At 7:20 McCulley points out that Washington has fallen in love with Herbert Hoover's Secretary of the Treasury, Andrew Mellon, famous for:
...liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate… it will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people.