Modern Times: The World From the Twenties to the Nineties (160 page)

86
See the Introduction by Edward Jablonski to
Lady, Be Good!
in the Smithsonian Archival Reproduction Series, the Smithsonian Collection R008 (Washington DC 1977)
.

87
Quoted in McCoy, op. cit., 392
.

88
Charles and Mary Beard
,
The Rise of American Civilization, 2
vols (New York 1927), II 800
.

89
Walter Lippmann
,
Men of Destiny
(New York 1927), 23ff
.

90
Lincoln Steffens
,
Individualism Old and New
(New York 1930), 35ff
.

7 Dégringolade

1
Norman Mursell
,
Come Dawn, Come Dusk
(London 1981)
.

2
Gilbert, op. cit., v, (Companion Volume) Pan 2, 86–7
.

3
J.K.Galbraith
,
The Great Crash 1929
(Boston 3rd ed. 1972), 83
.

4
Ibid., 104–16
.

5
William Williams, ‘The Legend of Isolationism in the 1920s’
,
Science and Society
(Winter 1954)
.

6
William Williams
,
The Tragedy of American Diplomacy
(New York 1962); Carl Parrini
,
The Heir to Empire: US Economic Diplomacy 1916–1923
(Pittsburg 1969)
.

7
See Jude Wanninski’s letter in the
Wall Street Journal
,
16 June 1980
.

8
Rothbard, op. cit., 86
.

9
Federal Reserve Bank
,
Annual Report 1923
(Washington DC 1924), 10
.

10
Seymour E. Harriss
,
Twenty Years of Federal Reserve Policy
(Harvard 1933), 91
.

11 Rothbard, op. cit., 128–30.

12 Harris Gaylord Warren,
Herbert
Hoover and the Great Depression
(Oxford 1959) 27.

13
Congressional investigation of Stock Exchange Practises: Hearings 1933
,
2091ff;
Report
1934
, 220–1. Galbraith, op. cit., 186–7.

14 Rothbard, op. cit., 158ff.

15 For Strong, see Lester V. Chandler,
Benjamin Strong, Central Banker
(Washington DC 1958).

16 Rothbard, op. cit., 133.

17 Melchior Palyi, ‘The Meaning of the Gold Standard’,
Journal of Business
, July 1941.

18 Rothbard, op. cit., 139.

19 Quoted in Lionel Robbins,
The
Great Depression
(New York
1934), 53. Lord Robbins repudiated this book in his
Autobiography of an Economist
(London 1971), 154–5, written just before the great Seventies recession brought Keynesianism down in ruins.

20 Quoted in Chandler, op. cit., 379–80.

21 Rostow,
World Economy
, Table II-7, 68.

22 Rothbard, op. cit., 157–8;
R.G.Hawtrey
,
The Art of Central
Banking
(London 1932), 300.

23 Galbraith, op. cit., 180.

24 Dulles, op. cit., 290.

25 Schmalhausen and Calverton, op. cit., 536–49.

26 Selma Goldsmith
et al.:
‘Size Distribution of Income Since the Mid-Thirties’,
Review of
Economics and Statistics
,
February
1954; Galbraith, op. cit., 181.

27 Walter Bagehot,
Lombard Street
(London 1922 ed.), 151.

28 For the collected sayings of ‘experts’, see Edward Angly,
Oh Yeah?
(New York 1931).

29 Galbraith, op. cit., 57ff.

30
Securities and Exchange Commission in the Matter of Richard Whitney, Edwin D.
Morgan etc
(Washington DC 1938).

31 Bagehot, op. cit., 150.

32 Galbraith, op. cit., 140.

33 Ibid., 147.

34 The principal works are: E.K.Lindley,
The Roosevelt
Revolution. First phase
(New York
1933); Raymond Moley,
After Seven Years
(New York 1939); Dixon Wecter,
The Age of the
Great Depression
(New York
1948); Richard Hofstadter,
The
American Political Tradition
(New
York 1948); Robert Sherwood,
Roosevelt and Hopkins
(New York
1950); Rexford Tugwell,
The
Democratic Roosevelt
(New York
1957); and, not least, the many writings of J.K. Galbraith and Arthur M.Schlesinger, especially
the latter’s
The Crisis of the Old Order 1919–1933
(Boston 1957)
.

35 See JohnP.Diggins,
The Bard of
Savagery: Thorstein Veblen and Modern Social Theory
(London
1979).

36 For Hoover’s early life see David
Burner
,
Herbert Hoover: a Public
Life
(New York 1979).

37 Quoted in William Manchester,
The Glory and the Dream, a Narrative History of America
1932–1972
(New York 1974), 24.

38 Murray Rothbard: ‘Food Diplomacy’ in Lawrence Gelfand
(ed.)
,
Herbert Hoover: the Great War and its Aftermath
,
1914–1923
(University of Iowa 1980).

39 J.M. Keynes,
Economic
Consequences of the Peace
(London 1919), 257, footnote.

40 The letter was to Hugh Gibson and Hoover preserved it in his files; now in the Hoover Papers.

41 Herbert Hoover,
Memoirs
, 3 vols (Stanford 1951–2), II 42–4.

42 Ibid., II 41–2.

43 Martin Fasault and George Mazuzan (eds),
The Hoover
Presidency: a Reappraisal
(New
York 1974), 8; Murray Benedict,
Farm Policies of the United States
(New York 1953).

44
Murray
,
The Harding Era
,
195
.

45 Ellis Hawley: ‘Herbert Hoover and American Corporatism 1929–33’ in Fasault and Mazuzan, op. cit.

46
Eugene Lyons
,
Herbert Hoover, a
Biography
(New York 1964), 294.

47
Joan Hoff Wilson
,
American Business and Foreign Policy 1920–1933
(Lexington 1971), 220; Donald R.McCoy’s ‘To the White House’ in Fasault and Mazuzan, op. cit., 55; for Wilson’s anti-Semitism, David Cronon (ed.)
,
The Cabinet Diaries of josephus Daniels 1913–1921
(Lincoln, Nebraska 1963), 131, 267, 497; for FDR’s, Walter Trohan
,
Political Animals
(New York 1975)
,
99
.

48
Quoted in Galbraith, op. cit., 143
.

49
Hoover to J.C.Penney, quoted by Donald McCoy in Fasault and Mazuzan, op. cit., 52–3
.

50
Hoover to General Peyton Marsh at the War Food Administration; quoted in Arthur Schlesinger
,
The Crisis of the Old Order
,
80
.

51
Rothbard
,
The Great Depression
,
187
.

52
Hoover, op. cit., II 108
.

53
Ibid., in 295
.

54
American Federation
,
January, March 1930
.

55
Harrod, op. cit., 437–48
.

56
Galbraith, op. cit., 142
.

57
Rothbard, op. cit., 233–4
.

58
Hoover, Republican Convention acceptance speech, 11 August 1932; speech at Des Moines
,
4 October 1932
.

59
Rothbard, op. cit., 268
.

60
Ibid., 291
.

61
Rostow
,
World Economy
,
Table 111–42, 220
.

62
Fortune
,
September 1932
.

63
Manchester, op. cit., 40–1
.

64
C.J. Enzler
,
Some Social Aspects of the Depression
(Washington DC 1939), chapter 5
.

65
Ekirch, op. cit., 28–9
.

66
Don Congdon (ed.)
,
The Thirties: a Time to Remember
(New York 1962), 24
.

67
James Thurber, Fortune, January 1932; Rothbard, op. cit., 290
.

68
Thomas Wolfe
,
You Can’t Go Home Again
(New York 1934), 414
.

69
Edmund Wilson: ‘The Literary Consequences of the Crash’
,
The Shores of Light
(New York 1952), 498
.

70
Harper’s
,
December 1931
.

71
Charles Abba
,
Business Week
,
24 June 1931
.