When it became clear that this would not suffice for the strong banks were taking no chances and this pool, the National Credit Corporation, lent almost no money at all- Hoover recommended the formation of a big governmental credit agency, the Reconstruction Finance Corporation, with two billion dollars to lend to banks, railroads, insurance companies. The tickers are having a hard time to keep up with the trading today, for the volume of transactions, though not phenome nal for , is large: In the present volume I have done the same thing to some degree, but not quite as much; for the heart of the story of America in the nineteen-thirties was obviously the enormous economic and political transfor mation which took place, and such trivialities as had been of the essence of life in the United States in the nineteen- twenties were now, it seemed to me, less significant. In Detroit the big bank ers and automobile executives, succumbing to the prevalent fever for financial concentration, are discussing a movement to combine dozens of Michigan banks into huge groups. Those pool operators whose resources were at least half intact were pushing stocks up again. Fetish , Muscled , Orgy.
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