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1072 pages, Kindle Edition
First published October 11, 2022
For months, FDR had fallen prey to a rosy promise: the notion that if the Depression had deepened as prices fell, the way out was to “reflate”—to force prices to rise again. The “brains-trusters” had tried to dissuade FDR, gently explaining that he’d inverted the relationship: Rising prices would come after the recovery, not bring it about. But the tutoring did no good; Roosevelt would not budge. He’d come under the spell of a new economic guru—George Warren, a little-known agronomist from Cornell whom he’d first met in Albany.