Mellon Was Almost Always Wrong

Andrew Mellon gave the nation the National Gallery of Art.  It may have been the only good thing he ever did for his country.  President of Pittsburgh's Mellon Bank, he was Herbert Hoover's Secretary of the Treasury, and when the Depression hit, his advice to the President was to let events take their course.  "It will purge the rottenness out of the system."  John Maynard Keynes and about eighty years of economic history have shown that he and the "liquidationists" are dead wrong.  Paul Krugman writes about "The Urge to Purge."

http://www.nytimes.com/2013/04/05/opinion/Krugman-The-Urge-To-Purge.html?_r=0