President Roosevelt has learned that it is one thing to desire credit inflation and another to achieve it. For more than a year Jesse Jones shook a horrendous finger at the banks, accusing them of damming enormous reservoirs of potential credit. The bankers weakly replied that not even on the highways & byways could they find borrowers to whom anyone but a philanthropist would lend money. Wholly unconvinced, Congress authorized RFC and the Federal Reserve banks to make direct loans to industry (TIME, July 2). By last...
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