> the old ideas of austerity reigned supreme for policymakers. And yet, no. No one spoke of austerity. The government wasn't austere. Hoover's Treasury Sec.

> the old ideas of austerity reigned supreme for policymakers. And yet, no. No one spoke of austerity. The government wasn't austere. Hoover's Treasury Sec., Andrew Mellon, wanted to "liquidate, liquidate, liquidate" in 1929, but that didn't happen. More government largesse than Roosevelt went with would not have resolved things, not all other things being equal.