Here is the reference to Mellon. It goes further than the article: Hoover, Herbert. 1952. The Memoirs of Herbert Hoover (NY: Macmillan): 3, p. 30 "The 'leave-it-alone liquidationists' headed by Secretary Mellon ... felt that the government must keep its hands off and let the slump liquidate itself. Mr. Mellon had only one formula: 'Liquidate stocks, liquidate the farmers, liquidate real estate' .... He held that even panic was not altogether a bad thing. He said: 'It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people."
-- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
