Word: hooverness
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...Winnett of Bullock's department store, President Joe Crail of the Coast Federal Savings & Loan Association, Manufacturer K. T. Norris, Charles S. Howard, wealthy heir to an automobile fortune and socialite turfman, three members of the wealthy Los Angeles Rowan real estate family, and Civil Engineer Herbert Hoover...
...that "as Maine goes, so goes the nation" has not been true in a presidential election since Maine and the nation went for Herbert Hoover in 1928. But politicos still view the September state election in Maine as an important barometrical event; the size of the G.O.P. majority in Maine is often used as a basis for predicting the national vote...
...this third and most important volume of his memoirs, telling of his ordeal, Hoover writes as a man in anguished earnest, a man whose pride of historical place has been irretrievably hurt. As Hoover sees it, he was far from being the helpless victim of uncontrollable economic forces. Though it may come as a surprise to many wounded veterans of the Great Depression, he insists that he knew just what to do, and was vigorously doing it when his opponents took power, threw away all his gains and prolonged the depression for seven more years...
Turning Away Panic. Hoover passes a stern judgment on Secretary of the Treasury Andrew Mellon, whose only formula, says Hoover, was: "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate." Hoover says that he rejected Mellon's advice, acted promptly after the crash, and was the first President ever to make full use of his powers to cushion a national economic shock. He promoted federal works projects and expanded the federal employment service. Calling in business leaders, he got their promise that capital expenditures would go on and that wages would not be cut. But they often were...
...disaster threatened when the main European economic structure collapsed, and the convalescing U.S. economy was severely set back. Though confronted then with a hostile Congress and 7,000,000 families without breadwinners, Hoover feels that he met the challenge head on. He won a year's moratorium on war debts and reparations, shored up the gold standard, called a world economic conference, set up the Reconstruction Finance Corp., and launched reform of "our rotten banking system." Says he: "[These] great legislative and other measures . . . turned away panic and started us on the road to real recovery around July...