In 1900, industrial workers toiled 10 hours a day, 6 days a… - Henry Kaufman

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In 1900, industrial workers toiled 10 hours a day, 6 days a week and earning an average of $375 dollars a year. ...[W]orking conditions were typically unsanitary, unsafe, and often fatal, and there were few protections—whether from unions (...a meager 5 percent of industrial workers), employers, or government. ...[S]tate and federal governments frequently trotted out their armed militias to help suppress striking laborers. ...[W]hites lived an average of only 47 years, blacks a mere 33.

Henry Kaufman

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About Henry Kaufman

(born October 20, 1927) is President of Henry Kaufman & Company, Inc. and is known, by some critics of his economic analyses and prognostications, as "Dr. Doom." Kaufman worked in commercial banking and served as an economist at the . After the Federal Reserve, he spent 26 years with , where he was Managing Director, Member of the Executive Committee, and in charge of the Firm’s four research departments. He was also a Vice Chairman of the parent company, Salomon Inc. He also served as a director of Lehman Brothers Holdings Inc. and as chairman of the Lehman board's finance and risk committee.

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I take great pride in being an American. Consequently, when financial excess threatens our economic moorings, and thus our extraordinary dynamic and pluralistic nation, I have often spoken out for saner behavior and more effective policies.

[R]icher nations have larger stock and bond markets than poorer ones, and the assets of financial intermediaries are much larger in relation to GDP.

Judgements on the performance of our economy require a clearly defined objective. Too often... there are multiple and contradictory objectives. Unless we are clear on our... objectives, we are not able to evaluate performance as good or bad...

In 1900, industrial workers toiled 10 hours a day, 6 days a week and earning an average of $375 dollars a year. ...[W]orking conditions were typicall… - Henry Kaufman

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