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Jalil and Rua (2016).
137. Taylor and Neumann (2016, p. 55).
138. Meltzer (2003, pp. 458–59).
139. Meltzer (2003, pp. 477–78). Attempting to use monetary policy, he told Congress, would
be like “pushing on a string.”
604 Notes to Chapter 6
140. Calomiris (2013, pp. 199–200).
141. Friedman and Schwartz (1963, pp. 445–49); Meltzer (2003, pp. 463–86).
142. Calomiris (2010, p. 554).
143. Meltzer (2003, p. 459).
144. At least until 1936–1937, when sterilization motivated by a fear of inflation caused a
significant but short-lived recession. That recession has often been blamed on the president’s decision to tighten fiscal policy or the Fed’s decision to increase bank reserve requirements, but in fact these effects were small compared with those of the Treasury’s gold-sterilization program (Irwin 2012).
145. Romer (1992).
146. Louis Johnston and Samuel H. Williamson, “What Was the U.S. GDP Then?” Measur- ing Worth, http://www.measuringworth.org/usgdp/ (accessed May 23, 2019). Since population hadn’t changed much, the story is much the same for GDP per capita.
147. Jensen (1989, p. 556).
148. Ahamed (2009, p. 298).
149. McGirr (2016, p. 246); Okrent (2010, p. 352).
150. Fishback (2010, p. 403); Okrent (2010, p. 361).
151. Eisner (2000); Leuchtenburg (1964, p. 84).
152. Namorato (1988).
153. Tugwell (1932, p. 76).
154. Berle and Means (1932). Born in South Windham, Connecticut, Means was also the son
of a Congregationalist minister. As we will see, he held views on planning very similar to those of Tugwell.
155. Quoted in Barber (1996, p. 6).
156. Leuchtenburg (1963, p. 35).
157. Astonishingly, this speech was written largely by the newspaper reporters who accom-
panied the Roosevelt campaign, especially Ernest K. Lindley of the Herald Tribune and James M. Kieran of the New York Times (Moley 1939, p. 24; Tugwell 1957, p. 219). Tugwell considered this Roosevelt’s best speech, in part because it “represented the high tide of collectivism.”
158. The speech was based on a draft by Berle, with input from Moley, Bernard Baruch, and others in addition to Roosevelt himself (Moley 1939, p. 58).
159. See for example Stigler and Friedland (1983).
160. Lipartito and Morii (2010); Wells (2010).
161. Ripley (1927). Ripley was in fact a man of many interests. His widely influential first
major work used cranial measurements to argue that there was not just one Aryan race in Eu- rope but three: Teutonic, Alpine, and Mediterranean. Of the Jewish “race” he warned that this “swamp of miserable human beings . . . threatens to drain itself off into our country” (Ripley 1899, p. 372). Gardiner Means took Ripley’s course on the economics of the corporation as a graduate student at Harvard in the mid-1920s, just as Ripley was writing the articles that became Main Street (Lee 1990b, p. 675). Two decades earlier, an undergraduate Franklin D. Roosevelt had taken the same course from Ripley (Fusfeld 1954, p. 25).
162. Ripley (1927, pp. 85–86). As we saw, Walter Chrysler would acquire Dodge only months after Ripley’s book appeared.
163. Berle and Means (1930, p. 69).
Notes to Chapter 6 605
164. Lipartito and Morii (2010, pp. 1028–37). 165. Berle and Means (1930, p. 60).
166. Lee (1990b, p. 679).
167. Holderness, Kroszner, and Sheehan (1999). 168. Lee (1990b, p. 680).
169. Lamoreaux and Rosenthal (2006).
170. Kroszner and Rajan (1994).
171. Rosenberg (1983).
172. Perino (2010); Seligman (1982, pp. 9–38).
173. The public would be shocked a few years later when Whitney was found guilty of having
embezzled from the Exchange (Perino 2010, p. 295).
174. The encounter was not entirely unmemorable. After the proceedings were described as
a “circus” in the press, a promoter for Ringling Brothers brought in a dwarf called Lya Graf and, before testimony for the day began, sat her on the lap of Jack Morgan. Morgan’s grandfatherly treatment of the young woman actually burnished his image. A German national of Jewish descent, Graf would ultimately perish at Auschwitz (Perino 2010, pp. 283–86).
175. Calomiris and Ramirez (1996, p. 155).
176. Kennedy (1973, pp. 103–28); Perino (2010); Seligman (1982, pp. 13–38).
177. Cleveland and Huertas (1985).
178. Kroszner (1996, p. 74). Between 1922 and 1929, the share of the total assets of American
financial institutions held by commercial banks dropped from more than 60 percent to 54 percent. At the same time, the share grew for investment companies, securities brokers and dealers, finance companies, and insurance companies.
179. There were two other ways commercial banks could organize securities affiliates: (1) the bank could own the affiliate as a subsidiary or (2) a holding company could own both the bank and the affiliate. Legal restrictions prevented banks from selling equity and many other kinds of securities through their own internal departments; even the sale of bonds by a bank was considered ultra vires until the McFadden Act of 1927 (White 1986, p. 35).
180. Cleveland and Huertas (1985, p. 156).
181. Seligman (1982, p. 24).
182. Perino (2010, p. 145). A populist Republican, Couzens had been a ground-floor investor
in and former general manager of the Ford Motor Company. After a falling out with Henry Ford, he turned to politics and philanthropy. Ultimately Ford bought him out for $30 million.
183. Cleveland and Huertas (1985, p. 185). 184. Benston (1990, p. 110).
185. Huertas and Silverman (1986, p. 96). 186. Kroszner and Rajan (1994, p. 829). 187. Pecora (1939, p. 71).
188. Cleveland and Huertas (1985, p. 169). This instantiation of the Bank of America was an old New York bank that had been bought by A. P Giannini’s Transamerica Corporation in 1928 as part of Gianinni’s effort to engage in interstate branch banking through a bank holding com- pany. It would evolve circuitously into the Bank of America of today.
189. White (1986).
190. Hoover (1952b, p. 121).
606 Notes to Chapter 6
191. Kelly (1985).
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