The nature of Kreuger's swindle and the bankrupt condition of Kreuger was known here in January when he visited his friend, Mr. Hoover, at the White House.
Behind the Hoover announcement there were many months of hurried and furtive preparations both in Germany and in Wall Street offices of German bankers.
Former Research Fellow at the Hoover Institution for War, Revolution and Peace, and also Professor of Economics at California State University, Los Angeles, provides a somewhat deeper analysis.
By 1946, the agenda of the Hoover War Library had extended significantly to include research activities, and thus the organization was renamed the Hoover Institute and Library on War, Revolution and Peace.
Then, over the weekend, President Hoover told the country that"the fundamental business of the country-- that is, the production and distribution of goods and services-- is on a sound and prosperous basis.".
The lame-duck Hoover Administration and the incoming Roosevelt Administration could not, or would not, coordinate actions to stop the run on banks affiliated with the Henry Ford family that began in Detroit, Michigan, in January 1933.
By the 1932 election, party chairman David Leigh Colvin thundered that“The Republican wet plank[i.e. supporting the repeal of Prohibition] means that Mr. Hoover is the most conspicuous turncoat since Benedict Arnold.”.
In the following decades conservative policies once considered outside the liberal mainstream- such as abolishing welfare, privatizing Social Security, deregulating banking, embracing preemptive war- were taken seriously and sometimes passed into law due to the work of the Hoover Institution, Heritage Foundation, the American Enterprise Institute and smaller tanks.
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