“R.F.C.”
Description
"Come all you poor distressed people And lend a willing ear to me; Your suffering will soon be ended For now we have the R.F.C." The government is helping the poor and homeless and hungry
Notes
This probably sounds like a New Deal song, but in fact the Reconstruction Finance Corporation was proposed by Herbert Hoover on December 8, 1931; it was approved by Congress in January 1932 and the RFC opened for business in February.
The RFC, however, was not a relief program as such; rather, it was intended to prop up the banking and insurance system. Its financing ($500 million in government money and authorization to borrow up to $2 billion more), while adequate to keep the financial system working, was not enough to actually stimulate the economy, and it was really a failed half measure.
Still, the RFC was retained until 1957. - RBW
References
- Thomas-Makin', pp. 235-236, "R.F.C." (1 text)
- BI, ThBa13