One last excerpt from his 1938 booklet (WAKE UP PEOPLE!:
“One effect was that private borrowing and lending, except from day to day, practically ceased. With the value of the dollar being posted daily at the Treasury like a lottery number, who would lend money for six months or a year, with no way of even guessing what a dollar would he worth when it came to be paid back?”
“No man outside of a lunatic asylum,” said Senator Glass, “will loan his money today on a farm mortgage” But the New Deal had a train of Federal lending agencies ready to start. The locomotive was the Reconstruction Finance Corporation.”
“The signal for the train to start was a blast of propaganda denouncing Wall Street, the hanks and all private owners of capital for their unwillingness to lend. So the government, in their place, became the great provider of credit and capital for all purposes.”
self ping
Bump with a 1938 quote, coming soon (again) to a town near you:
“The signal for the train to start was a blast of propaganda denouncing Wall Street, the hanks and all private owners of capital for their unwillingness to lend. So the government, in their place, became the great provider of credit and capital for all purposes.”