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Shades of Herbert Hoover

July 31, 1986

Must former President Herbert Hoover be exhumed and interviewed on TV to show his economics and President Reagan's are the same.

Mail from Ronald Reagan came the other day asking for money to help him continue building an ". . . America that will thrive and endure for us and the generations to come," and on the same day (July 17) The Times reported the following developments:

1--Bank of America's last quarterly loss was more than $600 million, caused by burgeoning farm debt and bankruptcies. This means lower dividends and thousands of lost jobs. Good loans had gone bad in this latest business slump. Further, this bank's existence is threatened by galloping Latin American insolvency.

2--Knudsen Dairy, a California leader in quality and sales, was unable to pay its milk bill. Dairymen were in near panic as thousands of tons of milk piled up with no buyers in sight.

3--The stock market has become erratic with tremendous fluctuations including down turns reminiscent of 1929.

4--Big Steel in the East is flirting with a bankruptcy that threatens one-quarter of the industry and many jobs.

Vice President George Bush supported the senatorial candidacy of Ed Zschau before a gathering of Republican big-wigs in Sacramento as necessary to prolong Reaganism.

Franklin Roosevelt and the Democrats had to undo Hoover's mistakes. Our present senator, Alan Cranston, has opposed the Reagan big-deficites, and armament boondoggles.

It would be a disaster to elect a pro-Reagan senator in Cranston's place.



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