Word: hooverism
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That brings us to lesson No. 2. Early in the Great Depression, powerful voices at Treasury and the Fed argued that financial crisis was a necessary corrective. "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate," Treasury Secretary Andrew Mellon advised President Herbert Hoover. "It will purge the rottenness out of the system." This time around, after Lehman went under, no one at Treasury or the Fed talked that way. Instead, policymakers in the U.S. and overseas agreed that the panic had to be stopped at any cost. And it was, through a bailout that placed trillions of taxpayer...
...Joffe is editor of Die Zeit and a fellow of the Institute for International Studies and of the Hoover Institution at Stanford University
...phobia of socialism has made U.S. headlines. Since the early 20th century, few issues have stirred more political alarm. Facing a series of massive worker strikes in the years after the start of the Russian Revolution, U.S. Attorney General A. Mitchell Palmer and rising Justice Department star J. Edgar Hoover took on a "red menace" of radicals, anarchists and Bolsheviks. By 1920, the pair had arrested up to 10,000 alleged subversives. (Most cases were thrown out.) With the onset of the Cold War, fears flared anew. Indeed, the term socialized medicine was coined in the late 1940s by critics...
That brings us to lesson No. 2. In the early 1930s, powerful voices at the Treasury and Federal Reserve argued that the deep pain of financial crisis was a necessary economic corrective. "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate," Treasury Secretary Andrew Mellon advised President Herbert Hoover. "It will purge the rottenness out of the system." Late last year, you could hear a few people arguing this case on CNBC and even on the floor of the House of Representatives. But after Lehman's failure, no one at Treasury or the Fed talked that way. Instead...
...Bryan Burrough that inspired the movie is a panorama of G-men and gunmen: Pretty Boy Floyd, Baby Face Nelson, the whole colorful rogues' gallery. The movie concentrates on Dillinger, known as Public Enemy No. 1, so the plural in the title suggests that not just he but also Hoover was a national menace. Dillinger is seen as an independent businessman being squeezed by two ruthless cartels: Frank Nitti's gang and Hoover's FBI - the Chicago Mob and the wrong...