352 “Mr. Hatry is very clever”: Kynaston, The City of London: Illusions of Gold, 140.
353 “Stocks have reached what looks like”: “Fisher Sees Stocks Permanently High,” New York Times, October 16, 1929.
353 “increased prosperity”: “Says Stock Slump is Only Temporary,” New York Times, October 24, 1929.
354 “There is a great deal of exaggeration”: “Letter from Lamont to Herbert Hoover,” October 19, 1929, quoted in Lamont, The Ambassador from Wall Street, 266-68.
354 “This document is fairly amazing”: Kunz, The Battle for Britain’s Gold Standard, 55.
354 On Wednesday, October 23: Henry, Lee. “1929: The Crash That Shook the World,” American Mercury, November 1949.
355 “grave,” “gesturing idly”: Brooks, Once in Golconda, 124.
355 “susceptible of betterment”: “Financiers Ease Tension,” New York Times, October 25, 1929.
355 “There is no man or group”: Bell, “Crash: An Account of the Stock Market Crash of 1929.”
356 “undue speculation”: “Treasury Officials Blame Speculation,” New York Times, October 25, 1929.
356 “Bankers Halt Stock Debacle”: Wall Street Journal, October 27, 1929.
358 “friends and former millionaires”: Manchester, The Last Lion, 826.
358 “participating in the making of history”: “Closing Rally Vigorous” and “Crowds See Market History Made,” New York Times, October 30, 1929.
358 “No one who has gazed”: William Manchester, The Last Lion, 827.
359 “on fire,” “done and can’t be undone”: Josephson, The Money Lords, 82.
359 That evening: Josephson, The Money Lords, 82.
360 Though the crash of October 1929: Soule, Prosperity Decade, 309.
361 “underlying conditions,” “an excuse for going”: “What Smashed the Bull Market? ” The Literary Digest, November 9, 1929.
361 “No Iowa Farmer will tear up his mail order blank”: “Wall Street’s ‘Prosperity Panic,’” The Literary Digest, November 9, 1929.
361 “For six years, American business”: BusinessWeek, November 2, 1929.
361 Industrial production fell: Romer, “The Great Crash and the Onset of the Great Depression,” and Galbraith, The Great Crash, 142.
362 “Rich people who have not sold”: Hirst, Wall Street and Lombard Street, 59.
362 “constitutionally gloomy”: White, Autobiography, 515.
363 “back to normal,” “during the next sixty days,” “We have passed the worst”: Mangold, W. P. “The White House Magicians: Prosperity Invocations,” The Nation, October 21, 1931, and Allen, Washington Merry-Go-Round, 75-76. At several points along the way: Galbraith, The Great Crash, 76, 149-51.
363 “Gentlemen, you have come”: Schlesinger, The Crisis of the Old Order, 231.
363 He frequently claimed in press conferences: Mangold, W. P. “The White House Magicians: Playing with Statistics,” The Nation, October 28, 1931; “Victory in Maine predicted by Fess,” New York Times, August 27, 1930; “Labor Commissioner Stewart Quits Post,” New York Times, July 3, 1932.
364 “liquidate labor, liquidate stocks”: Hoover, Memoirs, 30.
364 For Mellon, it was a once-in-a-lifetime: Cannadine, Mellon, 414-27.
365 Between November 1929 and June 1930: Chandler, American Monetary Policy, 144.
365 “1927 experiment”: Federal Reserve Board letter from John Calkins, Governor of San Francisco Fed, to George Harrison, January 7, 1930.