Repetition of a PatternNineteen thirty-six, the fourth year of Roosevelt, was also the fourth year of marked business improvement. In addition to its relief and farm payments, the New Deal made an involuntary contribution to consumer prosperity by paying the World War veterans a $2,000,000,000 bonus. Big business was still thoroughly opposed to the New Deal, and still [...]  |
Selective RecoveryMarch 4, 1933, was the turning-point in the depression and therefore in American economic life. Mr. Hoover’s policy of letting the depression run its course still had much to recommend it from the standpoint of orthodox economics. Unfortunately, the orthodox economist had not taken into consideration the possibility of a banking collapse. With the arrival [...] |
