Originally, the Reconstruction Finance Corp. was a Republican baby, but it learned to walk & talk in the New Deal's progressive school. By now it was 18 years old, big for its age, and inclined to lend money as if there was no rubber band on daddy's bankroll. Last week it was asked where all that money was going, and why.
In 1932, Herbert Hoover had set up RFC to lend $1.5 billion to ailing banks and industries. Then the Democrats fattened and pampered it like one of their own alphabetical children, bolstered its lending power...
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