Hoover speech to Chamber of Commerce conference, 12/5/1929: Much construction work had been postponed during the past few months by reason of the shortage of mortgage money due to the diversion of capital for speculative purposes. The third line of action has been to undertake through voluntary organization of industry the continuity and expansion of the construction and maintenance work of the country, so as to take up any slack in employment which arises in other directions. (…) This is a far cry from the arbitrary and dog-eat-dog attitude of the business world of some 30 or 40 years ago. (Hoover 1929 1974 454-5) (link)
Translation: making beer a 5-year prison term felony with a fine of over half a million 2019 dollars just before my inauguration backfired. Asset-forfeiture of everything from ocean liners to homes, automobiles and bank & brokerage accounts caused money to flee the banking system after former prosecutor Willebrandt blew the whistle on how we do it in 21 newspapers in August. We now imitate German and Italian fascism make-work projects to disguise the damage caused by using revenue laws to enforce religious prohibition. Religious fascism is not a bit like the laissez-faire liberalism that kept America wealthy and free back when beer and coca wine were as legal as sea salt.
This speech was made the year Ayn Rand married Frank O’Connor. Here is the relevant page from the Presidential Papers of Herbert Hoover:
Hoover (prohibition): “This is not dictation or interference by the government with business.”
Nixon (war on drugs): “I am not a crook!”
Ayn Rand (Atlas Shrugged): “Congress shall make no law abridging the freedom of production and trade …”
Get the complete story in Prohibition and The Crash on Amazon Kindle in either of two languages. After this you’ll be able to explain to economists exactly how pseudoscience, fanaticism and loss of freedom wrecked the U.S. economy.