The 'Something' Government Should Do  Exclusive to STR  October
30, 2008  Sometime soon George Bush may want to review Herbert
Hoover's 1932 acceptance speech and pluck phrases from it that
might calm angry Americans. In rationalizing his
interventionism, Hoover said:  nothing has ever been devised in
our history which has done more for . . . 'the common run of men
and women.' Some of the reactionary economists urged that we
should allow the liquidation to take its course until we had
found bottom . . . . We determined that we would not follow the
advice of the bitter-end liquidationists and see the whole body
of debtors of the United States brought to bankruptcy and the
savings of our people brought to destruction. [p. 187]  Had
Hoover followed the advice of the 'bitter-end liquidationists,'
one of whom was Treasury Secretary Andrew Mellon, the economy
would likely have recovered by 1932, and we might've been spared
the Roosevelt holocaust. Mellon, though ever the interventionist
during the 1920s, at least u