If you want to understand what the U.S. faces today with no prospect of bringing unemployment down to 3 or 4 percent you need to read Since Yesterday, Frederick Lewis Allen's book written in 1939 about the Depression years in America. Allen was the editor of Harpers magazine. In 1930 he had written a classic book about the events and attitudes that marked the Roaring 20s. Since Yesterday, on the Depression decade is more relevant today.
What Allen shows is that the businessmen of the 1920s, who had inspired awe, those who Calvin Coolidge called the "Big Men" of the country, and who the country had admired and trusted, were completely discredited by 1933 when Roosevelt took office. Herbert Hoover had gamely taken the advice of the Big Men and it failed him. They had no idea how to end the Depression. Andrew Mellon, Treasury Secretary to Coolidge and Hoover and one of the richest men in America, and Samuel Insull, the Chicago-based "leverager" of utility stocks were facing de facto exile. Richard Whitney, once head of the NY Stock Exchange would eventually go to prison in handcuffs. By 1932, these erstwhile "masters of the universe" were the object of almost universal scorn.
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