Thank you, Judy, for at least noticing my little jibe. "What more could one
ask for?", you ask. To write in the depths of the depression without writing
ABOUT the depression is not exactly relevant to the depression. Fisher might
have apologized for telling the world early in October, 1929, that the price
of common stocks had attained a "permanent high plateau". Better, he might
have asked himself where his thinking had gone wrong, and how it might be
improved, and then told the world what he had discovered.

J.M. Keynes and Alvin H. Hansen, with all their many faults which I do not
deny, did focus on how to cure the most pressing economic problem of the
times, unemployment. Right now would be a good time for the acolytes of
Friedman and Stigler to do the same.

Mason Gaffney