect any substantial improvement. If we spend some every year, but not sufficient to give the required stimulus to private expenditures, we can build up a large debt and still not be out of the Depression.”