Andrew Mellon, the secretary of the treasury under President Herbert Hoover when the 1929 stock market crashed, which initiated more than a decade of economic collapse, thought the coming hardship would be a good thing. “It will purge the rottenness out of the system,” Mellon said, as reported in Hoover’s memoirs. “High costs of living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people.”
