Business: Treacherous Cycles

Too much importance, of course, should not be attached to speeches at conventions—even at bankers' conventions. Yet the necessity, according to President Puelicher of the American Bankers' Association, for abolishing the " treacherous business cycle" amounts to what advertising men call an " interrupting idea." There were no real business cycles until we had banks and a banking-credit problem and, arguing from precedent, it may not be until we abolish all banking and return to the Middle Ages that the business cycle can be also eliminated. This is just what the Socialists propose, and...

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