News from 1930: “Playing politics at the expense of human misery”
This comes from the Blog News from 1930 which tells us what happened on this day in 1930 according to the Wall Street Journal:
Pres. Hoover criticizes wide variety of extensive relief measures introduced in Congress as “playing politics at the expense of human misery”; says prosperity can’t be restored by raids on the public treasury, relief measures already proposed by administration are maximum possible without increased taxes; “no matter how devised, an increase in taxes in the end falls upon the workers and farmers, or alternatively deprives industry of that much ability to give employment.”
Here’s another tidbit from the same day:
Whaley Eaton Washington letter: “The great industrial leaders and financiers have more at stake than any others, and they are not twirling their thumbs … They are doing a tremendous amount of work. The economic system has not toppled over and is not going to. This is a typical trade depression and it will disappear just as others before it have.” Sees positives in: extensive liquidation already accomplished; financial situation “incomparably better than it was a year ago,” with Fed. Reserve “magnificently buttressed”; adjustment to new price ranges and equilibriums progressing.
Col. Ayres of Cleveland Trust now sees 1931 as year of slow business recovery, with activity still below normal at end of year. However, sees fair prospect “it will be characterized by progressive improvements, instead of by recurrent declines.” This business depression “has been very much more severe than anyone expected,” but records of the past half-century indicate improvement next year; by our records, businesses has never declined for so long and to such low levels and then postponed a definite recovery for another year.
Plus ça change. More here.