Word: hooverness
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...dollar and the pound. They had hardly felt out each other's mind and method before it was bedtime. The Prime Minister slept in what used to be Lincoln's Study. He recalled that when he was last at the White House it had been President Hoover's workroom...
...developments weeks, months, years ago. The echo of the 1929 stock crash had hardly died away be fore the political cry for more and cheaper money took its place. This cry increased as the value of the dollar climbed higher and higher against the value of goods. President Hoover bucked the demand for currency inflation by attempts at credit inflation, most of them unsuccessful...
These deflationary measures were only one-half of the comprehensive plan President Roosevelt had worked out to put the U. S. back on its feet. The other half called for a much-greater-than-Hoover program of credit expansion-the spending of billions of dollars in public works, mortgage refinancing, Tennessee Valley developments, etc., etc. If the President could once get that other half into operation, he believed that he could break the grip of deflation. Last week he was forging ahead with the expansive "inflationary" side of his big plan when he was suddenly stopped in his tracks...
...scale. At the Treasury's order they will buy up to $3,000,000,000 worth of Federal securities and hold them for a specified time. Thus $3,000,000,000 in cash will pass along to the banks and presumably into commercial credit. But last year President Hoover tried the same method of credit inflation and failed to produce results. In three months the Federal Reserve bought $950,000,000 worth of "Governments," but their payments lodged in the banks and never got out to the country. Last week the governors of the twelve Reserve Banks, meeting...
Though it was not his doing, such a break during his first month in office heartened Lewis Williams Douglas, President Roosevelt's slick-haired, squint-eyed young Director of the Budget. The 1933 budget is a hangover from the Hoover Administration, a Republican inheritance beyond Democratic repair. Most of the Roosevelt economies will not show up until the 1934 budget (effective July 1) and upon them Budgeteer Douglas is concentrating with a heartless zeal that has bureaucratic Washington by the ears. Though he shakes his head mournfully and talks about his "sad job" which wrecks the hopes and happiness...