Word: hooverizing
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Then, with the civil rights leadership contending with an increasingly antagonistic Reagan administration, it looked as if inroads cut in the late 1970s by Hoover Institute economist Thomas Sowell would allow other conservative Black voices to be heard. In the years following Sowell's first publications, comrades emerged: Walter E. Williams, a George Mason University economist, Robert L. Woodson, head of the National Center for Neighborhood Enterprise, and most visible of all, Kennedy School Professor of Political Economy Glenn C. Loury...
Also as usual, the portents went largely ignored. People yearned to believe what the authorities told them. Calvin Coolidge, on turning over the White House to Herbert Hoover earlier that year, had pronounced the U.S. economy "absolutely sound." Charles E. Mitchell, chairman of the National City Bank of New York, echoed the former President in early October by declaring that the "industrial situation of the U.S. is absolutely sound, and our credit situation is in no way critical...
...year faded, President Hoover promised a tax cut, recommended public works, called a series of conferences with business leaders, and declared that "we have re-established confidence." But in the course of 1930, the Times industrials sank to 199, and the entire economy kept contracting; some 1,000 banks failed, wheat slumped from $1.35 per bu. to 76 cents, and panhandlers proliferated. Hard times were here to stay...
Contrary to popular belief, the Crash of 1929 did not take place in one or two days. It stretched out for weeks, gathering momentum through the autumn. On the day after Black Thursday, President Hoover bestirred himself and declared that the "fundamental business of the country, that is, production and distribution of commodities, is on a sound and prosperous basis." Share prices remained stable that Friday and Saturday. (Yes, markets were open on Saturdays, from 10 a.m. to 12 noon, until...
...through his spokesman, Marlin Fitzwater. On Black Monday, he blithely attributed the crash to "some people grabbing profits" accumulated during the market's long rise. In a statement after the close of trading, he said that "the underlying economy remains sound" -- unwittingly drawing another parallel to 1929, when Herbert Hoover said almost exactly the same thing. On Wednesday, Reagan remarked that the midweek rally indicated the Monday collapse had been "some kind of a correction" -- a statement that would have been reassuring only if he had intended it ironically, as he obviously had not. Some critics began speaking...