William Gibbs McAdoo Quotes
Great prosperity is coming. It will be tremendously increased if we can extend reasonable credit to our customers.... To maintain our prosperity we must finance it.
By 1915 America was selling arms to the allies although we were "neutral." However the allies soon ran low on money to pay for more arms, and Secretary of State, William Jennings Bryan, maintained a policy of no American loans for arms sales. The Treasury Secretary wrote to the President asking for a reversal of policy. The ban on loans was shortly lifted.
William Gibbs McAdoo, 1863-1941, U. S. Treasury Secretary (Democrat), U. S. Senator (Democrat, CA), Letter to President Wilson, August 21, 1915
Sourced by: Eigen's Political and Historical Quotations
After the Great Recession the Mexican bankers, like their American counterparts, tightened their credit standards so much that the only people who could get loans were the ones who didn’t need it. If banks do not make loans, it matters not that they are solid institutions that are well capitalized.
William Gibbs McAdoo Jr. /ˈmækəˌduː/ was an American lawyer and statesman. McAdoo was a leader of the Progressive movement and played a major role in the administration of his father-in-law President Woodrow Wilson. A member of the Democratic Party, he also represented California in the United States Senate.