. . . condemned to repeat it, of course. Historian Frederick Lewis Allen, looking back at the root causes of the 1929 Wall Street crash:"What was there to hamper the furious onward march of business? Not the government, whose regulatory officials and commissions seemed to be napping . . . What was destined to halt the forward progress of business was the fact that (Wall Street) had become bemused with paper values - with the piling up of speculative or artificially generated wealth which had little relation to the production of goods . . . The irresponsible actions of men who did not stop to think they were constructing a caricature of the capitalist system were paving the way for disaster . . . Who could have halted the disaster? (The Republican regime) was apparently too wedded to the idea that government must keep its hands of business."
Hat tip to Dick Polman at American Debate
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