“Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.” That’s what Treasury secretary Andrew Mellon is said to have told President Hoover in 1929. His essential words are misunderstood to this day.
In his often errant new book titled The Lords of Easy Money (review here), journalist Christopher Leonard disappointingly referred to Mellon as “heartless and delusional” for instructing Hoover to let the economy correct itself. In truth, Leonard was revealing himself as heartless.
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