Economic Assistance Quotes
Passman’s committee controlled foreign aid appropriations and there was considerable political hostility to the U. S. aid program as it had been implemented by Kennedy and Eisenhower. Johnson was concerned that if he did not maintain the same level of foreign aid that JFK had, the change would be misinterpreted by most countries who did not realize that this was a domestic political squabble.
He had an old used desk, with an old worn rug on the floor. Harry Hopkins was the special assistant to President Franklin Delano Roosevelt through the two great American crises, the Great Depression and World War II. Although he was a social worker with not a shred of political experience, Hopkins was originally selected by the President to operate the national relief program in the midst of the Great Depression. Soon he had spent more money than any human being in history without a taint of scandal. He had never been elected nor was he even ratified by the Senate. He also paid virtually no attention to members of Congress as he became the most successful manager in American Government history. Soon he became FDR’s most important aid. Then he and his wife actually moved into the White House and lived there with the Roosevelts and was a favorite of not only FDR but Eleanor Roosevelt as well.
Chrysler had gotten into cash flow difficulty and could not borrow enough money to keep open until they could pay their bills. Their credit was not good enough for most lenders. Iacocca approached the Federal Government and asked for a Federal loan guarantee of about $1 billion. Some members of Congress and public critics were outraged that a private company might get a Government bail out in the form of a loan guarantee. Extremists of both parties did not want to set such a precedent of using Federal money to assist private corporations. Iacocca was quite defensive about asking for what seemed to be a precedent setting request. However, he then found out that it would set no precedent at all. Chrysler got the loan, paid all its creditors, paid back the loan with interest, and the company did not go under, but did well for a while.
