George Roosa James, Memphis drygoods man and banker, was appointed as one of the governors of the Federal Reserve Board by President Harding in 1923. According to Liaquat Ahamed on page 174 of his book Lords of Finance, James "...held that the basic foundation of the economy lay with the horse, the mule, and hay, and that the decay of the nation had begun with the advent of the automobile."
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