Economist Brad DeLong selectively quotes from Hoover’s memoirs to make it sound as if the president supported the so-called “liquidationists,” when in fact Hoover actually said, not three paragraphs later, that “other members of the Administration, also having economic responsibilities–Under Secretary of the Treasury Mills, Governor Young of the Reserve Board, Secretary of Commerce Lamont and Secretary of Agriculture Hyde–believed with me that we should use the powers of government to cushion the situation.” (Emphasis added.)

The Best of Tom Woods