An opinion piece written by James Bradfield, the Elias W. Leavenworth Professor of Economics, appeared in the Sunday, Sept. 21, issue of the Utica Observer-Dispatch. In "Turbulence and the U.S. Economy," Bradfield explained that "In a free enterprise system, we probably cannot prevent all turbulence. Even if we could do so, the cost would almost certainly be foregoing the growth (with turbulence) of the economy that we have enjoyed since the founding of the republic."
He reviewed the history of other periods of turbulence, especially the Great Depression, and reassured readers that the same outcome as a result of today's financial difficulties is unlikely. "The current interventions of the Fed and the Treasury are likely to prevent a systemic collapse, just as their interventions did in the several episodes of turbulence since the 1930s."
Bradfield was also quoted in a Monday, Sept. 22, issue of The Atlanta Journal Constitution in an article titled "Run on pumps, lower production keep gas scarce."
He reviewed the history of other periods of turbulence, especially the Great Depression, and reassured readers that the same outcome as a result of today's financial difficulties is unlikely. "The current interventions of the Fed and the Treasury are likely to prevent a systemic collapse, just as their interventions did in the several episodes of turbulence since the 1930s."
Bradfield was also quoted in a Monday, Sept. 22, issue of The Atlanta Journal Constitution in an article titled "Run on pumps, lower production keep gas scarce."
