Time for a fun game. What do you think these quotes are in reference to (I’ve removed a few minor identifying details)?
…administration leaders had begun to believe their policies were working successfully and that before long those measures would lift the economy out of the [crisis] completely. “The President clung fervently to that conviction despite the persistence of high unemployment, the absence of significant new private investment, and the continuing sluggishness of several major industries.”
“Now we Democrats have to admit that we are floundering. We have pulled all the rabbits out of the hat, and there are no more rabbits. . . . We are a confused, bewildered group of people, and we are not delivering the goods.”
the President’s “calling of names in political speeches and the vague, veiled threats of punitive action all tore the fragile texture of credit and confidence upon which the very existence of business depends.”
They’re from, respectively, Alan Brinkley, Maury Maverick and Raymond Moley – describing the economic climate of 1937. Hat tip to Café Hayek for Bob Higgs’ piece on the “Depression with a Depression” that ran from 1937-39.