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Barry Eichengreen, ‘‘The Origins and Nature of the Great Slump Revisited,’’ Economic History Review 45, no. 2 (1992): 223. 12. George Soule, Prosperity Decade: From War to Depression, 1917–1929 (New York: Rinehart, 1947), 220. 20 21 The World in Debt 13. Martha L. Olney, Buy Now, Pay Later: Advertising, Credit, and Consumer Durables in the 1920s (Chapel Hill: University of North Carolina Press, 1991), 91. 14. , 40. 15. S. Economy, 1917–1945 (Oxford: Philip Allan, 1987), 55–56. 16. Soule, Prosperity Decade, 164.

Looking at the coverage, he told an aide that they scarcely needed to take Hoover seriously as an opponent after this disaster. Roosevelt said he might feel sorry for Hoover if he did not already feel sorry for the marchers. Indeed, Roosevelt himself did not think the government could afford to pay the men a bonus—indeed, he would veto a bonus bill as president— but, he thought, the men still deserved some sympathetic attention. He thought for a while, smoking. ’’43 Notes 1. William L. Manchester, The Glory and the Dream: A Narrative History of America, 1932–1972 (Boston: Little, Brown, 1974), 27; Studs Terkel, Hard Times: An Oral History of the Great Depression (New York: New Press, 2000), 20–21.

But Americans of this generation could remember also how the 1890s fell during an age of globalization, and remembered how so many of the country’s workers then had been immigrants, literally of another people. By the Great Depression, this was no longer so true. World War I slowed immigration almost to a halt, and restrictionist legislation of the 1920s pulled America’s golden door nearly shut. No longer did the factories seem to teem 38 with newly arrived foreign workers. And so closed one of the gaps that had, a generation before, separated the middling sort from the working class.

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