Mellon Doctrine Gives Me a Headache

Paul Krugman, New York Times
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate." That, according to Herbert Hoover, was the advice he received from Andrew Mellon, the Treasury secretary, as America plunged into depression. To be fair, there's some question about whether Mellon actually said that; all we have is Hoover's version, written many years later.But one thing is clear: Mellon-style liquidationism is now the official doctrine of the G.O.P.

Source: http://www.realclearpolitics.com/2011/04/01/mellon_doctrine_gives_me_a_headache_253065.html

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