This is 1932 and we have as our President Herbert Hoover and when the Great Depression set in Mr. Hoover's suggestion was to cut spending and give low interest loans to banks and industry to restart the economy. Problem was no matter how much money they made available to Ford and GM and United States Steel no customers showed up to buy anything. Anyone who has ever played Monopoly understands this, one or two players control all the money in the game and for the rest of the players doom is but one roll of the dice away.
Our economy must take its medicine and this time it is the upper income levels that must hold their nose and swallow higher taxes. It will not get better any other way. We must put fuel to light the fire at the bottom to heat the steam at the top.
"When we [the Republican Party] assumed direction of the Government in 1921 there were five to six million unemployed men upon our streets. Wages and salaries were falling and hours of labor increasing. . . . The Republican Administration at once undertook to find relief to this situation. At once a nationwide employment conference was called. . . . Within a year we restored these five million workers to employment. But we did more; we produced a fundamental program which made this restored employment secure on foundation of prosperity; as a result wages and standards of living have during the past six and a half years risen to steadily higher levels. Herbert Hoover, October 1928
"During the past year you have carried the credit system of the nation safely through a most difficult crisis. In this success you have demonstrated not alone the soundness of the credit system, but also the capacity of the bankers in emergency."
Herbert Hoover, Address before the annual convention of The American Bankers Association, Cleveland
October 20, 1930
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
