Association, speaking in their convention, in 1931, almost two years after they pulled the stock market down into one of its worst crashes said:
“We the men in this hall, who control the economic destiny of the Nation, knew in 1927 that this terrible depression was coming, and we did nothing about it.”
Of course they did nothing about it. They planned it, and carried it to a successful (for them) conclusion. And he could have quoted the American Bankers Association as having said, in 1891:
“We authorize you (our loan agents in the western states) to loan funds on good real estate to fall due not later than September 1, 1894, and at no time thereafter. And on and after that date we will not renew our loans under any consideration. But on September 1, 1894, we will demand our money. We will foreclose and become Mortgagees in possession. We can in this way take two-thirds of the farms west of the Mississippi and thousands of them east of the Mississippi as well, at our own price. We will own three-fourths of the farms of the West and the money of the nation. Then farmers will become tenants as in England.”