Something must be done to save the American banking system, and the bankers were not doing it; the spirit of the day was sauve qui peut. By an odd chance, the declaration of war upon Germany by the British and French governments took place ten years to a day after that September 3, 1929, which I had already made the subject of my first chapter. The panic spread to England. Those elections brought, incidentally, a smashing victory in New York State to Governor Franklin D. § 4 As the second year of the Depression drew to an end and the third one began, a change was taking place in the mood of the American people. I would recommend this book for anyone wanting to learn more about the American experience during the 1930s.
He studied at Groton, graduated from in 1912 and received his Master's in 1913. And a world still with Social Security, Medicare and Medicaid, not to say bank deposit insurance, is a far cry from one that lacked any safety net to speak of and that was prone to destructive bank runs driven by fear and anxiety. No one else does this sort of thing so well. Democrats like Garner who gave him scant co-operation he regarded with wrath; the White House correspondents found him suspicious, unwilling to hold press conferences, resentful of attacks upon him in the press. Roosevelt was to be President.
Never did a green Administration seem to be walking into such a potential hornet's nest of difficulties. Roosevelt can escape being the next presidential nominee of his party, even if no one should raise a finger to bring it about. Baker never sells anything, that you can't go far wrong if you are a Bull on America. Perhaps that is because Allen had ten more years of writing, or I much preferred reading about the 1930s and the Depression over the 1920s. However, it was successful in that it did raise farm prices and offer aide to struggling farmers. They have made me the present instrument of their wishes. Since Hoover's first fever of activity after the Panic, he had been leery of any direct governmental offensive against the Depression.
Hoover had then begun a long period of consultation--with members of his Cabinet, with Federal Reserve officials, with ambassadors, with bankers. For already there was a fierce outcry for Federal aid, Federal benefits of one sort or another; and in this outcry he saw a grave threat to the Federal budget, the self-reliance of the American people, and the tradition of local self-rule and local responsibility for charitable relief. Hoover's Reconstruction Finance Corporation had put the government deeply into business. I taught it for years. On September 3, 1929, Governor Franklin D. In a market so honeycombed with credit, the beautifully contrived system whereby the stock gambler whose margin was exhausted by a fall in market prices was automatically sold out, became a beautifully contrived system for wrecking the price structure.
Internationally as well as within the United States, an old order was giving place to new. The Lindbergh Kidnap Case 7. Roosevelt took office in 1933, public confidence in the nation slowly began to grow, and by 1936, the industrial average, which had plummeted in 1929 from 125 to fifty-eight, had risen again to almost one hundred. Even so, there was not at first much uneasiness. The decline became more rapid. Perhaps that is because Allen had ten more years of writing, or I much preferred reading about the 1930s and the Depression over the 1920s.
Again with the idea of improving credit conditions, he urged, and secured, the creation of a chain of home-loan discount banks, and the provision of additional capital for the Federal Land Banks. The Lindbergh Kidnap Case 7. The Tractors Go Rolling Along 4. Let me refresh your recollection. The Democratic candidate was less vague, now, than he had been. Much more exciting than Ramsay MacDonald's address, to most Americans, is another front-page event of September 3: the National Amateur Golf Championship at Pebble Beach, California.
But again Nocera gets himself mired in Allen's soft and taffy-like sociology. For weeks they had been burying bank-panic news in the back pages; now they could let go--and out gushed, on the news pages and in the editorials, all that zest for whooping it up, for boosting, for delivering optimistic fight talks, that was innate and habitual in the American temperament. Other critics of Technocracy pointed out that Scott's statements about the great potentialities of new engineering devices like the electric eye were optimistic at best. If you are interested in an overview of that era, this book provides a lot of useful information of what it would have been like to live and work or be unemployed in the country during that difficult time period. Hoover did not have much of the information needed to foretell the economic situation.
The Depression was certainly the number one issue of the decade. Even in the big cities there are still silent pictures competing with the talking ones. Thus one gets a sense of how events flowed together, how one thing effected the next, a more holistic view. It speaks of death and of thought, rather than of life and emotion, showing that death is something that should not be ignored in life, and that thought is important even with the domination of feeling. One of the personalities that symbolized that hope, especially for the underdog was the race horse Seabiscuit. The major phenomena of the Depression were mostly negative and did not assail the eye.