Tuesday, October 21, 2008

"George, You Were No Herbert Hoover"

"Two days after entering the White House in March 1929, Hoover, who for years had been warning about 'the fever of speculation,' exhorted Federal Reserve officials to rein in brokers and investment bankers. Following the Black Monday stock market crash that October, he summoned leaders of industry and finance to the White House, where he implored them to maintain wage rates; he urged Congress and state and local governments to accelerate public works spending; he prodded the Federal Reserve Board to expand credit; and he encouraged a newly created Federal Farm Board to bolster crop prices."

William E. Leuchtenburg in The New Republic contrasts George W. Bush with Herbert Hoover.

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