“After the stock market crash, some New York editors suggested that hearings be held: what had really caused the Depression? They were held in Washington. In retrospect, they make the finest comic reading. The leading industrialists and bankers testified. They hadn’t the foggiest notion what had gone bad. You read a transcript of that record today with amazement: that they could be so unaware. This was their business, yet they didn’t understand the operation of the economy. The only good witnesses were the college professors, who enjoyed a bad reputation in those years. No professor was supposed to know anything practical about the economy.”

“The worst day-to-day operators of businesses are bankers.”

“I wanted to be at my parents’ house when electricity came. It was in 1940. We’d all go around flipping the switch, to make sure it hadn’t come on yet. We didn’t want to miss it. When they finally came on, the lights just barely glowed. I remember my mother smiling. When they came on full, tears started to run down her cheeks. After a while, she said: “Oh, if we only had it when you children were growing up.” We had lots of illness. Anyone who’s never been in a family without electricity—with illness—can’ t imagine the difference.”

“People who were personally concerned about a better world, came to Washington, were drawn to it. Even though where we were going was still to be worked out. There was an elan, an optimism . . . an evangelism . . . it was an adventure.”

“It’s a strange thing. This is only thirty-five years ago—Roosevelt, Wallace. We have a new generation in business today. Successful. It’s surprising how quickly they forget the assistance their fathers got from the Government. The Farm Bureau, which I helped organize in this state, didn’t help us in ’35. They take the same position today: we don’t need the Government. I’m just as sure as I’m sitting here, we can’t do it ourselves. Individuals have too many different interests. Who baled out the land banks when they were busted in the Thirties? It was the Federal”

“I presumably lost $150,000 in the depression of 1937—on my one stock investment—because I did everything Lehman Brothers told me. I said, well, this is a fool’s procedure . . . buying stock in other people’s businesses.”

“The total cost of the Federal Arts Project was only $23 million. Many of these paintings, sculptures and prints were given to museums, courthouses, public buildings. . .. I think that today those in museums alone are worth about $100 million.”